What is it about?
This article proposes seven principles, termed 'ecosystem-centric principles', considered superior for creating a building block to achieve a successful sustainable business model innovation. The principles are interrelated, and as a whole, work simultaneously and systemically in creating an SBM innovation.
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Why is it important?
Sustainability is becoming an emerging issue since it attempts to fulfill current needs without sacrificing future generations. The role of the private sector is considered necessary in supporting sustainability, including the Sustainable Development Goals (SDGs). Implementation of a sustainable business model (SBM) has the potential to enable support for sustainability. Many businesses are attempting to implement or shift to sustainable business models. Even though, many have failed or are lacking in providing the expected sustainability benefits due to complexity. Therefore, it needs an appropriate sustainable business model innovation. The proposed principles are expected to be a guide for the private sector to help them achieve a sustainable business model innovation. This article also provides several recommendations to provide the necessary support and efforts to develop the (sustainable) business model, striving to enlarge greater possibility to achieve SDGs.
Perspectives
Many businesses in the private sector were experiencing rises and fall in this complex world. The private sector itself actually has great potential to play a role in providing sustainability benefits in the future, embedded in its sustainable business model. Nevertheless, several uncontrollable conditions often occur and hinder businesses to provide such kind of role. I dedicated this paper, hoping that it can inspire all business entities that seek alternative ways to improve or develop their business model.
Dian Prihadyanti
National Research and Innovation Agency - Rep. of Indonesia
Read the Original
This page is a summary of: Sustainable Business Model Innovation Within a Complex Environment, International Journal of Innovation and Technology Management, June 2023, World Scientific Pub Co Pte Lt,
DOI: 10.1142/s0219877023500396.
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