Societies have implemented diverse mechanisms to cultivate progress and advancement, ranging from the market system to the patent system and government funding. However, according to Nobel-prize winning economist Esther Duflo, co-founder and co-director of the Abdul Latif Jameel Poverty Action Lab (J-PAL), and fellow Nobel laureate Michael Kremer, there is a notable gap in fostering innovations that enhance the delivery of government services, particularly those that cater to the needs of the most vulnerable populations. Unfortunately, investment in such transformative solutions often goes unnoticed.
To address this issue, countries like the United States and France have taken steps to establish public funds dedicated to supporting innovations that directly benefit underprivileged individuals. These social innovation funds embrace an inclusive, multi-tiered, and evidence-based approach.