Social Innovation - A New Innovation Paradigm
Social Innovation - A New Innovation Paradigm

Author(s): Vanja Vukojević, Milenko Tanović, Ana Milijić
Subject(s): Social Sciences
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Innovation; Social innovation; SME
Summary/Abstract: To remain competitive in the market, enterprises—especially micro, small, and medium-sized enterprises (SMEs)—must be innovative, as their size often limits their resources and scalability. Various types of innovation represent a new paradigm, with social innovation being one of the key forms. Social innovation refers to innovative activities and services driven by the goal of meeting social needs, or novel ideas aimed at addressing those needs, building relationships, and fostering collaboration. These innovations can manifest as products, services, or models that provide more effective solutions to previously unmet challenges. The European Commission has identified six key areas for social innovation: demographic shifts, environmental trends, new community dynamics (such as the digital society), poverty-related issues like social inclusion and child poverty, health and well-being, and the growing demand for ethical goods and services, such as fair trade and local production. This paper explores the definition and various types of social innovation, highlighting its importance in today’s world. It also examines the crucial factors needed for successful social innovation implementation and concludes with examples of companies that have effectively incorporated social innovation into their business models.

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