Social innovation is really about converting challenges into opportunities. Organizations increasingly realize that there is an economic benefit to solving social and environmental problems. Social innovation is when companies use these problems as opportunities to create new business concepts and ultimately, develop products and new business models that solve challenges. As a result, corporations are rethinking their business models in order to include social innovation. Giving back takes a different form from philanthropy or charity; social innovation can be done as part of a corporate strategy. Perhaps most importantly, it can be profitable, too.
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