The value of social innovation: Greater economic efficiency, greater impact of public policies
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Social innovation not only offers new ways to address social challenges; it can also help improve project efficiency, make better use of public resources and deliver better outcomes for people.
As public authorities face increasingly complex social challenges, one question becomes unavoidable: how can we generate greater social value with the resources available?
Innovation does not necessarily mean investing more. It means using resources more effectively and designing interventions that better respond to people’s real needs. Innovative solutions can streamline processes, avoid duplication, maximise the use of existing resources, and lower public expenditure, while also helping effective interventions reach more people. Integrating social innovation into public policy therefore offers an opportunity to develop more efficient public services that are better equipped to deliver lasting change.
But how do we measure the true value of an innovation?
If you want to learn how to demonstrate the economic and social value of innovation, explore the tools available to assess its outcomes, and understand how this evidence can inform public policy, join us at the 14th European Forum on Experiences and Trends in Innovation for Inclusion: Moving Towards More Innovative, Inclusive and Connected Systems on 13 November. You can attend in person or follow the event via livestream through the organisers’ channels.
In the session entitled “Social Innovation as a Tool to Improve the Efficiency and Effectiveness of Public Policies”, Miquel de Paladella from UpSocial and Luis González from Acción contra el Hambre will explore how social innovation can generate economic value, optimise the use of resources, and maximise the social impact of interventions. The session will also examine how to assess the value of innovation more effectively and translate that evidence into more effective, efficient, and inclusive public policies.
Register now
Economic analysis is essential for understanding the costs, savings, and returns associated with an intervention. However, financial indicators alone do not always capture its full value to society. Approaches such as Integrated Social Value (ISV) can provide a more comprehensive picture by assessing and quantifying the economic and social value generated by an organisation or initiative for its stakeholders and, depending on the methodology used, its environmental value as well. This approach helps bring to light outcomes that go beyond financial indicators, such as improved well-being, stronger communities, and the development of skills and new opportunities.
Find out more about Integrated Social Value
Measuring this value also helps identify which innovations deliver meaningful results, under what conditions they are most effective, and how they can be adapted and replicated in other contexts. The aim is not simply to demonstrate that an initiative works, but also to understand what outcomes it achieves, what resources it requires, and how its impact can be scaled up.
Ultimately, this evidence can help make public policies more effective (by improving their ability to achieve their objectives) and more efficient (by ensuring that resources are used wisely). Above all, it helps keep their primary purpose in focus: improving people’s lives.