Innovation generally refers to renewing, changing or creating more effective processes, products or ways of doing things. Innovation in your business means doing something new, different, smarter or better that will make a positive difference. Innovation can be a catalyst for the growth and success of your business, and help you adapt and grow in the marketplace.
Being innovative does not mean inventing; innovation can mean changing your business model and adapting to changes in your environment to deliver better products or services. Successful innovation should be an in-built part of your business strategy and the strategic vision, where you create an environment and lead in innovative thinking and creative problem solving
Sustainability defines how countries can meet the needs of their people today without compromising those of future genrations. It has been a guiding priniple for world economic development.
Sustainability is now seen as a key issue
“In the future, only companies that make sustainability a goal will achieve competitive advantage. That means rethinking business models as well as products, technologies, and processes.”
Where business and innovation meets?
Business and Sustainability is a concept that says businesses can function and earn a profit while at the same time minimizing or eliminating any negative impact on the environment from its operations. Businesses that put this concept into effect are considered green businesses. Sustainable (green) businesses provide environmentally friendly products and services that are alternatives to non-green products and services and have a lasting commitment to environmental principles while continuing to earn a profit. Green businesses must implement eco-strategies that lead to being green and profitable simultaneously. This is a gradual and ongoing process for most companies, requiring: innovation and technology; collaboration; continuous process improvement; and sustainability reporting. Innovation and Technology Business and sustainability focuses on production of products and services with less waste, while at the same time identifying and implementing sustainability best practices. For example, using alternative energy sources to reduce carbon emissions in a manufacturing process and recycling used product to reduce the need for natural resources (steel, rubber and plastic, for example). These types of practices reduce the carbon footprint of the manufacturer and the use of natural resources extracted from the environment. - See more at: http://www.linkcycle.com/where-business-and-sustainability-meet/#sthash.JtnWLRyY.dpuf
Something to learn from India’s frugal innovations
India’s culture of jugaad, or frugal innovation, has helped produce a wide range of sustainable breakthroughs. Are there lessons there for the rest of the world? Ian Thornton meets the innovators. "What we're doing is essentially space technology at low cost", says Lakshminarayan Kannan, founder of Vortex Engineering, laughing. "To do anything in rural India it has to be cost-effective, robust, reliable and energy efficient", he adds. "It's like sending something to Mars. You can't send an engineer up there to fix it. The only difference is that you don't have budget constraints in space technology!"
The cash machine (ATM) which Kannan and his colleagues in Chennai developed is remarkable. With the lowest power consumption in the world – up to 90 per cent less than conventional alternatives – it can run on solar power. Moreover it costs just one-third of conventional ATMs, despite having sophisticated inbuilt fingerprint scanning which allows even illiterate farmers to access the formal banking system. It holds out the prospect of bringing basic banking services within reach of rural India, most of which is far from the electricity grid. It is already being taken up by the State Bank of India and others, and Kannan...
Please join StudyMode to read the full document