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Innovation for impact: Business innovation for inclusive growth

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  • Herrera, Maria Elena Baltazar

Abstract

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.

Suggested Citation

  • Herrera, Maria Elena Baltazar, 2016. "Innovation for impact: Business innovation for inclusive growth," Journal of Business Research, Elsevier, vol. 69(5), pages 1725-1730.
    • Handle: RePEc:eee:jbrese:v:69:y:2016:i:5:p:1725-1730
    DOI: 10.1016/j.jbusres.2015.10.045
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    References listed on IDEAS

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    1. Bradley K. Googins & Philip H. Mirvis & Steven A. Rochlin, 2007. "Next Generation Corporate Citizenship," Palgrave Macmillan Books, in: Beyond Good Company, chapter 1, pages 11-24, Palgrave Macmillan.
    2. Herrera, Maria Elena Baltazar, 2015. "Creating competitive advantage by institutionalizing corporate social innovation," Journal of Business Research, Elsevier, vol. 68(7), pages 1468-1474.
    3. Ferauge Perrine, 2013. "The Complementarity Of Corporate Social Responsibility And Innovation: Evidence From Belgian Firms," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 7(5), pages 99-113.
    4. Thomas Maak, 2007. "Responsible Leadership, Stakeholder Engagement, and the Emergence of Social Capital," Journal of Business Ethics, Springer, vol. 74(4), pages 329-343, September.
    5. Bradley K. Googins & Philip H. Mirvis & Steven A. Rochlin, 2007. "Beyond Good Company," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-60998-3, December.
    6. Perrine Ferauge, 2012. "A Conceptual Framework Of Corporate Social Responsibility And Innovation," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 6(5), pages 85-96.
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    Cited by:

    1. Onea Ioana Alexandra, 2020. "Innovation Indicators and the Innovation Process - Evidence from the European Innovation Scoreboard," Management & Marketing, Sciendo, vol. 15(4), pages 605-620, December.

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