Assessing the Social Return on Investment for the Cultural Entrepreneurship Development Project in Traditional Candle Making in the Old City Neighborhood of Ubon Ratchathani Province

Abstract

      The purpose of this research was to assess the social return on investment (SROI) for the cultural entrepreneurship development project in traditional candle making in the old city neighborhood of Ubon Ratchathani Province. The methodology involved observational methods and in-depth interviews with key stakeholders, particularly cultural entrepreneurs. The sample size was determined using convenience sampling. The participants were 11 cultural entrepreneurs who attended and chose to provide information for the project. The research instruments consisted of questionnaires, in-depth interviews, semi-structured interviews, and focus group discussions. The results found that the social return on investment (SROI) was at 3.46, which showed that each baht of investment in research could create a return to the entrepreneurs both in societal value and economic value of 3.46 baht. Therefore, this research budget is worthily spent and can contribute to society. The principle-based policy recommendation suggests the SROI assessment framework from this article should be applied to other organizations’ activities or projects in order to assess the worthiness of investment. that conduct activities aimed at assessing the value of investments. Other cultural entrepreneurs or related organizations can apply the pattern of this cultural capital-enhancing activity as a guideline for Other cultural entrepreneurs or related organizations can apply the pattern of this cultural capital-enhancing activities  as a guideline for  organizing project activities for promoting occupation or tourism in the area to  spread around to protect the capital concentration and build up the community potential to be able to become cultural entrepreneurs of people in the area.