11.3 Fundamentals of Green Entrepreneurship
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mitigation and adaptation, job creation, promoting the Sustainable Development
Goals and eradication of poverty. The Green economy idea has similarities with
sustainable development in balancing social, economic as well as environmental
concepts (Jones 2017). The focus is mainly on the economic and ecological
aspects. According to Jones (2017), the core focus of a Green economy is to
develop innovations and policies that allow society to garner value annually while
conserving natural resources that sustain people’s lives.
Nevertheless, there are numerous markets for the Green economy. The major
markets are sustainable water management, clean energy, Green services, sustainable land use, waste management, sustainable transport, sustainable manufacturing
activities, and building energy efficiency. Green jobs are more diverse than Green
markets in case one adopts a broader definition. They are jobs with skills and
functions for the measurement, prevention, and amelioration of adverse effect on
the environment. Some examples of Green jobs are water quality technicians,
environmental lawyers, and supervisors in eco-industrial plants.
What are the main factors to consider in order to achieve a Green economy?
11.3.4 Green Innovation
Furthermore, another critical element of Green entrepreneurship is Green innovations. Chen et al. (2006, p. 534) define Green innovation as “hardware or software;
innovation that is related to Green products or processes, including the innovation
in technologies that are involved in energy-saving, pollution-prevention, waste
recycling, Green product designs, or corporate environmental management.” In
other words, it is the development of processes and products that play a crucial
role in sustainable development through the commercial application of knowledge
to elicit ecological improvements. Entrepreneurs acknowledge that innovation is
key to job creation, economic transformation, and environmental sustainability.
However, for the case of sub-Saharan Africa, it requires a holistic change in the
organization of business, the design of cities, means of living, and the movement of
people and goods. Input is required from numerous stakeholders for these changes
to occur. Innovation is instrumental not only for the development of ideas but also
for Green growth. Conceptually, Green growth implies facilitating economic growth
while making sure that the ecosystem continues providing services and resources for
life sustenance. The increased concern regarding the viability of economic growth
patterns in sub-Saharan Africa bolsters the need for a Greener growth model. Green
innovation can be instrumental in preventing natural capital depletion in this region.
Also, innovation and creative destruction can contribute to the development of
new ideas and business models, hence leading to the creation of new markets and
jobs. Consequently, Green innovation is the foundation for sustainable growth.
309
mitigation and adaptation, job creation, promoting the Sustainable Development
Goals and eradication of poverty. The Green economy idea has similarities with
sustainable development in balancing social, economic as well as environmental
concepts (Jones 2017). The focus is mainly on the economic and ecological
aspects. According to Jones (2017), the core focus of a Green economy is to
develop innovations and policies that allow society to garner value annually while
conserving natural resources that sustain people’s lives.
Nevertheless, there are numerous markets for the Green economy. The major
markets are sustainable water management, clean energy, Green services, sustainable land use, waste management, sustainable transport, sustainable manufacturing
activities, and building energy efficiency. Green jobs are more diverse than Green
markets in case one adopts a broader definition. They are jobs with skills and
functions for the measurement, prevention, and amelioration of adverse effect on
the environment. Some examples of Green jobs are water quality technicians,
environmental lawyers, and supervisors in eco-industrial plants.
What are the main factors to consider in order to achieve a Green economy?
11.3.4 Green Innovation
Furthermore, another critical element of Green entrepreneurship is Green innovations. Chen et al. (2006, p. 534) define Green innovation as “hardware or software;
innovation that is related to Green products or processes, including the innovation
in technologies that are involved in energy-saving, pollution-prevention, waste
recycling, Green product designs, or corporate environmental management.” In
other words, it is the development of processes and products that play a crucial
role in sustainable development through the commercial application of knowledge
to elicit ecological improvements. Entrepreneurs acknowledge that innovation is
key to job creation, economic transformation, and environmental sustainability.
However, for the case of sub-Saharan Africa, it requires a holistic change in the
organization of business, the design of cities, means of living, and the movement of
people and goods. Input is required from numerous stakeholders for these changes
to occur. Innovation is instrumental not only for the development of ideas but also
for Green growth. Conceptually, Green growth implies facilitating economic growth
while making sure that the ecosystem continues providing services and resources for
life sustenance. The increased concern regarding the viability of economic growth
patterns in sub-Saharan Africa bolsters the need for a Greener growth model. Green
innovation can be instrumental in preventing natural capital depletion in this region.
Also, innovation and creative destruction can contribute to the development of
new ideas and business models, hence leading to the creation of new markets and
jobs. Consequently, Green innovation is the foundation for sustainable growth.