Unravelling the Paradox: Navigating Innovation, Impact and Profit

In the bustling world of professionals, it's easy to get caught up in the daily grind and forget to invest in personal growth. But let me share with you a journey that led me to a profound realization, one that unfolded at the prestigious School of Social Policy & Practice at the University of Pennsylvania

Now, picture Ms. Tulinagwe sitting in a cozy café, a steaming cup of mochaccino on my hand :-). Believe me when I say there's a sense of relief, accomplishment, and contentment swirling within me. You see, I've just completed a course – not just any course, mind you, but a transformative experience that left me bursting with newfound knowledge and insights :-). The course titled Social Impact Strategy, which had great touchstones in defining innovations, the HCDs processes, theories of story, business models, measuring results as further as forms of organizations to support scaling of innovation, and so much more.

With a blend of Innovator’s Advantage book by Evans Baiya, PhD & Ron Price, and the nuances of social impact strategy course taught and facilitated by Professor Peter Frumkin was nothing other than a short of enlightening. With their wealth of wisdom, illuminated the intricate connection between people, processes, and social impact strategy. It was a revelation & inspiration for this article, to say the least.

What struck me most was the delicate balance between impact, innovation, profitability, and scalability. How does an innovator or far to say any entrepreneur navigate this complex terrain, where mission meets profit and impact? It's a question that resonated deeply with me, prompting a reevaluation of my own past and current endeavors.

Social innovation, I learned, is the catalyst for societal change. It's about crafting solutions that address social needs in novel ways, all while championing sustainability and inclusivity. From NGOs to businesses, the potential for creating positive social impact knows no bounds.

But let's delve deeper, shall we? The course delved into the nuts and bolts of social innovation, from defining your innovation through human-centered design to grappling with the intricacies of legal structures. It was a crash course in strategic thinking, forcing me to confront key questions head-on: Who do you serve? Who pays for it? What does success look like? Or you can simply ask yourself these questions: What is your innovation, who will you serve, who will pay for it, what is success and how will you get there. But then who are you as an innovator?

Therefore: define your innovation: here you can go about HCD processes (Human Centred Design) on understanding the problem then design your innovation, pilot, implement, grow and start considering scaling HOWEVER never be in arrival mode. Tune your mind to constantly consider incremental innovation – As shared by Evans Baiya and Ron Price on their book of the innovators Advantage.

And then there's the matter of sustainability – a crucial component of any impactful venture. How do you sustainably fund your innovation? Grants, sales, or perhaps a combination of both? It's a conundrum that requires careful consideration, one that can make or break the longevity of your endeavor. But note that: "this has also to do a lot with the bridge you will choose as the organization form/business model driving your innovation. Is it a Nonprofit, for profit or a hybrid?" - Prof Peter Frumkin

Careful here: Before making a decision, no rush is need, you can delay since you need to understand touchstones of your business, legal binds of your specific country but also how each form can help you in one way or another finance your innovation – there are pros and cons to each form!

But amidst the complexities, there's a guiding light: the logic model. By mapping out well; inputs, activities, outputs, outcomes, and impacts, one can chart a clear path forward. It's a roadmap for success, a blueprint for driving meaningful change in the world. The well thought your logic model is, the efficient it will be for measuring or tracking your progress.

Most businesses now are into shift of embracing and featuring these social goals in their pursuits whether as a sub-business focus or CSR (Corporate Social Responsibility) way to extending the opportunities to the less unprivileged societies. Unlike the traditional norm whereby all these social responsibilities were at the forefront of NGOs priorities. It is good news, right? Remember you can guide your innovations in helping to solve social injustice and at the same time, achieve many of the 17 SDGs.

Many innovators get it wrong and forget the healthy balance between the value proposition that the innovation is bringing-in and profits/sustainability. Taking it from the lessons; they are both important and really depend on each other. Borrowing from Larry Kwirirayi he insisted on balancing fairly the entrepreneurial aspect from the outset when developing your innovation; he shared his profound experience on Digital Entrepreneurship during the DCN Global Africa Launch in Zambia end of 2023.

As I reflect on this transformative journey, I can't help but feel a surge of gratitude. Gratitude for the knowledge gained, the perspectives shifted, and hoping for the connections to be forged with this knowledge. And as I keep diving on my career and personal journey, I do so with renewed purpose and determination.

May this article act as a formal reminder to revisit your innovations and businesses and ask yourself if the mission, profit and impact are in harmony and speak the same language. And if not, its time to act upon and get back to your drawing board.

So, here's to keep daring, to dream big, and to making a lasting impact on the world.

Cheers to the journey ahead.

Tully