Abstract
The article makes a comparison between business entrepreneurship and social entrepreneurship. The revealed difference lies in the goals, motivation, and responsibility of the business. For social enterprises, the goal of entrepreneurial activity is shifted from profit to social effect, also social enterprises are responsible to stakeholders, not to business owners, while the profit is mainly reinvested. A comparative analysis of social and technological innovations has shown that social innovations not only satisfy, but also contribute to the formation of needs, actively involving beneficiaries in the development and implementation of innovative projects. A distinctive feature is also a higher level of uncertainty and unpredictability of the results of social innovations compared to technological (traditional) innovations. Social innovations are aimed at transforming social relations by improving access to power and resources of specific target groups. The forms of social innovation, such as services and products, practices, processes, rules and regulations, organizational forms are defined. The analysis highlights the opportunities and threats of social innovation. Promising opportunities are the attraction of new partners and stakeholders for the development and implementation of innovative projects, as well as the opening of new markets for non-consumers. Threats to the enterprise are the delay in efficiency in the implementation of social innovations, as well as the opposition of people with private interests. For the successful implementation of social innovation projects, it is necessary to develop an adapted business model. The adapted business model includes the elements "Value proposition", "Influence", "Partners and stakeholders", "Beneficiaries", "Resources and conditions", "Forms of participation", "Sources of investment", "Distribution of benefits". The elements of the adapted business model describe the essence and type of social innovations, the potential impact on public relations, the target groups of social innovations, the role of partners and stakeholders in the implementation of innovations, the forms of involvement and interaction of the main participants, resources and their sources, ways of equitable distribution of benefits.
Highlights
Modern entrepreneurial activity is increasingly associated with social influence, social interaction
Purpose of the article The main task for this article is to identify the essential differences between social innovations and technological innovations, to identify the opportunities and threats that social innovations provide for business, as well as the basic conditions for successful impact activity of the enterprise
The above classification confirms that the goal for a traditional business is profit, and for a social enterprise it is social effect, the focus of entrepreneurial activity is directed in each case to the main recipients of benefits: for a traditional business – these are owners, for a social enterprise – these are people and their communities
Summary
Modern entrepreneurial activity is increasingly associated with social influence, social interaction. According to "Catalyzing Wealth for Change: Guide to Impact Investing", private, institutional and corporate investors around the world, as well as their consultants, are increasingly seeking investments that bring financial returns, and benefit people and the planet This trend is supported by the growing recognition of the scale and relevance of global problems, the decisive role of private capital in solving them, and the paradigm shift towards models that use the entrepreneurial spirit and resourcefulness of business, directing it to develop systemic, sustainable and scalable solutions to pressing social problems. What motivates decisions regarding impact investments is what determines the future of social innovation, the degree of business involvement in the implementation of relevant projects and activities. Purpose of the article The main task for this article is to identify the essential differences between social innovations and technological innovations, to identify the opportunities and threats that social innovations provide for business, as well as the basic conditions for successful impact activity of the enterprise
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