Definitions
Innovation is roughly defined as the “production or adoption, assimilation, and exploitation of a value-added novelty in economic and social spheres; renewal and enlargement of products, services, and markets; development of new methods of production; and establishment of new management systems. It is both a process and an outcome” (Crossan and Apaydin 2010, p. 1155). Unlike invention, innovation is the realization of new ideas with a social function and an economic purpose (Schumpeter 1934); therefore, the value added provided by innovation focuses on the maximization of economic capital.
Sustainable innovation builds on these ideas, aiming to tackle social and environmental issues while also adding economic value. Consequently, sustainable innovation can be defined as the...
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Inigo, E.A. (2019). Sustainable Innovation: Creating Solutions for Sustainable Development. In: Leal Filho, W., Azul, A., Brandli, L., Özuyar, P., Wall, T. (eds) Decent Work and Economic Growth. Encyclopedia of the UN Sustainable Development Goals. Springer, Cham. https://doi.org/10.1007/978-3-319-71058-7_51-1
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