The study’s aim is to contribute the conceptualization processes framing the phenomenon of social economy and introduce the issue to our professional context. Social economy, as an area connecting social aims and entrepreneurial procedures, has a long history. The current initiatives of social economy are a response to the welfare state crisis, new social risks and the crisis of employed society. The definition of social economy comes from research activities of the European research net EMES and the Said Business School of Oxford University. The author’s effort is focused on identifying the main assumptions for establishing these social innovations. The conclusion focuses on allocating opportunities for social entrepreneurship in the public sphere and public policies in Slovakia (employment policy, social inclusion policy and local social development, the delivering of public and social services, and civic participation).