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Opening the Door to Opportunities: How to Design CR Strategies that Optimize Impact for Business and Society

In: Sustainable Entrepreneurship

Author

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  • Michael Fürst

    (Novartis International AG)

Abstract

Historically, activities dealing with these topics – often “bundled” under the term Corporate Responsibility (CR) – had a strong focus on philanthropy that can create social impact if conceptualized with a strategic view but have genuine problems in terms of scalability and replicability. Based on these limitations the genuine entrepreneurial activity understood as a mechanism to create new, sustainable business models through the transformation of societal challenges into innovative and sustainable services needs to be emphasized and specifically addressed in a strategic approach to CR. Therefore, as this is increasingly understood, the trendlines are pointing in the direction of focusing more strongly on activities that are aligning social and commercial ambition and can result in large-scale responsibility engagement, without ignoring philanthropy or zero profit initiatives if such kind of interventions contribute to solving societal challenges. Strategic CR should therefore aim to operate with a portfolio of tailored activities, comprising philanthropic initiatives, zero profit, social business or lower margin business models that are all closely linked to a company’s strategy and core competencies and are operated through a strong ethical governance.

Suggested Citation

  • Michael Fürst, 2014. "Opening the Door to Opportunities: How to Design CR Strategies that Optimize Impact for Business and Society," CSR, Sustainability, Ethics & Governance, in: Christina Weidinger & Franz Fischler & René Schmidpeter (ed.), Sustainable Entrepreneurship, edition 127, pages 155-174, Springer.
    • Handle: RePEc:spr:csrchp:978-3-642-38753-1_11
    DOI: 10.1007/978-3-642-38753-1_11
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