We discuss limitations and implications of our measure to future research in social-entrepreneurship-led social value creation.
Business schools are now introducing consulting projects to their curriculums that encourage students to focus on work led by social values.
In general, these issues might lead to a lower social value of an SWD study as compared to a parallel group CRT, as the SWD study may take longer to complete which reduces the number of future individuals eligible for the experimental intervention.
Lord Young, who led the review, reflects that: "Social value has real potential to act as a value for money tool for commissioners tackling severe cost pressures, but better measurement is essential to help the act to take this form".
Our analysis and interpretation of the concept social value has led to three proposals.
Although results obtained from a singular study using an SWD may lead to health benefits, the social value of SWD studies may be limited compared to parallel group CRTs, in particular from a health economic perspective.
Panel Grainia Long is chief executive of the Chartered Institute of Housing Mike Donaldson is group director of strategy and operations at L&Q Sara Cunningham is the policy lead for neighbourhood investment and social value at the National Housing Federation.
We believe that the assignment of 'knowledge value'clinicalcal value'progressiveivaluelue', or 'future health value' to research, knowledge, information, clinical trials and the intervention leads to confusion as to what exactly has social value (leaving aside the question what is social value).
As a commissioning process it ticked many good-practice boxes, but I was particularly interested in how they had gone about applying the concept of social value in practice and the circumstances that led to this situation.
Of those asked, 66% of organisations said they were considering social value across all services, 71% felt that social value had led to better services and 52% said it had led to cost savings.
Private funders are becoming ever more concerned with social return and achieving maximum impact for their philanthropic contributions; government cuts have led to a growing emphasis on results-based funding which captures the social value of public spending.
