Write a few lines on innovation and sustainability.

Question

What will be an ideal response?

Answer 1

Innovation means doing things differently, exploring new territory, and taking risks. It is not just for high-tech or other technologically sophisticated organizations. Innovative efforts can be found in all types of organizations. If a firm does not innovate, it undertakes great risks. Innovation is critical to today's organizations.
The concept of managing in a sustainable way, has had the effect of widening corporate responsibility not only to managing in an efficient and effective way, but also to responding strategically to a wide range of environmental and societal challenges. From a business perspective, sustainability is defined as a company's ability to achieve its business goals and increase long-term shareholder value by integrating economic, environmental, and social opportunities into its business strategies. Sustainability issues are now moving up the agenda of business leaders and the boards of thousands of companies. Running an organization in a more sustainable way means that managers have to make informed business decisions based on thorough communication with various stakeholders, understanding their requirements, and starting to factor economic, environmental, and social aspects into how they pursue their business goals.