The complexity of ongoing political, social, economical transformations have gone much beyond of our predictions, especially when we think about COVID-19 pandemic or the war in Ukraine. The focus on green and digital twin processes related to socio-economic ecosystems however, remains crucial and relevant as we as humans are looking for ways to save our planet and to build a better future for the next generations. This work derives from the belief that even the most advanced technology should not be above humanity. That is why in this chapter we focus on new theoretical constructions that can lead to a more sustainable future. We see the Quadruple/Quintuple Helix approach to innovation ecosystems as the framework build upon top-down and bottom-up co-design, co-constructions, co-creation, integrating and including all the relevant actors of this system and with a strong presence the of civil society and democratic values in its core. We also believe that we need new visions for the future models of innovation that will help to balance the economic and digital development with the resolution of social and environmental challenges. Such opportunity we see in the Industry 5.0 and Society 5.0 visions that have already gain a great attention worldwide. The aim of this chapter is to concentrate on new value creation in society and economy through innovations focused on the provision of products and services adopted for diverse individual needs, developed through the process of (digital) social innovation. We, therefore, concentrate on theoretical views and considerations with some practical implications of the aforementioned research concepts and their potential to build a new system of innovation that promotes in a systemic way, the open, glocal, social and digital social innovations for the benefit of people. A key role to play in this process belongs to universities as the anchors of the innovation ecosystems. The socially and digitally engaged university model is an attempt to address those challenges and to stimulate and strengthen the social dimension of universities missions within a modern regional innovation system and allowing for a strategic approach towards the sustainable priorities.
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