Social economy has emerged as a grass-roots entrepreneurial, not-for-profit sector on the basis of people’s needs and democratic values. Social economy has an impact on growth, employment creation and welfare endeavours to enhance social, economic, and environmental conditions of communities. Social economy comprises a kind of buffer between the market economy private enterprise and the public sectors. It also furthers new forms of partnerships between public, private and nonprofit actors. Institutional diversity may be as important as biological diversity for our long-term survival.