Veidlapa Nr. M-3 (8)

Course Description Status: Approved

Course Description Version: 26/27.P.1.00

Description Period: 2026./27 academic year pavasara semestris

Study Course Accepted: -

Study Course Description

Sustainable Entrepreneurship and Innovation in Modern Economy

Main Study Course Information

Course Code
SZF_244
Branch of Science
Economics and Business; Law; Political science
ECTS
6.00
Target Audience
Juridical Science; Management Science; Political Science
LQF
Level 7
Study Type And Form
Part-Time

Study Course Implementer

Course Supervisor
Olga Veilande
Structure Unit Manager
Ieva Puzo
Structural Unit
Faculty of Social Sciences
Contacts

Dzirciema street 16, Rīga, szf@rsu.lv

About Study Course

Objective

To develop students' ability to analyse, develop and evaluate sustainable business models, integrating legal, economic, social and technological aspects, as well as to understand the role of innovation and regulation in promoting competitiveness and climate neutrality.

Preliminary Knowledge

- Basic knowledge in economics, management or politics;

- Ability to work with academic literature;

- Willingness to work in groups and perform analytical tasks.

Learning Outcomes

Knowledge

1.A student: - understands the concepts of sustainable development and their connection with business; - is familiar with EU and international sustainability regulations (CSRD, ESRS, Taxonomy, OECD, UNGC); - understands the principles of innovation ecosystems and green technology development; - understands strategic adaptation methods to climate and technological change.

Skills

1.A student is able to: - perform double materiality analysis; - develop sustainable business models and innovation concepts; - analyse risks and develop future scenarios; - apply true cost and life cycle approaches; - evaluate the sustainability performance and strategy of companies.

Competences

1.A student is able to: - make strategic decisions in the context of sustainability; - integrate sustainability principles into organizational management; - collaborate in interdisciplinary teams; - critically analyse public policies and market developments.

Assessment

Individual work

Title
% from total grade
Grade
1.

Group project
30.00% from total grade
10 points

Working in groups (max 3 students) according to the project work structure/tasks offered by the lecturer. Each group chooses one of two tasks:

TASK 1: Developing a sustainable business model

  • aims to

develop a sustainable business model for a real or hypothetical business, integrating economic, social and environmental aspects as well as EU sustainability regulation requirements.

  • Task Description

groups choose a company (existing or new idea) and develop a sustainable business model for it using sustainable Business Model canvas or Business Model canvas with sustainability extensions.

TASK 2: Developing sustainable innovation

  • aims to

develop a new product, service, process or technological innovation that addresses a specific sustainability challenge and adds value to enterprise and society.

  • Task description

groups choose one sustainability problem (e.g. emissions, resource consumption, circular economy, social inclusion, etc.) and develop an innovation solution using Design thinking or sustainable Innovation Framework.
2.

Individual essay
20.00% from total grade
10 points

Student chooses one of the topics offered by the lecturer in one of the four blocks:

1. Topics on sustainability regulation (ESRS, CSRD, EU Tucsonomy);

2. Themes of innovation and technology in the context of sustainability;

3. Topics on sustainability strategy and corporate transformation (transition to a sustainable business model);

4. Themes of sustainable entrepreneurship in today’s economy.
3.

Activities in classes
10.00% from total grade
10 points

Discussions, tasks, presentations.

Examination

Title
% from total grade
Grade
1.

Test
40.00% from total grade
10 points

Exam consists of three parts:

  1. Open Analytical questions (Choose 2 of 4). (Each question: max15% of the total score);
  2. multiple test questions (20 questions × 2% = max 40% of the total score);
  3. practical exam task (case analysis). Max 30% of the total score.

Study Course Theme Plan

PART-TIME
B

  1. Lecture

Modality
Location
Contact hours
On site
Study room
2

Topics

lecture 1 - The Foundations of Sustainable Business.
Description

Key topics:

  • Sustainable development concepts (ESG, LNG, Triple bottom line), historical development
  • Sustainability vs ESG.
  • Interaction between sustainability and enterpreneurship
  • Economic, social and environmental dimension of sustainability
  • Impact of sustainability on competitiveness and value creation
  • Global trends.

  1. Lecture

Modality
Location
Contact hours
On site
Study room
2

Topics

lecture 2 — Sustainable Economy and Policy Context: EU Legal Framework of Sustainability
Description

Key topics:

  • Climate neutrality objectives
  • European Green Deal and EU Policy Framework
  • Sustainable Macroeconomic Aspects
  • CSRD Regulation, ESRS standards, EU Taxonomy
  • Sustainability Reporting requirements.

