What is so Special About Sustainable Innovation_

1. What is so Special About Sustainable Innovation? The world has rightfully realized today that there can be no other alternative to sustainable development. The planet is undergoing overwhelming effects of climate change and the only way to stabilize our relationship with nature is sustainable development. As a result, modern innovators have started keeping sustainability at the core of their ideas. Now, sustainable innovation not only serves the cause of environment but also enjoys certain intrinsic advantages. It would not be much of an exaggeration to think that these advantages are the reason why sustainable innovation is making rapid inroads in every sphere of our life. The prime advantages of sustainable innovation are as follows: 1. Cost reduction There had been a wrong assumption about sustainable innovation that it would cost investors a fortune. The truth is actually opposite to this idea. Sustainable innovation results in products while help investors with greater returns and higher reduction in cost in the long run. In fact, investors who want higher return on investment always focus on the sustainability of the products as well as the methods of production. 2. Attractive marketing Sustainable development has emerged as an idea which is being endorsed by every world leader. So, sustainable innovation in products naturally becomes a characteristic of marketing. Sustainable products attract customers easily and so, marketers can readily go for market expansion. The promotional conceptualization can also take cues from the sustainability of the products, bringing down the cost of advertising. Firms which are visibly serious with sustainable innovation also manage to earn a good deal of goodwill in the market which can be converted to sales quite easily. 3. Tax savings Nations across the world have been planning a lot of ways to promote sustainable innovation at the global level. This has prompted a number of major countries to reduce and eliminate the taxes levied on production and marketing of sustainable products. As a result, a firm focusing on

2. sustainable innovation end up paying much less in the name of taxes to the states. The tax benefits further bring down the cost of production and significantly motivate investors. 4. Stakeholder morale This is a psychological benefit offered by the focus on sustainable innovation. It has been observed that production firms which lay greater emphasis on sustainable innovation at both product and production level also succeed in keeping their work force motivated. The management as well as the executives enjoy the feeling of being able to serve the environment and humanity and this inspires them to contribute more. Sustainable innovation is a phenomenon which is here to stay for eternity. It is not like any other transient vogue. It is the future of production for the sake of the betterment of our civilization.