Innovation Tip: How Companies are Driving Sustainable Innovation Within Their Walls.
Sustainability and the general acceptance of it globally is very varied. In business, it is even more so imbalanced.
Sustainability and the general acceptance of it globally is very varied. Between the increasing knowledge that we are vastly depleting the world’s resources, and the lacking basic human needs in developing economies leading those populations to focus on ‘more critical’ needs while ignoring the planet, has left the world to give unbalanced attention and care to the pertinent issue of sustainability.
In business, it is even more so imbalanced. Due to how relatively ‘new’ the topic of sustainability is in the developing world and how controversial it is globally, many businesses aren’t fully convinced what the benefits of pursuing sustainability are. Even though some companies think sustainability poses a threat to them in business. Yet, sustainability, which is the consideration of natural resources to benefit human, social and environmental entities, is a lucrative strategy any company can adopt within its walls.
Sustainable innovation considers the environment while looking for opportunities to protect and preserve it while pursuing common business goals. It’s about defining economic development as the creation of private and social wealth to ultimately eliminate harmful impacts on ecological systems, human health, and communities.
Contrary to popular belief that sustainability isn’t lucrative rather costly, sustainability paves the path for innovation (and competitive advantage) within companies. Businesses with successful sustainability strategies are profitable because they integrate consideration of clean design and resource conservation throughout product life cycles and supply chains in ways that make economic sense*. And with the growing trend of environmental sustainability, companies can gain immensely in the are of customer engagement, an example is Everlane, the clothing brand that has used social platforms to showcase its fight to reduce waste, turning it into beautiful and highly functional, high-end wears. Method, the eco-friendly cleaning product company, has created a fun and colourful brand founded on reducing and repurposing waste while creating some of the most well-made cleaning products in the world.
Companies can start embracing sustainability, beyond the usual Corporate Service Responsibility (CSR) Initiative, as an avenue to devise innovative new business models while considering environmentally-friendly and cost-effective (Everlane used plastic bottles to create jackets) materials and leveraging science, governmental support, and citizen demand as they go. Reference: https://saylordotorg.github.io