It’s no secret that innovation is the key for success in business today. Innovation allows us to reshape the processes that we have to improve upon what is already there. Whether it allows us to use less resources, become more sustainable, achieve a higher profit yield, or bring a new idea into the world, innovation is the key to be a successful entrepreneur in the world today.
Social innovation can be seen in many companies and businesses across the world whether it can be seen in their processes, products, workshops, or even at their headquarters.
Trends of Social Innovation
One popular trend is that of using social innovation to combat climate change. We can see in today’s world that climate change is a big deal, so big that many social innovation practitioners, innovators and the community as a whole are focusing on ways to fight it.
Another big trend in social innovation is achieving the 17 Sustainable Development Goals (or SDG for short) by the year 2030. Adopted by the UN in 2015, the 17 SDG sets out a road map to achieve a better and more sustainable future for all.
Many companies have already started projects and other types of work that focus on solving these problems. If you would like to read more in depth about these goals click here.
United Nations Sustainable Development Goals
Social Innovation Projects in the Business World
There are many companies working on social innovation projects currently that focus on solving these problems as described earlier. One company trying to make an impact in social innovation is ExxonMobil.
They have been working on ways to produce advanced biofuels to replace the petroleum-based fuels that are currently being used. They have researched this greatly and focused on algae-based biofuels that could not only replace the current biofuels being used, but also have about 50% lower life cycle greenhouse gas emissions than the petroleum-derived fuel.
Throughout this research, the company has realized many of the benefits that could come from using algae as a biofuel. A few of these benefits realized are that Algae does not compete with sources of food for biofuels, its production will not strain freshwater sources like ethanol, and it can yield more biofuel per acre than plant-based biofuels.
The only real issue currently is figuring out how to scale the production of algae-based biofuel on a cost-efficient basis. Click here to read more about ExxonMobil and their initiative with algae-based biofuel.
Another company that has put efforts into making an impact on social innovation is IBM with their initiative Science for Social Good. The goal of this initiative was to address the social and humanitarian challenges with data and artificial intelligence.
IBM Science For Social Good
Many projects were announced with this initiative that focus on public health and the well-being of the public. Prescribing Guidelines for Addressing the Opioid Epidemic, which focuses on understanding the patterns of addiction and developing early warning systems to battle the epidemic, and Casual Pathways Out of Hunger, which focuses on developing ways for people living in poverty to end up with employment, better wellness and higher education, are two of the projects IBM launched with its initiative.
These examples are only a couple of the many social innovation projects and initiatives currently occurring that work to better the world.
They show how important social innovation is in our world and that we must utilize this innovation to solve our problems to create a better world for tomorrow.
Are you ready to get innovating?
One10 exists to create a more inclusive and sustainable world. We believe that the power of business can be harnessed for good. One10 enable change makers and innovators to create meaningful social and environmental impact through mentorship, social impact consultancy, and social enterprise acceleration.
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Author
Zachary Schultz is a business student from Royersford, Pa who is studying at the Smeal College of Business at the Pennsylvania State University. He has a passion for supply chain management and has shown his commitment to start and build a career in this sector by seeking out multiple work experience placements. Zachary is currently undertaking an Internship at One10 supporting our work in Social Innovation.