Social Innovation: Solving the Society's Most Stubborn Problems
Social innovation essentially means developing innovative solutions to some of the most intractable problems facing the society, such as poverty, unemployment and a sustainable environment. Less than a decade ago, social innovation was a term largely unheard of. However, today it is the buzzword that everyone from politicians to businessmen to young college goers, are keen to use as an answer to the world's thorniest problems.
One main thrust of social innovation is through social entrepreneurship. It strives to arrive at solutions that are entrepreneurial, self-sufficient and economically progressive. Rather than relying on the traditional nonprofit model of financial aid and donations, social innovation promotes responsible ideas that produce profits along with generating maximum benefit for the maximum number of people.
The Nobel peace prize winner Muhammad Yunus is a classic example of an individual who introduced social innovation to the world of finance. He created microfinance banking in Bangladesh, a model that has now been replicated worldwide and is creating livelihoods for millions of poor people. Wendy Kopp, the founder of "Teach for America" is another leading example whose social innovation idea to place thousands of young graduates from eminent universities as teachers in some of the worst schools in the country has made a key difference to the education sector.
