Value-Based and Responsible Innovation

On 30^th September 2024, Perseta Grabova, Associate Professor, and Kristi Dashi, PhD student, at Faculty of Economy, University of Tirana, shared insights and experience from their study visit to Manchester and Liverpool, 30 August – 13 September, 2024. Their presentation about “Value-Based and Responsible Innovation” presented the concept of integrating ethical considerations and social responsibility into the innovation process to create sustainable solutions that benefit both businesses and society. They discussed the dynamic nature of values within organizations, explaining how they can evolve over time as a response to changing societal expectations and market demands. They gave examples of organizations that adopted new values to address emerging issues such as climate change or social inequality, which can lead to innovative practices that resonate with consumers and enhance brand loyalty. Conversely, they also gave examples of situations when values leave an organization, such as when they are not consistently reinforced or when leadership fails to model them, leading to a disconnect between stated values and actual practices. They highlighted the importance of continuous evaluation and adaptation of organizational values to foster a culture of value-based innovation that can drive long-term success and positive societal impact.

Additionally, they discussed key aspects and the importance of responsible innovation. Their presentation concluded that embracing ethical principles and societal values into the innovation process is crucial for driving sustainable growth and addressing pressing global challenges. Furthermore, by prioritizing stakeholder engagement, organizations can foster trust, enhance their reputation, and develop solutions that not only meet market demands but also contribute positively to society and the environment.