Social innovation

How can companies contribute to solving social challenges - and ideally in a way that brings economic benefits? A WKÖ workshop on social innovation was dedicated to this question. The follow-up document provides an overview of the discussions and findings that emerged from this workshop.

First and foremost, it is important to create a clear picture of social innovation and to anchor the business perspective in it. This includes identifying relevant stakeholders and their perspectives as well as differentiating GI from other concepts such as corporate social responsibility (CSR) and the Sustainable Development Goals (SDGs).

During the workshop, it was also discussed that social innovation is of great importance for companies, especially during and after the coronavirus pandemic. The pandemic has created new challenges that require innovative solutions, for example in digitalisation or local economic development. Companies can use GI not only to tap into new markets, but also to fulfil their social responsibility.

Finally, the importance of practical examples and clear communication of the benefits of GI for small and medium-sized enterprises (SMEs) was emphasised. GI should be presented in such a way that SMEs can recognise its relevance and feasibility for their specific needs.

You can download the follow-up document here: