Radical innovation is purely technological.

Architectural innovation separates technological and business model disruptions.

There is a magic formula for the right proportion of resources allocated for each type of innovation.

The point here is that there is not one preferred type. Different kinds of innovation can become complements, rather than substitutes over time.

The tenets of social responsibility will be grounded in both tangible, operational elements – such as ethical workplace practices or energy efficiency – and intangible values – such as what they stand for and what they are willing to stand up for.

To illustrate how critical CSR has become, a 2017 study by Cone Communications found that more than 16 percent of Americans hope businesses will drive social and environmental change in the absence of government regulation.

Today not only consumers but also top talents are drawn to businesses that give back.

According to Stevens, the policies, practices and initiatives a company commits to in order to govern itself with honesty and transparency, will have a positive impact on social and environmental wellbeing.

Stevens reminded business owners that the corporate world has less power than many realize.

The four components of CSR are mutually inclusive.

Simply put, corporate economic responsibility refers to its obligation to make profit by fair means or foul.