Responsible innovation in venture creation and firm development: the case of digital innovation in healthcare and welfare services

The study published recently, in 2023, by Raj Thapa & Tatiana Iakovleva, “Responsible innovation in venture creation and firm development: the case of digital innovation in healthcare and welfare services” reveals that although these firms and entrepreneurs have not consciously integrated responsible innovation in their businesses, they practice it in fact, and specifically, responsible innovation has played a crucial role for healthcare firms in assessing the socioeconomic, socio-ecological, and socio-ethical viability and effectiveness of novel concepts, determining whether to pursue them for business development and firm expansion. 

This approach has empowered them to foster confidence in identifying opportunities for venture creation and firm advancement, consequently mitigating the risk of failure. Nonetheless, early-stage startups encounter hurdles in embracing and implementing responsible innovation principles, primarily due to resource limitations and concerns about potential competitive setbacks, notwithstanding their willingness to adhere to such principles.

The research also underscores the necessity to reassess policies designed to bolster entrepreneurs and businesses. Early engagement with prospective users, the general public, funding entities, insurance providers, healthcare practitioners, and policymakers has proven instrumental in securing financing, fostering collaborative efforts, and instilling confidence in pursuing potential business ventures within the health and welfare sector. It is imperative to implement policy measures that facilitate the adoption of responsible innovation practices in business operations to enhance their affordability and accessibility. 

Such initiatives may involve establishing innovation platforms such as living labs, social laboratories, and accelerators, where firms receive support in identifying and engaging with diverse stakeholders. Furthermore, funding programs that promote deliberate stakeholder involvement in the business innovation process could prove beneficial in fostering inclusive and sustainable innovation practices.

You can read the full study, here.