The paper presents a theoretical understanding of the impact of social innovation on the success of an enterprise. Social innovation is framed within the context of the European Commission Social Innovation principles (2013) and the Social Return on Investments Model of New Economic Foundations (2004) and Social Innovation Model in Malaysia (Raja Suzana, 2015). A total of 130 new and young enterprises participated in this survey. Findings indicated that social innovation has a positive and significant relationship with the success of an enterprise. This paper offers indicators developed based on a valid and reliable instrument, which has been empirically tested for its validity and reliability. It was found that social innovation offers a viable model in establishing economic viability and multiple economic specialisations. However, this has its own limitation as it depends heavily on the supporting ecosystem that each region has to offer. The study concludes that social innovation will positively create an impact and play a significant role in entrepreneurship in economic viability if an ecosystem interacts well within the needs of the new and young enterprises. Future work that focusses on specific social innovation programmes and actions that can create more values for new and young enterprises is recommended.