Innovation and Sustainability Concepts

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What is Innovation?

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Innovation means creating something new or better that adds value to society or the economy.

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What are the types of Innovation?

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1. Product Innovation: New or improved goods/services (e.g., Tesla's electric cars). 2. Process Innovation: More efficient production methods (e.g., Toyota's lean manufacturing). 3. Service Innovation: New ways of delivering value (e.g., Uber's ride-hailing platform). 4. Business Model Innovation: Changing how value is captured (e.g., Netflix's shift from DVDs to streaming).

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What is Sustainable Innovation (SI)?

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Sustainable innovation is when innovation also helps the environment and society, not just business. It aims to reduce harm and support long-term well-being.

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What is the Triple Bottom Line (TBL)?

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A framework that evaluates business success based on three pillars: People (Social Equity), Planet (Environmental Stewardship), and Profit (Economic Viability).

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What are the UN Sustainable Development Goals (SDGs)?

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17 global goals addressing poverty, inequality, climate change, and environmental degradation.

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What is the Neo-classical View on business?

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Businesses should focus on profit maximization within legal limits.

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What is Stakeholder Theory?

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Firms have responsibilities beyond shareholders, including employees, communities, and the environment.

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What is Degrowth?

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Reducing consumption (e.g., sharing economy, minimalism).

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What is Green Growth?

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Decoupling economic growth from environmental harm (e.g., circular economy).

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What is Climate Complacency?

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A passive attitude where individuals or institutions acknowledge climate change but fail to act.