Innovation management is one of the most highlighted topics in the modern business world. With the increase of the importance of innovation management, the importance of responsible innovation also has increased.
As innovation is considered as one of the most interesting areas for entrepreneurs to capture the market and push boundaries of creative innovation. This allows the consumers to choose between a range of products with added benefits regardless of their purchase. However, with the increase of industries that leverage their creative freedom for innovation, the importance of responsible innovation has come into the talk of the business world.
What is Responsible Innovation?
Responsible innovation is a process of innovation that concerns more about solving the existing issues in the society or without creating more new issues. This indicates that the innovators are more cautious about the outcome of their innovation process and make sure that the outcome does not create any harm to society or any individual.
The main focus of responsible innovation is to create a positive impact on society as well as on the environment. As there are increasing scenarios that the innovation processes are creating harm to the environment or create a threat and unfavorable conditions to society.
Importance of Responsible Innovation
With the increase of innovative concepts and creativity in the modern business world and the increase of the complexity of human activities, the expectations of the consumers from the businesses have hit the sky limits. This is supported by the increasing competition and globalization which has created more opportunities for businesses to conquer international markets.
Even though there are many positive aspects of these rapid changes in the innovative grounds of the business industry, it has put huge pressure on the businesses to introduce innovative concepts to achieve competitive advantage in the extremely competitive business industry. This pressure has created a situation where the businesses are less concerned about the impact that can create on society or the environment.
The expectations of cost controls can also consider as another reason for the irresponsible behavior of the businesses towards the society and environment. As a result of this, many social issues such as products that are threatening to consumers’ health, products that are threatening to the existence of certain populations, and the production processes that can create disturbances to the day-to-day life of a certain society can occur.
In addition to that, the production processes that can cause environmental pollution, product testing on animals, innovative ideas that can become a threat to the environment in short term as well as the long term can occur due to not following a responsible innovation process by the businesses.
This highlights the importance of responsible innovation as a part of sustainable business processes. Businesses should concentrate on implementing innovative concepts and try to solve unmet needs in society while creating a positive impact on society and the environment. It can create a huge impact on the success of the business and the impact it can create on the consumer perception as well.
Responsible innovation is a process that has to go through the innovation management system and should be implemented based on the evaluation of the key elements of the innovation management system.
Responsible innovation is important when using the scarce resources for the production processes and providing added value that can satisfy increasing customer expectations while leaving a better world and a greener environment for future generations. As it may benefit the world in many ways, it can be advantageous for the business as well in order to create positive customer perception and to create long-term customer loyalty.