In this chapter we take a closer look at the concepts of responsible innovation and the circular economy. Although unrelated, both concepts have been identified as promising mechanisms for solving grand societal challenges (Forum 2016; Khavul & Bruton 2013; Owen et al. 2012; Stilgoe et al. 2013). Grand societal challenges are massive social and environmental issues that transcend national borders and have potential or actual negative effects on large numbers of people, communities, and the planet as a whole, and, therefore, need to be tangibly addressed through collaborative efforts (George et al. 2016; Whiteman et al. 2013). I believe that incorporating the base principles of ecological economics, responsible innovation, and the circular economy can help steer business model innovation towards more sustainable solutions.