Public–Private Partnership and Social Innovation in Malaysia

Abstract

The world we are living today is faced with social challenges that call for radical innovation. The rapid pace of technological developments played a key role in delivering social developments in a cautious manner that will ensure a promising future for social capital. Social innovation is a phenomenon that is put forward to urge countries to find solution to address the recurring problems of social inequalities that were not able to be eliminated by the existing rules and policies. It involves understanding the complexity of the society ecosystem and task calls for a partnership and networks between the nonprofit, public, and private sectors. This chapter explains how Malaysia utilizes public–private partnership to promote social innovations in the country. Through the 11th Malaysia Plan, Malaysia envisages to put forward the well-being and development of the people through social innovation to balance between the social and economic development. In order to fulfill this aim, Malaysia has implemented various programs and policies through the social innovation ecosystem that has been formed. The ecosystem is comprised of four initiatives, which includes microfinancing; social entrepreneurship; public service delivery; and grassroots innovation of science and technology. These initiatives will be collaboratively developed using the concept of 4P, which is the public, private, people, and professionals. Each of this initiative is discussed thoroughly in this chapter alongside with the programs and policies that have been carried out since then. Additionally, the chapter also includes the discussion on the issues and challenges that could be seen and presumed to be the hindrance to the success of the social innovation development.

Citation

Mohd Nafi, S.N., Jaganathan, M. and Zainol Abidin, M.A. (2021), "Public–Private Partnership and Social Innovation in Malaysia", Sergi, B.S. and Jaaffar, A.R. (Ed.) Modeling Economic Growth in Contemporary Malaysia (Entrepreneurship and Global Economic Growth), Emerald Publishing Limited, Leeds, pp. 177-189. https://doi.org/10.1108/978-1-80043-806-420211014