Impact of social innovations in Lithuania

Abstract

This article aims to reveal the essential of the impact of social innovations on the different groups of benefiters and designs the methodological model for the further investigation of effects of social innovations in such knowledge-intensive business sectors as biotechnologies or nanotechnologies. Starting our article from the Schumpeterian trilogy and the P. Drucker’s consideration of the innovation, we position the social innovation among other types of innovations, based on different classifications, as well as present the most common and logical interpretation of the social innovation in the context of the knowledge economy. The scrutinized social impacts, derived from the product, process and service innovations and new trends in the Social policy within the EU point at the importance of simultaneous efforts of carrying on activities in all the policies or focusing on long-term economic and social goals. It is important to note that the EU support programs are important sources of funding innovative companies; its value continuously increased during the period 2008-2010. Though the profitability is one of the most important strategic goals for the majority of businesses in the short term, it could be socially jeopardizing, having no sufficient financial and human resources allocated close to social innovative projects, in the long term.