  1. Lecture

Modality
Location
Contact hours
On site
Study room
2

Topics

Lecture 3: Sustainability Strategies and Business Models
Description

Key topics:

  • Triple-bottom-line concept
  • Linear Business Model vs Sustainable Business Model
  • Circular Economy Business Model
  • Green Innovations.

  1. Lecture

Modality
Location
Contact hours
On site
Study room
2

Topics

Lecture 4: Innovation Ecosystems and Their Development
Description

Key themes:

  • Open Innovation
  • Technology transfer centres
  • Start-up ecosystems.

  1. Lecture

Modality
Location
Contact hours
On site
Study room
2

Topics

Lecture 5: Green and Digital Innovations
Description

Key themes:

  • Climate technologies
  • Digital transformation
  • Artificial intelligence and the Role of Data in Sustainability Management.

  1. Lecture

Modality
Location
Contact hours
On site
Study room
2

Topics

Lecture 6: Global Value Chains and Competitiveness
Description

Key themes:

  • ESG risks in the global value chains
  • Supplier audit
  • Responsible (sustianable) procurement.

  1. Lecture

Modality
Location
Contact hours
On site
Study room
2

Topics

Lecture 7: Measuring Sustainability and Key Performance Indicators (KPIs)
Description

Main themes:

  • data requirements of the ESRS standards (European Commission Delegated Regulation (EU) 2023/2772)
  • environmental, social and governance indicators
  • analysis of the materiality.

  1. Lecture

Modality
Location
Contact hours
On site
Study room
2

Topics

Lecture 8: Change Managing in Sustainability Management
Description

Key themes:

  • Transformation of organisations
  • Employee engagement in the decision-making process
  • Internal Communication in Change Management.

  1. Lecture

Modality
Location
Contact hours
On site
Study room
2

Topics

Lecture 9: Sustainable Finance and Investment
Description

Key themes:

  • Green Financial instruments
  • Investor sustainability requirements
  • ESG ratings.

  1. Lecture

Modality
Location
Contact hours
On site
Study room
2

Topics

Lecture 10: Social Sustainability and Inclusive Innovation
Description

Key themes:

  • labour rights and human rights
  • diversity and inclusion (DEI)
  • social innovation.

  1. Lecture

Modality
Location
Contact hours
On site
Study room
2

Topics

Lecture 11: Sustainable Business Communication
Description

Key themes:

  • Greenwashing;
  • ESG Communication Strategies
  • Stakeholder engagement.

  1. Lecture

Modality
Location
Contact hours
On site
Study room
2

Topics

Lecture 12: Sustianabile Enterpreneurship: Future Trends and Scenario Analysis
Description

Key themes:

  • Climate risks
  • Technology Development scenarios
  • The future trends of a sustainable enterpreneurship and economy.

  1. Class/Seminar

Modality
Location
Contact hours
On site
Study room
2

Topics

1. Practical class/seminar
Description
  • Discussion with invited business representatives: analysis of business sustainability practices in Latvia and EU
  • cases.

  1. Class/Seminar

Modality
Location
Contact hours
On site
Study room
2

Topics

2. Practical class/seminar
Description
  • Analysis of a company's sustainability report (real example).

  1. Class/Seminar

Modality
Location
Contact hours
On site
Study room
2

Topics

3. Practical class/seminar
Description
  • Development of a sustainable business model canvas

  1. Class/Seminar

Modality
Location
Contact hours
On site
Study room
2

Topics

4. Practical class/seminar
Description
  • Ecosystem mapping (Latvia, EU, globally)

  1. Class/Seminar

Modality
Location
Contact hours
On site
Study room
2

Topics

5. Practical class/seminar
Description
  • Innovation brainstorming (Design thinking approach)

  1. Class/Seminar

Modality
Location
Contact hours
On site
Study room
2

Topics

6. Practical class/seminar
Description
  • Value chain risk analysis

  1. Class/Seminar

Modality
Location
Contact hours
On site
Study room
2

Topics

7. Practical class/seminar
Description
  • Development of the double materiality matrix.

  1. Class/Seminar

Modality
Location
Contact hours
On site
Study room
2

Topics

8. Practical class/seminar
Description
  • Development of a change management plan for the implementation of sustainability factors.
  • Discussion with a representative of the Baltic Institute for corporate governance.

  1. Class/Seminar

Modality
Location
Contact hours
On site
Study room
2

Topics

9. Practical class/seminar
Description
  • Evaluation of investment projects according to ESG criteria.
  • Discussion with a representative of the bank.

  1. Class/Seminar

Modality
Location
Contact hours
On site
Study room
2

Topics

10. Practical class/seminar
Description
  • Development of a prototype for social innovation;
  • Mapping of stakeholders and communication plan.

