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The Importance of Innovation in Corporate Social Responsibility (CSR)

CRS and innovation has emerged slowly over the past decade. One explanation of ‘social innovation’ can refer to improvements in the CRS process. As stated by the department of Trade and Industry in the United Kingdom, CSR represent “the integrity with which a company govern itself, fulfills its mission, lives by its value, engages with its stakeholders, measures its impact and reports on its activities”. The paper will analyze the main four topics related to CRS and innovation, starting with Corporate Social Innovation; which will refer to a product innovation with a social purpose, in addition we will focus on the important subtheme of corporate social innovation focused on low-income market - Base of the Pyramid (BOP). Moreover, Social Entrepreneurship will be analyzed since they act as the change agents for society, seizing opportunities others miss and improving systems, inventing new approaches, and creating solutions to change society for the better. Likewise, the paper will point the significance of Eco–Innovation as a new discipline with the purpose of describing products and processes that contribute to sustainable development.