Knowledge-based social entrepreneurship: understanding knowledge economy, innovation, and the future of social entrepreneurship.

Abstract

The world is standing at the crossroad of new technology and knowledge-based epoch. It is dubbed by many as new knowledge era, fourth Industrial Revolution, post-industrial society, or simply knowledge economy. Drivers of growth in this new economy are advances in technology, the proliferation of knowledge, and continuous innovation by corporations and entrepreneurs. Entrepreneurs, in particular, are fueling the growth by propelling innovation, instigating new industries, and creating jobs. New technologies and explosion of information have created a fertile ground for entrepreneurship in the knowledge economy. Knowledge has already become the primary means of production and a substantial portion of end products in many industries. This impact of knowledge as a critical factor in innovation and production process and its importance as a product component have prompted the emergence of a new entrepreneurship domain—knowledge-based entrepreneurship. Despite the fact that this rise of entrepreneurship and the impact of the technology on the economy are generating tremendous new wealth, the increasing prosperity did not eliminate many of the pressing social problems the world is still facing. However, in recent years, the rising awareness of the social challenges, better-educated population and easier access to knowledge, and the desire to make a difference have given a surge to the social entrepreneurship. The mission of social entrepreneurs is to address social issues through entrepreneurial activities. Along with the expansion of the knowledge economy, social entrepreneurship armed with new possibilities owing to new technologies is also advancing gradually toward knowledge-based social entrepreneurship.