BUSINESS INNOVATION FOR SUSTAINABLE DEVELOPMENT: STRATEGIES AND CHALLENGES IN THE MODERN ERA

Abstract

In the modern era marked by increasingly complex environmental and social challenges, innovation in the business world becomes a key factor in achieving sustainable development. Sustainable development requires a shift in business paradigms, taking into account the long-term impact on the environment and society. The importance of business innovation in the context of sustainable development is crucial in today's world. Business innovation can serve as a solution to address the environmental and social challenges faced by the global community. The aim of this research is to evaluate the strategies and obstacles involved in implementing business innovation for achieving sustainable development in the current complex landscape. This study adopts a descriptive analysis approach using literature research methodology. The research findings state that Eco-innovation is a strategy to create significant change towards sustainable development. Although there are several barriers in implementing sustainable business innovation, such as high costs, limited access to resources, regulatory uncertainties, and lack of employee awareness, steps like collaboration, investment in research and development, employee capacity building, and policy advocacy can help overcome these barriers. Through eco-innovative efforts, companies can not only enhance their competitiveness and operational efficiency but also contribute to environmental preservation and overall societal well-being. Therefore, eco-innovation holds great potential for creating significant added value for both companies and society, and for helping achieve sustainable development goals on a broader scale.