Purpose – This paper aims to present a value cocreation framework that furthers understanding of social value cocreation. Design/methodology/approach – This paper is an interdisciplinary conceptual analysis drawing on social enterprise studies, marketing research and philosophical value theory. It applies a visible-hand approach to the study of market relationships and, in line with philosophical research strategies, unfolds its analysis using conceptual distinctions. Findings – This study provides a framework that substantiates the distinction between two modes of value cocreation and identifies the structure of the social enterprise business model. It explains how social enterprises can be conceived as role models for for-profit organizations, and it elucidates why social value cocreation is a demanding objective. Research limitations/implications – This paper develops an integrative, nondichotomist view of value cocreation that does not conceptualize social and economic value cocreation as opposing goals. Practical implications – Social enterprises can use the business model structure and two modes of value cocreation and view themselves as role models for for-profit organizations. Social implications – This paper applies a visible-hand approach to both for-profit organizations and social enterprises. Using its framework, for-profit organizations can reflect on the consequences of their actions on society and how social value cocreation can improve social enterprise effectiveness. Originality/value – To the best of the author’s knowledge, this paper is the first to bridge service-oriented approaches to marketing and social enterprise studies using philosophical value theory to improve understanding of social value cocreation.