SOCIETY’S INVOLVEMENT IN SOCIAL ENTREPRENEURSHIP TO PROMOTE SMART REGIONAL GROWTH

Abstract

  The essential definition of the promotion of smart regional growth is local resource, potential, exploration of operational mechanisms. That is in order to develop the understanding of local resource feasibility and the community activities. It is important to develop cross-sectoral cooperation, which is focused on non-technological, social and on the ecological innovation processes in connection with entrepreneurship. Social entrepreneurship is an essential mechanism in economic activity balancing, while creating social values that encourage the local community to participate in many areas and reduce socio-economic disparities. The ‘’Traditional’’ entrepreneur whose main desire is to create a product, find their client and thus, earn money, differs from a social businessman. An entrepreneur who has chosen the social niche, firstly, solves a social problem. In Latvia, social entrepreneurship is becoming more popular. Help and consultation at this point is provided by the Latvian entrepreneurship association (LEA), which has been in operation since the year of 2015. The region of Latgale is also becoming more popular in this field.
  In order to evaluate social entrepreneurship feasibility and to determine factors in the region of Latgale, cross-disciplinary research has to be carried out. Moreover, research and development in this area involves the involvement of a wide variety of stakeholders: NGO (non-governmental organisation),state, business, representatives of the public.