Memo: Social Innovation Prize candidates: Grass roots creation of new businesses

The current economic crisis has highlighted the necessity for radical change in the way we approach our social and economic challenges. Across Europe millions of people are unemployed, they feel that they are stuck in low-paid jobs or that they have few opportunities in the job market. Social innovation can stimulate a more dynamic, inclusive and sustainable social market economy creating new products, services and businesses.

To boost social innovation, the European Commission has launched the Social Innovation Competition in memory of Diogo Vasconcelos1 on the 1 October 2012. Europeans were invited to develop solutions for creating new opportunities for work, and for better work. As a result over 600 proposals were received out of which ten finalists have been selected. Three of them will each be awarded with a prize of €20,000 at the European Social Innovation Awards Ceremony in Brussels on 29 May 2013.