Innovation, innovation economy, innovation management are all crucial issues in both theory and practice of management. The purpose of this paper is to provide mechanisms for the use of corporate community involvement in public affairs as a source of innovation for both business organizations and in relation to ways of solving social problems and pursuing public purposes. The use of business engagement in social affairs as a source and inspiration for innovation and the mechanisms of responsible use of that business engagement by community and public organizations were analyzed. Companies have discovered that social problems have their economic side and the involvement in solving the problems of the public sector can strongly stimulate their own business processes. The new paradigm for innovation grows in the field of cooperation between private business and public interest, generating positive and permanent changes for both sides. There is a strong need for the cause social responsiveness and increased social sensitivity, not only on the side of the business but also in public organizations.