Despite pervasiveness of the market forces and supplementary role of the state and in some cases, even civil society organisations, there are unmet social needs which remain unaddressed by the existing institutions. With industrial growth becoming jobless, the need for new models of social innovation is being felt all around the world to provide jobs to the youth, skills for the new economy and entrepreneurial opportunities for transforming resources and skills. The persistence of some of these unmet needs (also referred as wicked problems sometimes) or unaddressed problems for a long time shows that the existing institutional arrangements are inadequate for the purpose. Innovations are imperative. A socio-ecological system that recognizes and rewards innovation can withstand many external shocks, provided it is agile and innovates quickly to remain responsive to emergent challenges (Anderies, Janssen, & Ostrom. Ecology and society, 9 (1)