Advancement in technology and the changing lifestyles of people requires flexibility and adaptation for business to survive. Technology has affected the way business is conducted around the globe. Opportunities present are friendly to innovative people who are able to come up with different strategies to solve problems that face human beings. Innovation and sustainability have become pertinent in business’ success.
Concept of Sustainability
Sustainability is a term used in reference to the need to conserve natural environments. It therefore implies that all things that are important to people’s lives depend on the environment. People thrive and survive because of their environment, which allows them to gain access to water and other important resources that are pertinent to their general life ad health. Therefore, ensuring that these environments are conserved should be their obligation. Businesses and individuals need to take the initiative of ensuring that the surrounding environment is protected from bad human actions that pose threats to the natural environment. Any business has the prerogative of ensuring that its immediate surroundings are well conserved. Even though businesses aspire to get high profits, they have the duty of putting concerns of the society before any other.
The concept of sustainability is gaining a lot of acceptance by many companies under the umbrella of social corporate responsibility. In a survey conducted in 2010, it was revealed that close to 70 percent of companies embraced the principles of sustainability. They had placed this as one of their most important agenda.
Concept of Innovation
Competitions in the business world require people who are able to think and come up with creative ideas to help them survive and gain a competitive edge over the others. The main objective of innovation in business is to create value through the development of ideas from the mind to the market. Innovation can therefore be defined as the process of formulating ideas and using them to attain an advantage or to achieve one’s goals.
Most companies find it difficult to achieve their goals because they are not innovative, a case that retards their performance. In most cases, employees working there are not provided with incentives to enable them become innovative. The structures and the systems that many organisations have created deter the creativity of many potential innovative workers. The problem that makes it difficult is lack of good ideas. Ideas are learned and experienced in people’s day-to-day interactions. If people are exposed to a lot of information and ideas, they have a good chance of becoming innovative. Innovative can be attained systematically. It does not require an individual to strain a lot, but through learning, training, and exposure, an individual can become innovative.
There are obstacles that deter companies and individuals from becoming innovative. These include scarcity of ideas among the workers. Another reason is lack of financial or moral/mentorship support. This may kill an idea before it is implemented hence deterring innovation. Individuals with financial problems may not be able to implement their ideas into practical products or services. Mentorship and moral support are also vital ingredients in innovation. People may fail to implement their ideas because they lack moral support from their friends or close members.
Inventiveness has become a key influencing factor in strategic planning. The world is changing at first pace, and to keep with these trends, the only option is to invest in innovation. Companies have come to realize that they cannot achieve their objectives without investing in innovation. Creativity and innovation can be learned. To be innovative, an individual has to be attentive to things and experiences that he/she faces. Through these experiences, a person is able to come up with ideas that can improve on what already exists.
Innovativeness of a firm is its receptiveness and inclination in adopting new ideas and views that aid in the development of new products. Innovativeness is a prerogative to a firm’s survival and prosperity. Human beings require new things that make them satisfied. Addressing these human desires/problems will enable a firm to sell more products and services, which triggers the increase in profitability and general success.
Relationship Between Sustainability and Innovation
Sustainability and innovation are two important components in the success and prosperity of an individual and or a company. Sustainability and innovation have near similarities. Businesses are required to carry out their activities to gain profits while at the same time conserving the environment by monitoring their social, economic, and environmental actions. Sustainability should not imply proper management of resources to meet the present needs without exposing the future generations to danger. However, sustainability should bring quality life today, as well as prosperity to ensure that the future is not compromised. Therefore, companies should aspire to carry out their responsibilities putting in mind the current and the future trends. Innovation should allow the generation of ideas that add value besides ensuring prosperity of the business while at the same time being sustainable.
An idea that is positive, but which does not ensure sustainability is not viable. For example, a company that innovates, for instance, a product that provides multiple solutions to the society problems but causes a lot of damage to the same society in the long run is not viable.
Sustainability is meeting the people’s current social, economic, and environmental needs without compromising on the ability of the future generation to meet their own goals/needs. This therefore, requires that businesses and individuals engage in activities that do not threaten the future generations. It is the obligation of the current businesses and individuals to take a good care of the environment and social structures to enable the future generation to have quality life in meeting their own goals. Even with this, businesses and individuals are coming up with ideas/innovations that may impact either negatively or positively on the quality of life of the current and future generations.
The relationship between sustainability and innovation is that both ensure that any new idea that is generated is of value to both the current and future generations. Innovations that defy or seem to threaten the stability of environment, social, and economic structures are therefore not permitted.