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The Role of Innovation in Sustainability

The Role of Innovation in Sustainability

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The Role Of Innovaon In Sustainability 1

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The Role of Innovation in Sustainability

Innovation is simply to renew, change or create products that are more effective, processes, or

the way of conducting things. The meaning varies different weight across different applications.

In the business, innovation refers to the implementation of new notions, creating of innovative

products and services, or a significant improvement in the existent offerings. Innovations help

adapt a business to growing trends, stay ahead of competition and catalyze growth and success.

an innovation is not necessarily an invention. Sustainability is the maintenance of social,

economic and environmental requirements for present and future generations.

Innovation process

• Analyze the market. Research the requirements of the end user and the competitors.

• Develop response plan to the need.

• Implement the plan.

There are two types of innovations. The first type is evolutionary innovation. Also referred to as

dynamic innovation, this type is accorded by advances in technology and processes. This is

mainly brought about by existing companies with a fixed knowledge platform.

The second type is a revolutionary innovation. These are akin to the invention. They are abrupt

and introduce completely new ideas and products into the environment. They are brought about

by new entrants with a diversified knowledge platform. The role of innovation takes three major

frontiers

Energy and Environment

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The Role Of Innovaon In Sustainability 2

The last years have seen an increased effort to source for renewable sources of energy. With the

world deposits of renewable deposits on an alarming low, governments, private organizations

and individuals have stepped up to offer innovative alternatives. The key similarity across the

board is the innovation of energy sources that focus more in sustainability. The leaning towards

sustainable energy sources has been fuelled by strict regulation on the use and sourcing on the

remaining non-renewable energy sources, going hand in hand with large-scale efforts to educate

the public, especially consumers on the need for sustainable business practices. This has already

started to change the business landscape. Competition has shifted from merely more sales,

introduction of sustainable processes, products, technologies and business models. By enforcing

sustainability as a business goal, many companies have managed to get ahead of competitors.

The more eco-efficient companies have indicated massive growth in the money markets and

annual sales. The primary reason is that everyone wants to be associated with companies that

have positive or zero impact on the environment. The most effective way is through utilizing

environmentally friendly and renewable energy sources and processes. Some of the companies,

therefore, have embraced the new call for sustainable energy sources as a business opportunity,

either directly (through providing energy saving and environmentally friendly products), or

indirectly (with environmentally friendly business processes and models. Research has shown

that 73% of consumers prefer to be associated with companies that have a positive environmental

record of accomplishment.

Economic Sustainability

Innovation and invention of new technology provides a platform to counterweight the more

detrimental results of conducting business. There is widespread research on the relationship

between sustainable innovation and economic growth. The creation and dissemination of new

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Title: Name: Tutor: Date: The Role of Innovation in Sustainability Innovation is simply to renew, change or create products that are more effective, processes, or the way of conducting things. The meaning varies different weight across different applications. In the business, innovation refers to the implementation of new notions, creating of innovative products and services, or a significant improvement in the existent offerings. Innovations help adapt a business to growing trends, stay ahead of competition and catalyze growth and success. an innovation is not necessarily an invention. Sustainability is the maintenance of social, economic and environmental requirements for present and future generations. Innovation process Analyze the market. Research the requirements of the end user and the competitors. Develop response plan to the need. Implement the plan. There are two types of innovations. The first type is evolutionary innovation. Also referred to as dynamic innovation, this type is accorded by advances in technology and processes. This is mainly brought about by existing companies with a fixed knowledge platform. The second type is a revolutionary innovation. These are aki ...
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