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THE ROLE OF SOCIAL RESPONSIBILITY

Unfortunately, not all businesses with social responsibility practices are socially

impactful businesses. Many corporate practices are too short-term oriented and mainly

focused on reducing risks and obtaining good corporate reputation returns. Innovation

can help better satisfy this problem and, therefore, drive more socially responsible

corporate projects.

Companies can innovate by developing sustainable products and services that are

environmentally friendly and socially responsible. For example, a company may develop

a product made from recycled materials or a service that promotes renewable energy.

For companies or entrepreneurs already targeting the social economy, social and

environmental concerns are already expected to be part of their business value

proposition, so their market value will be determined not by their willingness to solve a

societal problem, but by their level of product/service innovation and ultimate societal

impact.