A study on the exploring the Obstacles that Prevent the Growth of Social Entrepreneurship and Innovation in Sri Lanka

Abstract

As society looks for solutions promoting sustainable development, the relationship between innovation, entrepreneurship, and sustainable development is a topic of great importance today. In the context of sustainable development, social innovations also significantly contribute to the growth of sustainopreneurship. In light of the background, this study looks into the challenges Sri Lanka faces in fostering social innovation and sustainopreneurship. Data for the study were gathered through in-depth interviews with fifteen sustainopreneurs in Sri Lanka using the multiple case study technique. The study's findings point to a number of obstacles to the growth of social innovations and sustainopreneurship, including: a) competition from unsustainable firms; b) a lack of government backing; c) expensive costs; and d) people's attitudes about these types of ventures. This study adds to the literature on social innovations and sustainopreneurship due to the paucity of studies in this field. Practitioners and politicians can use the recommendations as important knowledge for future strategic changes.