The Impact Factory is an engine for social innovation, entrepreneurship and community service at The University of Texas at Austin. A first-of-its-kind, cross-sector collaboration, we aim to measurably improve health and economic opportunity for vulnerable people in the United States.
ON THE FRONT LINES
BEYOND THE CLASSROOM
WHAT IS SOCIAL INNOVATION?
Social innovation is the creative and iterative process of developing and deploying a new and more effective, efficient, just or sustainable product, service, process or policy that improves the lives of individuals, groups of people or institutions in a society.
Social innovation often requires knowledge about and collaboration across sectors, including nonprofit, business, academia and government, and often tackles tough, longstanding social, cultural or environmental problems, such as poverty or inequality.
WHAT IS SOCIAL ENTREPRENEURSHIP?
The Impact Factory defines social entrepreneurship similarly, except all solutions must be market-driven and accompanied by self-sustaining or profitable business models.