Quarterly Journal of Governance Knowledge

Quarterly Journal of Governance Knowledge

An Analysis of Key Issues and Challenges in Financing Social Innovation

Document Type : Original Article

Authors
1 faculty member
2 Faculty member at iau
Abstract
Social innovation is recognized as a key approach to solving social and economic issues, capable of creating positive and sustainable impacts in society. However, financing such innovations consistently faces challenges that can affect their implementation and sustainability. Specifically, measuring the actual impact of social innovations and allocating diverse resources to them can be complex due to the multidimensional and indirect nature of their outcomes. This makes it difficult to demonstrate the true value of these projects to stakeholders and investors. This article explores key issues and challenges in financing social innovation using meta-synthesis and scientometric approaches. In this study, data extracted and analyzed from 34 reputable articles, collected from the Web of Science database, identified four main categories regarding the financing of social innovation: the role of key actors such as governments and private companies, financing mechanisms such as outcome-based investments and government grants, challenges of evaluation and feasibility, and strategies for developing local innovations and scalability.
Keywords
Subjects