  1. Class/Seminar

Modality
Location
Contact hours
On site
Study room
2

Topics

11. Practical class/seminar
Description

Simulation of cooperation between policymakers, companies, investors and NGOs

tasks:

  • Role play: establishment, government, NGOs, investor
  • Development of a Joint sustainability Initiative
  • analysis of conflicts of interest and synergies
  • Development of agreements.

  1. Class/Seminar

Modality
Location
Contact hours
On site
Study room
2

Topics

12. Practical class/seminar
Description

Final project presentations:

  • defending teamwork (projects)
  • feedback.

  1. Test

Modality
Location
Contact hours
On site
Study room
3

Topics

Exam
Description

The exam consists of three parts:

  1. Open theoretical and analytical questions (choose 2 of 4). (Each question: max15% of the total score);
  2. Multiple choice test questions (20 questions × 2% = max 40% of the total score);
  3. Practical exam task (case study analysis). Max 30% of the total score.

  1. Consultation

Modality
Location
Contact hours
Off site
Online
2

Topics

Consultation
Description
  • Support for students when needed. For example, when preparing independent work
  • By prior arrangement with the instructor, consultations can take place in person, online, or by electronic communication.

  1. Consultation

Modality
Location
Contact hours
On site
Study room
2

Topics

Consultation
Description
  • Support for students when needed. For example, when preparing independent work
  • By prior arrangement with the instructor, consultations can take place in person, online, or by electronic communication.

  1. Unaided Work

Modality
Location
Contact hours
Off site
E-Studies platform
25

Topics

Group project
Description

For the first task - To develop a sustainable business model:

Skills:

Student is able to create a fully-fledged, sustainability-oriented business model that:

    • clearly defined, the company’s economic, social and environmental value offering
    • is based on industry analysis and the assessment of materiality (double materiality)
    • integrates the requirements of EU sustainability frameworks (ESRS, EU Tucsonomy, Green deal)
    • demonstrates an understanding of responsible supply chain and circular economy principles
    • include a sound financial model with sustainability investments and benefits
    • offering clear ESG indicators (KPIs) and impact assessment.

Expected results:

  • for a 10-12 slide presentation that clearly and visually frames the business model
  • sustainable Business Model canvas (completed)
  • for a summary of 1-2 pages that summarizes key conclusions and impact assessments.

For the second task - Development of a sustainable innovation:

Skills:

Students should be able to develop innovation that:

    • addresses a specific sustainability problem (environmental, social or economic)
    • is based on a Design thinking or similar methodology
    • includes an analysis of user needs and offers
    • has a clear, workable innovation concept
    • demonstrates the impact of innovation on ESG dimensions
    • includes an implementation plan and risks analysis
    • links to the EU sustainability policies and objectives

The results to be achieved are:

  • 8-10 for a slide presentation that structures the idea of innovation and its impact for
  • a prototype sketch or conceptual model (visual or descriptive)
  • for a 1-page impact assessment (ESG + KPI).

  1. Unaided Work

Modality
Location
Contact hours
Off site
E-Studies platform
25

Topics

Individual essay
Description

Essay structure requirements:

Introduction

  • Theme topicality
  • Research question and objective
  • Metodological approach (literature analysis, case analysis, etc.)

1.Theoretical framework

  • models of sustainability and Innovation concepts,
  • relevant models, theories, regulations
  • Context of the EU and international standards

2.Analytical part

  • selected problems, trends or analysis of company practices
  • critical reasoning
  • use of data, examples and literature

3.Discussions

  • interpretation of results obtained
  • comparison with literature
  • challenges, limitations, alternative views

Conclusions

  • response to the research question
  • proposals for companies, policy makers or society:.

The length of an essay: 2500-3000 words.

Requirements: The

  • essay should be based on academic sources, not just popular scientific articles.
  • A descriptive approach should be avoided: analysis and reasoning are key.
  • The ability to link theory to real examples and EU regulation should be demonstrated.
  • Academic integrity must be ensured.

  1. Consultation

Modality
Location
Contact hours
On site
Study room
2

Topics

Consultation
Description
  • Support for students when needed. For example, when preparing independent work
  • By prior arrangement with the instructor, consultations can take place in person, online, or by electronic communication.

  1. Consultation

Modality
Location
Contact hours
Off site
-
2

Topics

Consultation
Description
  • Support for students when needed. For example, when preparing independent work
  • By prior arrangement with the instructor, consultations can take place in person, online, or by electronic communication.
Total ECTS (Creditpoints):
6.00
Contact hours:
48 Academic Hours
Final Examination:
Exam (Written)

Bibliography

Required Reading

1.

