Sustainable innovations and their impact on economic growth of the country
Technology and innovation policy is linked to the three verticals of sustainable development namely economic growth, social integrity and environmental conservation.
Sustainability requires innovations with a reduced impact on the environment. In the face of current situation, world’s three biggest challenges are: water supply, energy supply, and global warming.
But even the most advanced brands haven’t begun to approach solutions to the issue. Most companies are spending their resources working on reuse and minimizing the resources that go into producing goods. But that can only take us part of the way to sustainability.
The major issue is that most companies are coming up with more and more products for the consumers without mechanisms for re-usage. The problem is getting worse with ever-shortening product life cycles.
Why is it that even the remarkably innovative, entrepreneurial, and intensely competitive companies can’t find ways to deal with these global challenges?
Finding sustainable solutions isn’t about discovering new, indelibly disruptive ideas because the more green solutions we have, the less effective and efficient processes become.
There are three major changes brands must put into place to find a solution to this problem.
Standardize– There will be no sustainable business without standardization. Companies in all industries need to agree to certain manner of production that allow for recycling. To win the battle of sustainability, companies will have to give up individuality for standards. For example. In many countries, glass bottles used in beer and wine industries are reused over and over again. This is possible only because the big brands have agreed to stick to a certain size and type of bottle.
Design products well- The time it takes to get most products to market has been significantly reduced over the last decades. But to become sustainable, companies need to take their time and extend their product’s life cycle. Well-designed products simply last longer.
Redefine Consumption- Last but most important, companies must rethink the very idea of what they want consumers to consume and how they create value. The way towards sustainability is to add extra value to the everything from interior design, product innovation, marketing, and services already existing. The companies should learn that they can minimize the consumption of goods but increase total consumption at the same time.
All this poses a significant challenge to the current mindset of the managers of most companies. They have to learn that the next innovation frontier is about breaking away from resource dependence, decoupling growth and consumption, and prolonging product life cycles .