I have been interested and engaged in social entrepreneurship and innovation for over a decade. We´re talking of projects that seek new, effective and sustainable solutions to complex societal problems, often overlooked. Dimensions such as education, employability, lifelong training, social exclusion, health and active ageing, environmental sustainability or circular economy. Projects like these, promoted by community-based institutions, NGOs, and even startups, are guided by the social impact they seek to generate – hence the term “impact economy”. These social ecosystem increasingly brings together more people (whether professional or voluntary bonds) and generates more value (social and even financial). One thing is for sure: the corporate world will have a lot to learn from the world of social innovation. From its leaders, its management processes, its creativity and the way to achieve results. Some dimensions:
• Resource management: social innovation projects, especially in an early-stage, are by nature creative and optimize the (few) resources needed to start working; the so-called “underused resources” of society are critical here: available spaces (eg an industrial unit or abandoned warehouse) or free time (eg senior professionals, with free time and willingness to help) are good examples.
• Motivational and transformational leadership: leaders of social innovation projects rarely have a “premium compensation” as a value proposition for their teams; therefore, they focus on the mission, on the vision and on the promise of transforming a certain dimension of society… ultimately, transforming lives! And that is their greatest driver in aligning and mobilizing its people.
• Ideation and innovation management: in social innovation projects there are no “roadmaps”; much of what is done is on a trial-and-error basis: as such, the use of ideation and prototyping tools (eg design thinking) makes these projects agile, fast and adaptable to changes in the communities and social problems they intend to transform.
• Focus on impact: within the scope of their business and their ESG (environmental, social and governance) guidelines, corporations would have a lot to learn regarding strategies torwards the right outputs and outcomes.
In short, my humble suggestion to all business leaders is simple: whether as investors, sponsors or mentors, engage some of your time in social innovation. The results are rewarding and a fantastic source of learning and personal development.
Carlos Sezões
Managing Partner of Darefy – Leadership & Change Builders