In a fast-developing and uncertain world, grand challenges emerge as a collection
of programs encouraging creativity to address significant worldwide development and
health issues. It is essential that grand challenges are debated at various levels
comprising spheres of policymaking, publicity, and academics worldwide. Depending
on the urgency of a challenge, the opinion and prioritisation of stakeholders may
vary. Nevertheless, stakeholders demand collective business actions to handle these
grand challenges jointly. A synergistic approach to business strategy draws the attention
of scientific researchers and practitioners in the way that it could combine many
crucial factors to create a dynamic in business. By applying a critical and integrative
literature review, this paper aims to conceptualise the creation of competitive advantages
and innovative dynamics from the perspective of business diplomacy. The consonance
from business diplomacy, which is about stakeholders’ engagement and negotiation,
and shared values creation will ensure the operation of a company. This is a synergistic
approach as business diplomacy and shared value creation are capturing the significant
profit of synergy. This research will analyse the interconnection between business
diplomacy and shared value creation based on synergy.
