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An Overview on the Role of Innovation in Making Sustainable and Future-Ready Businesses

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  • Dr. Ravinder Rena

    (Professor of Economics, DUT Business School, Faculty of Management Sciences, Durban University of Technology ML Sultan Campus, PO Box: 1334, Durban, 4001, Republic of South Africa)

Abstract

Purpose: Innovation is the key to success for businesses and it remains a crucial element in the sustainable development of the entrepreneurship activities across the globe. It is characterized by the creative capacity of invention as a source of socio-cultural and technological change. In this background, the current review provides an overview of innovative business practices, enablers and the factors that prevent the business owners to innovate new product/service offerings, role of innovation among the SMEs, impact of innovative business practices in the aftermath of COVID-19. Methodology: No comprehensive review has been made in this domain though the researchers have focused on the concepts of innovation and business practices separately. The current study is an important contribution to the research domain as it holistically approaches the concept, its application and the takeaway for future. Findings: The research article reviewed the studies conducted earlier and discussed the innovative practices followed in different domains and how the existing studies handled the concept of innovation in business. The paper also discussed about green innovation concepts and the concept of business innovation in India since India emerges as a vibrant nation after COVID-19. Implications: As per the India Innovation Index 2021, India is yet to tap the potential areas. With loads of opportunities yet to be unleashed, India must bring policy measures to make business innovations, a norm. It has increased continuously in the ladder of innovative start-up environment provider, though there is a scope for further growth in this regard.

Suggested Citation

  • Dr. Ravinder Rena, 2023. "An Overview on the Role of Innovation in Making Sustainable and Future-Ready Businesses," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 14(1), pages 11-18, January.
    • Handle: RePEc:aii:ijcmss:v:14:y:2023:i:1:p:11-18
    DOI: 10.18843/ijcms/v14i1/02
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    References listed on IDEAS

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    1. Nawal Abdalla Adam & Ghadah Alarifi, 2021. "Innovation practices for survival of small and medium enterprises (SMEs) in the COVID-19 times: the role of external support," Journal of Innovation and Entrepreneurship, Springer, vol. 10(1), pages 1-22, December.
    2. Xingwei Li & Jiachi Dai & Jinrong He & Jingru Li & Yicheng Huang & Xiang Liu & Qiong Shen, 2022. "Mechanism of Enterprise Green Innovation Behavior Considering Coevolution Theory," IJERPH, MDPI, vol. 19(16), pages 1-19, August.
    3. Ghezzi, Antonio & Cavallo, Angelo, 2020. "Agile Business Model Innovation in Digital Entrepreneurship: Lean Startup Approaches," Journal of Business Research, Elsevier, vol. 110(C), pages 519-537.
    4. Boumediene Ramdani & Ahmed Binsaif & Elias Boukrami, 2019. "Business model innovation: a review and research agenda," New England Journal of Entrepreneurship, Emerald Group Publishing Limited, vol. 22(2), pages 89-108, October.
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