Eiropas Parlamenta un Padomes Eiropas Parlamenta un Padomes DIREKTĪVA (ES) 2022/2464 (2022. gada 14. decembris), ar ko attiecībā uz korporatīvo ilgtspējas ziņu sniegšanu groza Regulu (ES) Nr. 537/2014, Direktīvu 2004/109/EK, Direktīvu 2006/43/EK un Direktīvu 2013/34/ES (Dokuments attiecas uz EEZ). [sk. 06.01.2026.].

2.

DIRECTIVE (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting (Text with EEA relevance), 2022. [viewed 06.01.2026.].Suitable for English stream

3.

Komisijas DELEĢĒTĀ REGULA (ES) 2023/2772 (2023. gada 31. jūlijs), ar ko Eiropas Parlamenta un Padomes Direktīvu 2013/34/ES papildina attiecībā uz ilgtspējas ziņu sniegšanas standartiem [sk. 06.01.2026.]

4.

European Commission, 2023, DELEGATED REGULATION (EU) 2023/2772 of 31 July 2023 supplementing Directive 2013/34/EU of the European Parliament and of the Council as regards sustainability reporting standards, [viewed 06.01.2026.]Suitable for English stream

5.

European Financial Reporting Advisory Group (EFRAG), EFRAG IG 1: MATERIALITY ASSESSMENT IMPLEMENTATION GUIDANCE.[viewed 06.01.2026.].

Additional Reading

1.

Eiropas Parlamenta un Padomes Direktīva 2014/95/ES (2014. gada 22. oktobris), ar ko groza Direktīvu 2013/34/ES attiecībā uz noteiktu lielu uzņēmumu un grupu nefinanšu un daudzveidības informācijas atklāšanu Dokuments attiecas uz EEZ. [sk. 06.01.2026.]

2.

Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups Text with EEA relevance. [viewed 06.01.2026.]Suitable for English stream

3.

The Global Reporting Initiative (GRI), 2016 - 2025, GLOBAL REPORTING INITIATIVE (GRI) STANDARDS. [viewed 06.01.2026.]Suitable for English stream

4.

The European Commission, 2019, THE EUROPEAN GREEN DEAL. [viewed 06.01.2026.].Suitable for English stream

5.

Eiropas Komisija, 2019, EIROPAS ZAĻAIS KURSS

6.

United Nations, 2015, TRANSFORMING OUR WORLD: THE 2030 AGENDA FOR SUSTAINABLE DEVELOPMENT. [viewed 06.01.2026.].Suitable for English stream

7.

Apvienoto nāciju organizācija, 2015, "MŪSU PASAULES PĀRVEIDOŠANA: ILGTSPĒJAS PROGRAMMA 20230. GADAM". [sk. 06.01.2026.].

8.

Veilande, O., 2025., Klimatam draudzīga slimnīca: ieguvumi pacientiem un valstij. Skaidro RSU doktorante. [sk. 06.01.2026.].

9.

Stead, J. & Stead, W. (2008). Sustainable strategic management: an evolutionary perspective. International Journal of Sustainable Strategic Management, 1(1), 62–81. [Viewed on 06.01.2026.].

10.

Evans, S., et al. 2017. BUSINESS MODEL INNOVATION FOR SUSTAINABILITY: TOWARDS A UNIFIED PERSPECTIVE FOR CREATION OF SUSTAINABLE BUSINESS MODELS. [viewed: 06.01.2026.]

11.

Geissdoerfer, M., Bocken, N.M.P. , Hultink, E.J. 2016. DESIGN THINKING TO ENHANCE THE SUSTAINABLE BUSINESS MODELLING PROCESS. Journal of Cleaner Production, Volume 135, Pages 1218–1232. [viewed: 06.01.2026.]

12.

Espinosa-Gracia, A, et al, 2023, CO2 EMISSIONS AND GLOBAL VALUE CHAINS INDICATORS: NEW EVIDENCE FOR 1995 - 2018. [viewed 06.01.2026.].

13.

Elkington, J. 1994. ENTER THE TRIPLE BOTTOM LINE. Chapter 1. [Viewed: 06.01.2026.].

14.

Younas, A. 2022. REVIEW OF CORPORATE GOVERNANCE THEORIES. European Journal of Business and Management Research, ISSN: 2507-1076, DOI: 10.24018/ejbmr.2022.7.6.1668.

15.

Fobbe, L., Hilletofth, P. (2021) The role of stakeholder interaction in sustainable business models. A systematic literature review. Journal of Cleaner Production, Volume 327. [Viewed: 06.01.2026.].