Corporate Social Responsibility as a Basis for Innovative Entrepreneurship Development

Abstract

The purpose of this study is a theoretical and empirical analysis of the phenomenon of social responsibility as the basis for innovative development of entrepreneurship and an important tool for simultaneously meeting the needs of business and society. In this study, a qualitative method is utilized. The study examines the concept, models, and tools of Corporate Social Responsibility (CSR), defines co-dependency of business and society as a necessary condition for sustainable development, analyses the application of CSR practices in business activities, substantiates the fact that social responsibility is a factor of increasing competitiveness, productivity and added value of goods and services, and the introduction of innovation. This paper contributes to a better understanding of the co-dependency of business and society and a link between CSR practices and innovative development, emphasizing the importance of open innovation in sustainable development. Future research directions include investigating CSR as a mechanism for the innovative development of entrepreneurship, analyzing case studies from Ukrainian and global perspectives, and examining the interdisciplinary discourse on social responsibility. However, the research is primarily based on the Ukrainian context, potentially limiting its applicability to other settings.