It’s Cool to be Socially Innovative
In the startup ecosystem I frequently hear about companies or products that can be aligned with social innovation and impact. Often, I hear startup founders ask why it could be significant to be considered socially innovative. My short answer to this important question — it’s definitely worth considering the option but it’s not a one-size fits all approach. If startups succeed, the local economy succeeds. If startups consider the positive impact their product or service might have within the community (of course while prioritizing their bottom line and company goals), mutual benefit has potential.
There are several avenues for startups who are interested in considering social innovation. One option might be to think about the product or service as something that could benefit a nonprofit or local government. There’s a mutual benefit in this approach — a startup is looking for early testers and customers and a nonprofit or a local government is looking for an innovative solution to a problem with often small budgets and limited resources to address the problem. The product or service the startup provides could be the answer to not only solving the problem the nonprofit or local government experiences but also could serve as the introduction to a new line of customers for the startup.
Another option is to consider how your company could develop a product or service that directly addresses a problem society faces and to create an innovative solution to tackle that problem. Through Innovation Works’ accelerators — AlphaLab and AlphaLab Gear — and its Seed Fund, quite a few companies have come along that are solving social issues. Take a look at companies like Flexable (addressing the gaps in childcare), Abililife (helping individuals with Parkinson’s disease), Behaivior (addressing opioid addiction), CleanRobotics (addressing trash and recycling collection), Lanespotter (addressing safe bicycling), and Epiphany Solar Water Systems (addressing clean water solutions) — just to name a few. In the end, society and the startup will benefit.
One response I have often heard when learning about options to be considered socially innovative, relates to time and resources being directed away from the startup’s goals and priorities. It’s a valid reaction and something very important to consider. I am not advocating for founders to ignore the priority of revenue generation, and I recognize not all startups can make the connection to be socially innovative. Startups need to prioritize revenue generation and must do this with small teams and limited resources. However, I strongly believe that many startups have the power to tackle an issue facing society or support a nonprofit/local government office that is already addressing a problem.
Remember, there is a potential opportunity for mutual benefit — a startup succeeds and the community/economy succeeds. I leave you with this — if you’re a startup founder, consider social innovation. Whether or not social innovation is a good fit for your startup, you took a big step in considering the benefits — and that’s pretty cool.
For more tips on becoming a socially innovative company, join Innovation Works at our next Cafe Innovation event on June 19th. Register here: https://goo.gl/forms/KtvNUY8UR5ODI9SX2
