Creme Case Valuation

In: Business and Management

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Social innovation is defined as a novel solution to a social problem that is more effective, efficient, sustainable, or just than existing solutions and for which the value created accrues primarily to society as a whole rather than private individuals. The results of social innovation - new ideas that meet the unmet needs- are all around us. The results include hospices and kindergartens, fair trade and restorative justices, distance learning and congestion charging. Social innovation is different from innovation or creativity in general because it covers very wide boundaries of impact from gay partnership to new ways of using mobile phone texting and from new lifestyles to new products and services.

Why Social Innovation?
The financial and economic crisis makes creativity and innovation in general and social innovation in particular more important to foster sustainable growth, secure jobs and boost household health in micro level. The reason social innovation has moved center stage over the last decade is that existing structures and policies have found it impossible to crack some of the most pressing issues of our times – such as climate change, the worldwide epidemic of chronic disease, and widening inequality.

History of Social Innovation
The last two centuries have seen innumerable social innovations that have moved from margins to mainstream. These include the invention and spread of trade unions and cooperatives, which radically reshaped them for the grim factories of 19th century industry; providing collective insurance against sickness and poverty; the spread of new models of universities in 19th century. In 19th and early 20th century Britain and civil society pioneered the most influential new models of childcare (Barnardos), housing (Peaboy) and social care (Rowntree). With the growth in new breed of…...

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