innovation management and sustainability

We touched on two topics in the third lesson of TWC, firstly on technology and industrial development and specifically on how both aspects are heading towards sustainability. Secondly, we also addressed the issue of innovation management and how there is a need for innovation into existing and available or new technologies.
One of the observations made was that creating new cyclical business and industrial models driven by sustainability present an opportunity for innovation, growth and value creation that promises to bring both economic and environmental well-being. Hence, other than ensuring that we do not reduce the amount of options for our future generations but also, humans do have much to gain from the creation of these technologies, benefitting economically.

Also, while there might be certain trade-offs in industrial development versus the use of sustainability or the need for sustainability, i feel that there is a need for companies or countries to conduct such research or precautions. When these organisations carry out such a research, there would be an eventual benefit that they will enjoy usually in the long run, with lesser costs due to lesser resources needed or the fact that they might be able to sell off their patented technology if proven successful. Hence in this aspect I feel that the government has much to play and they could spearhead such research via sponsoring these companies or providing incentives to companies who are researching in such an area.

Few of the takeaway points are that despite the long and tedious work of innovation and having to go through the processes of research, development, application, we need to realise the importance of conducting such research. However in the research and development process, companies do need to exercise wisdom into creating a balance for their employees to have space to think, create and innovate then again, there’s also a need to reinforce certain supervision to ensure that people do not misuse their advantage. The entire process might not entirely be clear cut and could probably differ from company to company.

Overall I think sufficient points were raised up in class and I found it an interactive and thought-enriching one, reminding us the importance of sustainability and managing innovation to that the Earth can sustain itself for our future generations. So I’d rate the session a 7 out of 10.