Beyond Corporate Responsibility: Social Innovation And Sustainable Development as Drivers of Business Growth

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Student’s Name: Instructor’s Name: Course: Date: Beyond Corporate Responsibility: Social Innovation And Sustainable Development as Drivers of Business Growth Over the past several decades, Corporate Social responsibility has been a core drive for most Multi-nationals as they undertake projects to give back to the society that surrounds them. Corporate Social Responsibility (CSR), has thus been an indication of how organizations govern themselves, fulfill their missions, uphold their values, engages all their stakeholders as well as report their achievements as well as measure their achievements. In this case, organizations have taken the forefront in ensuring that they give back to the society through beneficial programs to their immediate communities. However, the societal problems need more than CSR for comprehensive analysis and solutions determination. Social innovation and sustainable development are important improvements of CSR that are well-suited to solve problems in the society. Social innovation refers to the analysis of the pertinent problems in the society and developing social solutions meant to eliminate the specific problems. Sustainable development, on the other hand, involves the continuum of an organization's economic activity without depleting the natural resources. The organization conditions its production units to ensure that none of nature’s vital resources are depleted in the process. Social innovation, therefore, eliminates the plight of the society while sustainable development conserves the environment for the future generations. Moreover, they enable the organization to make up a perfect culture through which it can conduct its

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