| Sustainability is a catalyst for innovation. Companies | | | | and greener chemical production. |
| around the world are serving as functioning models of | | | | Sustainable innovation offers businesses an |
| the evolving relationship between sustainability and | | | | increasingly important competitive advantage and an |
| innovation. Sustainable innovations are creating new | | | | integrative approach to innovation often yields the best |
| business models, opening up new markets and | | | | results. For an integrative approach, research and |
| providing competitive advantages. Sustainable | | | | development need to encompass the entire life cycle, |
| innovation is also improving profitability. | | | | and this information needs to be continuously shared |
| Companies around the world are demonstrating how | | | | among the various work groups. Green innovation is |
| innovative sustainable practices are bettering their | | | | about maintaining a sustainable focus and this requires |
| bottom line. Organisations that seek growth must | | | | continuous project evaluation from idea to |
| focus on business operations, shareholders, society | | | | commercialization. It is important to ensure that each |
| and the environment simultaneously. Concentrating on | | | | phase creates a feedback loop that continually informs |
| any one of these areas at the expense of the other | | | | decision-making. |
| two could undermine long-term success. A focus on | | | | The common business basics of location, capital |
| sustainability provides the best means to implement this | | | | construction, and equipment considerations, need to be |
| multi-pronged strategy simultaneously, enabling | | | | viewed from a sustainability perspective. Green |
| organisations to innovate, differentiate themselves and | | | | innovation is a significant challenge, but an integrative |
| succeed. Although sustainable practices were once | | | | approach increases the possibilities for significant |
| dismissed for being too costly, increasing numbers of | | | | rewards. Developing a sustainable product or process |
| companies are coming to the realization that | | | | is a complex endeavor with many interrelated |
| sustainable innovations are a gateway to growth. | | | | concerns. To develop a sustainable product or |
| Sustainable innovation is also known as eco-innovation, | | | | process, businesses must find ways to assess and |
| this is a term used to describe products and | | | | reduce their environmental impact. |
| processes that contribute to sustainable development. | | | | Sustainable innovation demands ongoing optimization |
| Eco-innovation is the commercial application of | | | | of every aspect of the product or process, including |
| knowledge to elicit direct or indirect ecological | | | | material selection, transportation, manufacturing, energy, |
| improvements. It is often used to describe a range of | | | | product, marketing, distribution, legal, and end-of-life |
| related ideas, from environmentally friendly | | | | considerations. When evaluating a sustainable product |
| technological advances to socially-acceptable | | | | it is important to consider the entire life cycle and |
| innovative paths towards sustainability. | | | | employ an integrative approach to innovation. |
| Eco-innovation requires a workforce that can consider | | | | Businesses are increasingly innovating sustainable |
| problems from multiple perspectives and that can | | | | products and processes. Visionary business leaders |
| effectively work in cross-functional teams. For | | | | who anticipate the winds of change and creatively |
| example, experience in chemistry and physics is | | | | develop sustainable products and processes will thrive |
| required to tackle things like photovoltaics, polymers | | | | in the rapidly changing economic landscape. |