Innovation is the primary activity facilitating economic development and productivity. It refers to the creative process by which individuals, groups, or organizations generate and implement new ideas into finished goods or services that contribute to dynamic economic growth (Kogabayev and Maziliauskas 2017). The outcomes of innovation often include increased employment opportunities, improved productivity, higher profits, and reduced cost of doing business. Notably, innovation is never a one-off process, instead, it is an ongoing and cumulative phenomenon joining individuals and organizations to a common goal. It results in the continuous improvement of existing technologies, business processes, and decision approaches. At the core of an innovative approach to business are a creative mind, an in-depth understanding of current challenges, and a profound and unmistakable entrepreneurial vision. The innovator develops the new idea into a finished product or service through an implementation process. Over time, the individual improves his or her work and the final product through further development. “Social innovation” is similar to “general innovation” in that it also transforms simple and creative ideas into finished products or services. However, unlike “ordinary innovation,” “social innovation” focuses on creating products and services that give communities high value (Oeij et al . 2019). In addition to this, social innovation empowers people and drives change that leads to sustainable inclusion. Because it offers practical, reliable, efficient, and sustainable solutions to communal problems, most people, including experts, consider social innovation a noble undertaking inspired by altruism and a humanist ideal. Most social innovators do what they do for the greater good of the community; they are less interested in making profits than helping people improve their health and economic circumstances. Indeed, some social innovators start as activists, while others create new technologies or repurpose the existing ones to improve people’s livelihoods. Since social innovation happens for the greater good of the weaker and vulnerable people, its aim is not to produce profits for private individuals. Environmentally and socially responsible innovation is essential for businesses’ sustainable performance. It achieves this by giving entrepreneurs the ideas on utilizing available resources without wasting them as this could lead to depletion and the eventual closing down of business. When entrepreneurs are socially and environmentally innovative, they ensure that their companies do not pollute the environment or take advantage of weaker community members (Wittmayer et al . 2019). Instead, they create a system that allows for environmental conservation and equitable sharing of natural resources, making people feel contented and obliged to support the business, leading to its sustainability. Some businesses and non-profit organizations worldwide have addressed a social or environmental issue innovatively, leading to sustainability and profitability. One such institution is the Grameen Bank, established by Muhammad Yunus in Bangladesh in 1983 (Iqbal, Nisha, and Rifat 2020