Vanja Vukojevic
- University of Nis, Innovation Centre, University Square 2, 18000 Nis, Republic of Serbia
Milenko TanoviΔ
Ana MilijiΔ
Abstract:
To remain competitive in the market, enterprisesβespecially micro, small, and medium-sized enterprises (SMEs)βmust 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 todayβs 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.
Tenth International Scientific-Business Conference LIMEN Leadership, Innovation, Management and Economics: Integrated Politics of Research - LIMEN 2024 - International Scientific-Business Conference β LIMEN 2024: Vol 10. Conference Proceedings , December 5, 2024
Conference Proceedings published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia
ISBN: 9788680194929 , ISSN: 26836149 , DOI: 10.31410/LIMEN.2024
Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission.
