Social Innovation and Entrepreneurship - MIT ID Innovation
                     Role of Social 
Innovation in 
Entrepreneurship
MITID Innovation
Famous architect, inventor, designer, and 
developer of the geodesic dome R. 
Buckminster Fuller once said that we need 
to build new models that render existing 
models obsolete to change something. A 
multitude of crises plagues today’s world––
climate change, food insecurity, pandemics, 
poverty, and many more––and so radical 
solutions that go against the grain of 
convention and bring about positive change 
have become the need of the hour. 
What is Social Innovation?
Social Innovation is the process of 
reimagining societal structures to make 
them conducive for positive and often 
necessary change. Such a paradigm shift 
can help foster new solutions for a wide 
range of social and environmental 
challenges. These include issues like:
• Social Justice
• Education
• Environmental protection
• Sustainable Development
• Governance
Social Entrepreneurship, on the other 
hand, involves innovating and creating 
new products and services to address 
specific social or environmental 
concerns in a for-profit business 
model. 
Adding the flare of social innovation to 
entrepreneurship is another aspect of 
businesses addressing environmental, 
social, and governance (ESG) concerns 
through innovative practices, products, 
and policies. All of these go hand-in-
hand, and in many cases, the lines 
between them are blurred.
How Can Social Innovation be 
Incorporated into 
Entrepreneurship
Social entrepreneurs have in recent years 
come up with brilliant solutions to many 
issues, from innovative ultrafast diagnostic 
kits to clothing that absorbs carbon dioxide 
from the air to groundbreaking treatments 
and drugs for diseases like cancer. 
But it need not be as radical as that––there 
are relatively simpler practices that 
companies can adopt to bring a more socially 
conscious ethos to their brand. Some 
examples include:
• Adopting a carbon neutral or carbon 
negative business model
• Avoiding plastic use in products
• Empowering employees through paid leave
• Taking care and providing services for 
employees’ mental health
These seemingly simple practices 
combined with innovation are a step in the 
right direction. The point is that instead of 
focusing on shareholders as the sole 
beneficiary, the focus is shifted towards 
the wider community and the environment 
so that businesses are beneficial to them 
rather than detrimental.
Interestingly, a trend has been noticed in 
recent years whereby stakeholders have 
also been moving towards more socially 
conscious business models and are 
demanding ESG issues be at the forefront of 
the businesses they invest in. A study 
by Harvard Business Review that involved 
70 executives from more than 40 global 
investment firms revealed that ESG 
concerns were at the top of their priority. 
Courses in Innovation
The importance of 
social innovation and entrepreneurship 
and its role in the betterment of society as 
a whole calls for courses in innovation to 
revamp their curriculum to be more socially 
conscious. Educating leaders to innovate 
as a force for good, rather than merely for 
profit, must be a key mission undertaken 
by educators across the country and the 
world to make a better place for future 
generations. 
Moreover, businesses and investors alike 
are readjusting their focus on addressing 
key ESG concerns. Therefore, 
incorporating social innovation into new 
entrepreneurial ventures is fundamental to 
improving the state of the world and 
keeping up with the competition while 
ensuring growth in today’s market.
Conclusion
MIT ID Innovation Programme curates 
knowledge and experiences that 
challenge the very paradigm of evolution. 
And that's why we have set out to define 
the future of industries, communities, 
cities and ecosystems. MIT ID Innovation 
offers the best Innovation Courses.
We’d love to 
hear
from you.
MIT INSTITUTE OF DESIGN
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