Social Innovation: an opportunity for Portugal — FNAC Shaper Talk
This month the Global Shapers Lisbon Hub had the pleasure to discuss the topic of social innovation at our FNAC Shaper Talk Series. The talk hosted the Global Shaper Inês Santos Silva together with a guest speaker: Luís Jerónimo, from the Calouste Gulbenkian Foundation.
The kick-off was focused on the emerging topic of social innovation, as a proponent of new and more efficient solutions to entrenched social issues. Initially, the discussion was largely focused on key elements that are distinctive to social innovation, such as impact intentionality, impact measurement and positive correlation between impact creation and revenue generating activities. Interestingly, as the discussion matured, both speakers stressed the importance of debating other important variables that are key to social innovation but not exclusive to it: the role of technology and risk financing.
Impact investing is coming from the margins to the mainstream. Practitioners should harness its potential but be aware that funding is a means to an end: deploy effective solutions to solve social issues.
On technology, there was a strong alignment on the enabling role that new technologies have in delivering social impact. The use of technology in addressing social issues has been steadily increasing in the past years and Portugal. An example of that is SPEAK, an online web platform that promotes the social inclusion of migrants and refugees was born in Leiria and is now present across Portugal and in new countries such as Germany, Italy and Spain.
On risk financing, panelists agreed that Portugal has been championing the adoption of innovative instruments such as social impact bonds (outcome-based mechanisms where investors’ financial return is linked to the achievement of social outcomes), guarantee schemes for more favourable loan terms and other hybrid instruments. The Portuguese Government has been supporting this movement and pioneered the use of EU Structural Funds for social innovation, becoming the first EU Member-State to do so, paving the way for others.
The session wrapped up with speakers providing a forward-looking agenda for social innovation in Portugal. The common denominator was the unique opportunity that our country has in “walking the talk” and use its smaller dimension as a competitive advantage: the absolute figures of social issues in Portugal are bigger enough to affect the fabric of our society but smaller enough to be eradicated. If social innovation wants to live up to its expectations, it can find a great testbed in Portugal.
You can review the Facebook Live streaming of this Shaper Talk here:
‘FNAC Shaper Talks’ are monthly debates organized by the Lisbon Hub of the Global Shapers in partnership with FNAC to discuss relevant topics in our society, like education, politics or privacy.
