The Role of Innovation in Sustainability

Feb 3rd, 2012
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MTI College of Business and Technology
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A well written paper on The Role of Innovation in Sustainability. With its main points such as Energy and Environment, Economic Sustainability and Social Sustainability.

Word Count: 846
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Title:Name:Tutor:Date:The Role of Innovation in SustainabilityInnovation 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 processAnalyze 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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