In this rapidly ever-changing world, especially after the pandemic, the Millenials and Gen-Z have come a long way, seeing many things. This can include the face of the world pre and post-pandemic, the climate crisis, the environmental uprisings, nuclear issues, technological advancements, etc. Amidst these phases, businesses, societies, and global reform groups realized the importance of a more justifiable approach that needs to be followed if we all need to collectively survive and live through the future after years of damage that the world brought upon Earth. This brings into the picture the ideologies of “Sustainable development and Innovation.”
Sustainable Innovation refers to the fabrication of products, execution of services, or implementation of processes that comply with the mutual benefit of the organizations and the society in the long-term, with no compromise of the environment or our surroundings. It results in a balanced approach towards future generations too. According to research conducted, it has been predicted that the $10 bn global sustainable technology market is about to grow sevenfold by 2030. Until now, the large enterprises and businesses functioning globally had been investing in mechanizations and innovations that were resulting in better profits, ignoring blatantly the harm they’d been causing with their operations. But people have become more active by growing awareness about the ill effects of such global businesses and the need of the hour being a sustainable approach. Their choices and preferences are now shifting towards products that are a result of sustainable processing, rather than just being brand and labels. A 2020 investigation by Deloitte showed that consumers were inclined to buy less single-use plastic, even changing their consumption habits and controlling purchases when necessary.
Sustainable innovation is quite turbulent in itself, but it brings along better business models, optimized resource usage, and a cut-down in costs as well as waste. Sustainable innovation also aims to unite cross-industry segments for the best sustainability matrix. As a consequence, consumers identify and purchase brands that align with their values, ranging from social causes to personal causes. Sustainable innovations blend the righteous way of operations in businesses with apt pressure from the customer base and the investors, which leads to sustainable products, processes, and solutions that can undoubtedly boost economic growth with a healthier approach. The only downside to sustainable innovations is that they are concepts based on experimentation and creativity. Hence, sustainable innovation takes cost, time, and focus. These innovations can be built around principles like- creating opportunities for future growth, setting innovation goals before achieving them; being systematic in innovations based on social and technical aspects; being inclusive of everyone to potentially use their creative solutions.
Sustainable branding has been a result of sustainable innovation in the present times with brands like Ford, Zara, IKEA, Facebook, etc., practising alterations like- green initiatives, sustainable packaging, sustainable fabrics, reduction in carbon footprint, etc.
To know more about the topic, stay tuned for International Students Day on August 5, 2022.