Why is the phrase “social business” feared in post-Soviet states? Shouldn’t we shake this “legacy” off and start thinking as Europeans that we are?
Less known Davos themes, however relevant to prosperity, sustainability and resilience of Europe, include social economy, social innovation and social business. The latter are talked about in and around Europe as “social enterprises” but the phrase which amassed notoriety in Lithuania due to abuses of the system by “socialinės įmonės”. We refer to social innovations as something relevant to the public sector and only financed with the European Union funds when social innovations are frequent even in corporate culture (Daniel Nowack, Head of Social Innovation, Schwab Foundation & World Economic Forum, January 20th on LinkedIn). Dr. Ieva Žebrytė of VU FEBA is an expert in social economy organisations ranging from associations and public institutions to foundations and social business entities. These are recognised for prioritising social or environmental benefit over profit, reinvesting earned funds into their mission, operating democratically, and addressing social or environmental challenges through commercial/economic activity.