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The global imperative to innovate and address the implications of this trend is driving the concept of social innovation; and, while much has been made of it little has been done to define it or to quantify its potential impact on the global economy and quality of life.
The research, which was conducted by Frost & Sullivan in partnership with Hitachi Europe, has identified a $2tn social innovation market opportunity in 2020 for business, industry, investors and governments looking to address the key issues driving human development.
The research defines social innovation as the deployment of technology and new business models to bring about positive change to the lives of individuals and societies, creating shared value and improved social infrastructure to address global mega-trends.
The objective is to achieve a sustainable society in which environmental and economic needs are addressed in a balanced way. The report looks at what needs to be done to capitalise on the social innovation market opportunity and makes recommendations on how it can be measured in terms of impact on the comfort, happiness, convenience and choice to citizens while diminishing stress and increasing safety in society.
"Business can help achieve a sustainable society, balancing environmental, societal and economic needs," said Dieter Rennert, chief executive for Europe at Hitachi. "However, it is important that social innovation business strategies are rooted in quantifiable metrics that measure the impact on society."
The research also identifies the five mega-trends and opportunities where social innovation can address the future challenges of global society:
"Business and industry has woken up to the reality that innovation is no longer just a simple strategic option for financial gain but an opportunity to address human challenges," said John Raspin of Frost & Sullivan. "By the time it reaches the individual, Social Innovation has a tremendous impact in terms of bringing a better quality of life to the end-user, not to mention the wider implications for the environment. This is what will really tip the scales in favour of social innovation - when innovation truly answers individual citizen's deep felt problems."