Discussing the Role of Innovation in Green Entrepreneurship and Development

Abstract

This chapter elucidates the significance of innovation in fostering green entrepreneurship and cultivating a resilient, eco-friendly economy. It underscores the three categories of innovation available to green entrepreneurs: product innovation, process innovation, and business model innovation. These avenues empower green entrepreneurs to craft sustainable products and services, enhance operational efficiency, and establish novel markets for eco-friendly goods and services. This chapter also explores green entrepreneurs’ challenges, including lack of funding, limited market demand, and regulatory barriers, provides strategies to overcome these challenges, and discusses the role of public–private partnerships (PPPs) and cross-sector collaboration in promoting green entrepreneurship and sustainable development. It also highlights the benefits of these collaborations, such as access to funding and resources, technical expertise, market development, networks, collaboration, and shared knowledge and expertise. Finally, this chapter emphasizes that green entrepreneurship can be supported through partnerships that combine the strengths and resources of multiple sectors, such as the government, private industry, non-profits, and academia. Ultimately, this chapter provides a roadmap for green entrepreneurs to overcome challenges and leverage collaborations to create sustainable products and services, improve efficiency, and develop new markets for sustainable goods and services.

Citation

Weis, L. and Nikolić, G. (2024), "Discussing the Role of Innovation in Green Entrepreneurship and Development", Grigorescu, A. and Andrei, J.V. (Ed.) Entrepreneurship and Development for a Green Resilient Economy (Lab for Entrepreneurship and Development), Emerald Publishing Limited, Leeds, pp. 1-21. https://doi.org/10.1108/978-1-83797-088-920241001