Making Waves

Making Waves

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A Caribbean Social Innovation Guide

Glossary

Living Lab A collaborative space where people test and improve new ideas in real life settings, learning directly from those who use them. Minimum Viable Pilot (MVP) A simple version of an idea that allows you to test whether it works before investing significant time or resources. Monitoring and Evaluation (M&E) The process of tracking activities, measuring progress and understanding whether an initiative is achieving its intended results and impact. Pilot A small-scale trial of an idea, product or service used to learn what works before expanding. Poles Where social innovation activity naturally comes together around a shared challenge or opportunity. Prototype An early version of a product, service or solution that is tested and improved through observation, learning and feedback.

Scalability The ability of an idea or initiative to reach more people or places without losing its effectiveness. Social Enterprise A business that trades goods or services while intentionally addressing a social or environmental challenge. Profits are primarily reinvested to advance its mission rather than maximising returns for shareholders. Social Innovation New or improved ideas, approaches or partnerships that address social or environmental challenges while creating lasting benefits for people, communities and society. Social Innovation Hub In this guide, the term refers to the thematic areas where social innovation activity is concentrated. A hub can also be a place, network or collaborative environment.

Stakeholder Any person, group or organisation that has an interest in, contributes to or is affected by an initiative. Sustainability Meeting today’s needs in ways that protect environmental, social and economic wellbeing today and for future generations. Systems Change Addressing the underlying structures, relationships and policies that contribute to a problem, rather than only treating its symptoms. Upskilling Learning new skills or strengthening existing ones to improve knowledge, employability or performance.

Social Return on Investment (SROI)

A framework for understanding and measuring the wider social, environmental and economic value created by an initiative, not just its financial return.