The first lecture of the year in the regional organization's lecture series, Forvitnir frumkvöðlar, was held on January 6.
This time, the talk was tailored to a specific type of entrepreneurial activity, i.e., social innovation, and it was titled When residents shape the future: social innovation for community development. Judging by the turnout, the issue was of great concern, with about 60 people attending the virtual meeting room.
Steinunn Ása Sigurðardóttir and Anna Sigríður Ólafsdóttir, project managers at Vestfjarðastofa, are at the helm of the European cooperation project MERSE (2023–2026), which is funded by the Northern Periphery Programme (NPA).
The presentation discussed social innovation with a special focus on rural areas. It examined what distinguishes social enterprises from other types of businesses. Furthermore, it was highlighted how social innovation in rural areas can be a powerful tool for community development, not because a brand-new product is brought to market, but because it fills service gaps that the private sector and public authorities do not address.
The results of the cross-national MERSE study were presented, which shows, among other things, that social enterprises are often run for the long term, with deep roots in their local communities, and play a key role in keeping communities running. The work of these entrepreneurs holds great value for society, but they sometimes find it difficult to measure and demonstrate the benefits, which MERSE, among other things, seeks to address.
The main challenges of social innovation were also discussed, such as insecure funding, a lack of understanding, and the fact that support systems are rarely tailored to this type of operation. The discussion addressed how to create a fertile environment for social innovation, including through increased support and collaboration from municipalities, public policies that incorporate social value, and greater awareness of social enterprise. Examples from other countries were then presented, particularly from Ireland, where social innovation has become part of public policy for community and economic development, through specialized advice, lending, and targeted planning for community needs.
Curious entrepreneurs hosting lunchtime talks on the first Tuesday of every month through June, where entrepreneurs and the interested can receive diverse education useful for various innovation and business challenges. The next lecture will be held on February 3 and is dedicated to funding opportunities for innovation. It will cover various funding methods and the resources available to entrepreneurs. More information will be available soon.