In a survey carried out on behalf of the Malta Innovation Hub, 63 per cent of respondents said they either have no, or a limited, understanding of what social innovation is, and how it can benefit their organisation and society.
These were the preliminary results of a survey completed by senior managers from across a wide range of commercial and voluntary organisations, details of which will be presented during Profit With Purpose, taking place at the Malta Life Sciences Park tomorrow and on Thursday.
In addition to the presentation of the survey results, Profit With Purpose will include a series of workshops on social innovation, namely new commercially viable ideas that tackle a societal challenge. The two-day event will also provide an opportunity to individuals and businesses to pitch their own social innovation ideas to a distinguished panel of judges.
A number of awards will be presented for the best ideas including €6,000 worth of support services from the Malta Innovation Hub, sponsored by ENISIE, a project which was created to enable innovation through services and institutional engagement between Sicily and Malta.
These services will be awarded to one national social innovation proposal and one cross-border social innovation proposal. A further €6,000 in mentoring support services will awarded to a social innovation idea selected by the Valletta Design Cluster and the Malta Innovation Hub. One idea will also be selected to take part in Best Ideas from Europe.
Malta Life Sciences Park chairman Joseph Sammut said: “The results of this survey show that social innovation is a concept which has been understood by a relatively small number of decision makers in both the private and voluntary sectors. We believe, however, that social innovation is set for rapid growth as socially conscious entrepreneurs increasingly look to tackle societal challenges in areas such as climate and health care through innovative business ideas.
“Profit with Purpose will provide an ideal forum for anyone interested in social innovation to learn more and maybe even begin the process of taking their idea forward.”
Profit With Purpose is being organised together with the Malta Council for the Voluntary Sector and also Impact HUB Siracusa and Tree. The four organisations are part of ENISIE, which is supported by the European Union’s Programme INTERREG V-A Italia-Malta, which provides funds for intra-regional projects.
Participation in Profit with Purpose is free but places are limited. More information can be obtained by sending an e-mail to network@mlsp.com.mt or calling 2247 7601.