Purpose Science parks are business clusters situated in a particular geographical location, originally conceptualized by local universities, local government and businesses. In recent times, science park stakeholders and tenants are starting to pursue social value and even how to manage. This study aims to clarify the understanding of social value in an innovation ecosystem. Design/methodology/approach This study combines existing literature studies and concepts, observations in a real-life innovation ecosystem – a Bioscience Park – and interviews of key personnel managing the science park. Findings Science Park Social Value (SPSV) is a value resulting from interaction among groups and not just the pursuit of a single firm-level goal. SPSV emanates from the firms within the science park in reaction to the demands of the actors or entities within and outside the innovation ecosystem of the science park: internal operations, external stakeholders and infexternal or broader societal impact. In addition to this, the author has conceptualized a framework for social value of an innovation ecosystem, which will require further research. Research limitations/implications This paper creates a link between concepts about social value, innovation ecosystem (e.g. science park) and stakeholder theory. Practical implications SPSV will be useful for science park orchestrators or managers to manage expectations of social and non-social actors. Social implications Social value of a science park will bring a new light on the stigma that science parks are only money-making ventures and are not in touch with social issues. Originality value This study theorized and researched previously unrelated concepts.

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Studies about social value have been devoted to issues or phenomena, projects, or activities of organizations but none have evaluated the organizational social value as oppose to economic value. Our question is: in the field of business and economics, how has organizational social value been scholarly or academically analyzed? By performing a systematic literature review of articles, and using scientometric analysis of 45 articles. 34 out of the 45 articles were mapped into the extended systems thinking: input, process, output and environment (IPOE) framework. Our results indicate that: a) input and environment dimensions have been most researched while process and output have been least researched; b) applicability of the IPOE framework as a mapping tool for organizational social value but requires further confirmation; and c) social value creation nonprofit, hybrid and for-profit organizations may be linked together. Our research would be helpful for organizations interested in measuring their social value.