Innovation and advocacy will help propel implementation of impactful ideas
Updated On – 10 March 2024, 10:07 PM
By Viiveck Verma
Conversations around going green have been prominent in the public sphere for a considerable time now. Yet, the frequency of “green” phenomena being referred to is much greater than the frequency of them being actualised. Green entrepreneurship or the adoption of environment-friendly techniques to carry out business is a case in point. Even though we have spoken about the environment often, how often have businesses actually walked the talk? How seriously do we take the environment and should green entrepreneurship be an arena of its own in 2023? Let us analyse.
Making a Difference
With the world facing climate change and numerous ecological precarities, we can no longer live in denial about the myriad and decisive ways in which the environment impacts our lives. The all-pervasiveness of business makes it an indispensable feature of human life today and, therefore, making a difference with the way we carry business out can make a gargantuan difference to everything, including the environment.
Consider the example of not using single-use plastic. If every business everywhere refused to use single-use plastic, neither producers and sellers would depend upon it for packaging nor would consumers get access to it, virtually making it impossible to use it. Such an event would be climactic, for we could get rid of the problem of massive marine litter easily. Business, therefore, can make all the difference in the world and to combat climate change, thus, green entrepreneurship is an absolute necessity.
Sustainability Innovation
With this paradigm in mind, we must look at the state of green practices in business today and imagine what can be done. As several reports and publications demonstrate, businesses, at large, have been reluctant to or have been unable to put green entrepreneurial ideas into practice. From the paucity of funding for sustainability innovation to a severe lack of awareness, the world of business has several factors holding it back from being undeterred in going green. However, that does not take away the urgency of the situation and the many possibilities which can be attained.
For instance, it is almost needless to say that to combat climate change, education and awareness are essential. In the same vein, to educate consumers about sustainable options, green entrepreneurs are crucial, since they have an impact on consumer behaviour by providing eco-friendly goods and services, which promotes the adoption of environmentally conscious consumption habits.
These observations can establish the relevance of green entrepreneurship but the question of how we should go about it remains unanswered. Of course, to lessen the negative effects of climate change, startups and businesses can focus on renewable energy, zero-waste initiatives and carbon-neutral technologies. Circular economy models that reduce waste production and increase resource efficiency are promoted by green business owners. Recycling, upcycling and waste-to-energy technology initiatives help counter the negative environmental effects of generated waste by lowering emissions from landfills and incineration.
However, green entrepreneurship requires a lot more than just these imperatives. Since it is an activity that involves and impacts many people, it needs to be a movement in itself, rather than a set of occasionally employed practices. In this regard, innovation, advocacy and dealing with finance become paramount.
To begin, innovation can safely be declared the foundation of green entrepreneurship. To promote a more sustainable society, it involves the creation of cutting-edge technologies that provide sustainable solutions, such as smart agriculture, eco-friendly transportation systems and advances in renewable energy. More importantly, green entrepreneurs can disrupt traditional markets by offering sustainable alternatives. They can influence consumer behaviour by promoting innovative, environment-friendly products and services. Through compelling storytelling and effective marketing, they can educate consumers, driving the demand for sustainable choices and influencing larger corporations to follow suit. Imagining and creating these alternatives require innovation and, therefore, to do justice to the ideals of green entrepreneurship, innovation is central.
Collaboration, Interaction
Simultaneously, green entrepreneurs should actively engage in advocating for policies that support sustainability and be open to working with multiple stakeholders. Through their expertise and influence, they can contribute to shaping policies that incentivise renewable energy adoption, carbon pricing mechanisms and regulations promoting eco-friendly practices. Green entrepreneurship, therefore, warrants a crucial element of advocacy and collaboration. One can consider the case of Unilever in this regard. A prominent multinational consumer goods company, it has committed to sustainability through its Sustainable Living Plan and aims to reduce its environmental impact by reducing waste and carbon emissions while improving the livelihoods of people worldwide, and its activities extend to lobbying for sustainable policies.
On the front of collaboration, interaction with other parties in green entrepreneurial endeavours also becomes important. Governments all over the world are putting an unprecedented and strong emphasis on sustainability-related policies and incentives. These policies support green businesspeople, create jobs and incentivise green technology innovation, boosting economic growth in the longer run. Therefore, working in tandem with such developments is essential for green entrepreneurial efforts.
Finally, the role of financing is crucial for scaling up and maintaining green initiatives. To be successful, green business persons and entrepreneurs must attract impact investments and develop and employ innovative financing models to support efficacious climate-friendly projects. Funding secured for these initiatives enables the implementation of sustainable solutions on a larger scale, fostering a more sustainable future. To exemplify, while some funds can be amassed by drawing investors in, other resources can be garnered through contemporary practices such as crowdfunding. Such ventures require self-reflection, self-definition and sustained defences of mission on the part of businesses but are certain to bear fruit upon sincere employment.
In conclusion, the role of green entrepreneurship in battling climate change is multifaceted, crucial and indispensable. By driving innovation, advocating for sustainable practices, influencing policies, and educating consumers, green entrepreneurs are instrumental in steering societies towards a more sustainable world and a resilient planet. Innovation and advocacy form the backbone of green entrepreneurship, propelling the development and implementation of impactful ideas. It is incumbent upon entrepreneurs to continue to push the boundaries of innovation, integrating creativity, technology and collaborative approaches since commitment to the environment is no longer a choice we can afford to not make but a compulsory ingredient for the thriving of all human endeavours.
is Founder & CEO, Upsurge Global, Advisor & Adjunct Professor,
EThames College, and Strategic Advisor and Venture Partner, SilverNeedle Ventures
