Perspective Chapter: Sustainability and Corporate Innovation

Abstract

Sustainable development is one of the prominent goals promoted by the United Nations (UN) and identifies innovation as one of the important elements. Therefore, sustainable development is a combination of both developmental and environmental imperatives through innovation, implying a new way of science incorporating the technology integration and social philosophy. This chapter discusses how sustainability creates business opportunities and be counted toward the future investment for the firms. It is the path leading from creative thinking and corporate innovation. Thus, the relationship between corporate innovation and sustainability plays a vital role for firms to gain competitive advantages such as gaining value creation, creating cooperation value with the stakeholders, tapping into new markets and customer segments, and creating a transformational solution. Firms can be sustainable not only by profit maximization, but also address the maximization of the interests’ stakeholders by not causing any impact on nature and environmental resources.

The Influence of Sustainable Marketing Innovation, Corporate Social Responsibility, and Consumer Preferences on Purchasing Decisions in Jakarta

“…Sustainable development, as advocated by the United Nations, emphasizes the importance of innovation in combining developmental and environmental imperatives, highlighting the role of corporate innovation in achieving competitive advantages and addressing stakeholders' interests without harming the environment [13]. Sustainable product innovation and communication with consumers are crucial for promoting sustainability through sustainable consumption, emphasizing the need for comprehensive sustainable product development and service strategies [14], [15].…”

“…Business model innovation for sustainability is also critical, as it helps companies expand their value creation potential to be more inclusive of nonfinancial stakeholders, integrate sustainability principles into activities, and support a proactive approach to corporate sustainability [31]. Sustainable development, which incorporates innovation, offers companies opportunities for future investment, competitive advantage, value creation, cooperation with stakeholders, and capitalising on new markets while addressing environmental concerns [14]. Embedding sustainability across value chains and functions is essential for companies to achieve the full potential and impact of Corporate Social Responsibility (CSR) performance [32].…”