Corporate social innovation (CSI) integrates a company’s full range of capabilities and assets within innovative business models to achieve positive societal impact while advancing the success and sustainability of the enterprise.
Corporations manage their social impact in many ways. Through philanthropy, corporations provide direct donations that help many causes and communities. Through advocacy, corporations have the capacity to shape public policy in ways that can strengthen society. Through corporate social responsibility programs, corporations use their many resources toward the benefit of society. Through shared value creation approaches, firms develop profitable new products and services that address unmet societal needs. CSI integrates the range of established business approaches into a coherent overall strategy designed to achieve maximum social impact through effective and sustainable business practices.