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Research Paper | Business Studies | India | Volume 13 Issue 4, April 2024 | Popularity: 4.8 / 10
Inclusive Business Models: Fostering Social Innovation and Entrepreneurial Ecosystems
Parul Khanna
Abstract: In the contemporary landscape of commerce, inclusive business models have emerged as catalysts for driving both economic growth and social impact. This research paper explores the intricate dynamics of inclusive business practices and their role in fostering social innovation and entrepreneurial ecosystem development. Drawing upon a theoretical framework comprising key components?inclusive business practices, social innovation enablers, and entrepreneurial ecosystem development?the paper examines how businesses integrate marginalized communities, stakeholders, and diverse perspectives into their operations. Through case studies, including examples from companies like Patagonia, the paper illustrates how inclusive practices enable open collaboration, knowledge-sharing, and adaptive problem-solving, leading to the creation of innovative solutions to societal challenges. Furthermore, the paper highlights how inclusive business practices contribute to the development of entrepreneurial ecosystems, creating opportunities for sustainable entrepreneurship and economic empowerment. By elucidating the synergies between inclusivity, social innovation, and entrepreneurship, this research paper contributes to a deeper understanding of the transformative potential of inclusive business models in driving positive social change and fostering sustainable development.
Keywords: Inclusive Business Models, Social Innovation, Entrepreneurship, Stakeholder Integration, Sustainable Practices, Economic Empowerment, Social Impact, Diversity and Inclusion, Collaborative Partnerships, Knowledge-sharing, Entrepreneurial Ecosystem Development, Case Studies
Edition: Volume 13 Issue 4, April 2024
Pages: 636 - 643
DOI: https://www.doi.org/10.21275/SR24408124424
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