Social Return on Investment (SROI) Assessment of the Creative Community Economy Enhancement Project in Chiang Mai Province

Abstract

Objectives this study aims to assess the Social Return on Investment (SROI) of the Creative Smart Community Development Project driven by the university mechanism in the pilot area of Chiang Mai province. Methodology: The study employed a mixed-methods evaluative research design. Data were collected from 12 selected community enterprises and OTOP groups using in-depth interviews and financial record forms. The analysis followed the standard 6-step SROI framework, establishing a 5-year benefit period and applying a 5% financial discount rate to calculate the Net Present Value (NPV). Results: The results revealed that with a total investment of 7,000,000 THB, the project generated a Net Present Value (NPV) of 8,946,549 THB and an SROI ratio of 2.28. This indicates that every 1 THB invested yields a social and economic return of 2.28 THB. Key financial outcomes were primarily driven by incremental sales from online channels, physical shop improvements, and recurring revenue from new prototype products. Conclusion: It is concluded that the "University as a Driver" model, focusing on product innovation and market incubation, is a highly cost-effective approach for upgrading the grassroots economy and ensuring tangible community competitiveness.