Innovation for impact: Business innovation for inclusive growth

The research uses a literature review and case studies to build a framework that describes factors leading to successful innovation for impact (I4I): innovation that enhances corporate performance and creates significant, lasting social impact. Five organizational elements influence I4I: strategic a...

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Bibliographic Details
Published in:Journal of business research 2016-05, Vol.69 (5), p.1725-1730
Main Author: Herrera, Maria Elena Baltazar
Format: Article
Language:English
Subjects:
Business growth
Business model innovation
Business models
Co-creation
Corporate culture
Inclusive growth
Innovation for impact
Innovations
Management theory
Social impact
Social innovation
Stakeholder engagement
Studies
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Summary:The research uses a literature review and case studies to build a framework that describes factors leading to successful innovation for impact (I4I): innovation that enhances corporate performance and creates significant, lasting social impact. Five organizational elements influence I4I: strategic alignment, responsible purpose, institutional drivers, stakeholder engagement, and business model management. Six institutional drivers influence I4I: values, leadership, culture, strategy, structure, and policies. Firms can achieve lasting social impact by targeting systemic factors using the ecology for inclusive growth. Stakeholder engagement increases opportunities for co-creation and enables business-model innovation through knowledge gathering and creation. Strengthening and aligning organizational elements increases the likelihood of I4I, improving corporate performance and enhancing business landscape. Institutionalizing I4I creates an engine for business-model innovation, a powerful source of competitive advantage.
ISSN:0148-2963
1873-7978
DOI:10.1016/j.jbusres.2015.10.045