Social Innovation: A New Paradigm Of Innovation Outcome Strategy In The Context Of Strategic Knowledge Management Processes

Abstract

The current knowledge-innovation led economy requires a new paradigm of innovation to address critical issues, among others, namely: poor social health, poor living conditions, poor education systems, public income inequality, massive unemployment, poor economic growth and lack of new technological advances. Thus this paper explores the concept of social innovation in the context of strategic knowledge management processes.  This paper suggested that social innovation is an outstanding solution in addressing social, economic and technological issues highlighted above, because the outcome of social innovation encompasses social, economic and technological payoffs concurrently. Strategic knowledge management processes, creates superior knowledge resource that is regarded as a new and novel solution that can be embedded into products, processes and services which in turn leads to the outcome of improving the quality of people’s life, stimulate economic growth and enhance technological advances i.e. social innovation. The old paradigm of innovation that refers to technological innovation is seen inadequate and obsolete in dealing with aforesaid social, economic and technological issues because it is very much focused and centred in fulfilling private needs. Therefore, social innovation and strategic knowledge management processes must be seriously considered by the policy makers, private sectors and also public institutions given the massive contribution that it might bring forward to many nations’ core aspirations.