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Raj Kumar Thapa and Tatiana Iakovleva

Based on an explorative case study of a privately owned Norwegian firm within the medical industry, this chapter addresses the question of how do business organizations pursue responsible innovation in business development and create positive social impact. Through analysis of purpose, process, and outcomes of the innovation process at the firm level from a responsibility point of view, we conclude that responsible perspectives and practices during the whole innovation process allow businesses to achieve a positive social impact and sustainable business growth. Based on these findings, we suggest a social impact assessment framework in the context of Responsible Research and Innovation (RRI).