Social Innovation: A novel solution to a social problem that is more effective, efficient, sustainable, or just than existing solutions and for which the value created accrues primarily to society as a whole rather than to private individuals. From Phillis, Deiglmeier, and Miller in "Rediscovering Social Innovation," Stanford Social Innovation Review, Fall 2008
Social Entrepreneurship: Entrepreneurship that creates and sustains social value (not just private value); recognizes and relentlessly pursues new opportunities to serve that mission; acts boldly without being limited by resources currently in hand; and exhibits heightened accountability to the constituencies served and for the outcomes created. From Dees, J. Gregory in "The Meaning of 'Social Entrepreneurship'," published by the Kauffman Foundation and Stanford University, October 1998
Innovation: The successful implementation of a novel, valuable idea. This definition emphasizes the equal importance of three elements: novel - valuable - implemented. In the context of our University, innovation is summarized as: Important ideas put to use for the public good.
Impact: The desired result of innovation, which is positive change for citizens of North Carolina and the world. Impacts can range from direct economic gains (job creation, greater efficiency) to improving the standards of living or quality of life in other ways.
Entrepreneurship: Creating an enterprise to deliver a product, service, or process valued by a specific audience, without regard for the resources currently at hand.
Entrepreneurial mindset: A way of thinking that questions the status quo, converts problems to opportunities by finding new and better actions, convinces others to support the new approach, perseveres through the hurdles and accepts ambiguity and risk as part of the disruption process. The entrepreneurial mindset - and its related skill set - can be applied in any working environment, not only in startup ventures.