Global Journal of Commerce & Management Perspective
Open Access

The Importance of Innovation in Developing Sustainable and Future Businesses

Tieyu Xu^{* *}Correspondence: Tieyu Xu, Department of Business, Suzhou University, Anhui, China, Email:

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Businesses frequently endure highs and lows. In such cases, innovation is critical to success since it allows for adaptation, encourages firm growth, and guarantees that the business stands out from the competition. A country's economic growth is determined by its firms and their ability to remain inventive in the market and expand into other areas and nations.

In general, innovation can be classified into three types: Incremental (constant improvement of existing methods, services, or processes), breakthrough (technological advancements that increase the quality of a product or service to gain a competitive advantage over others), and disruptive (innovations that fundamentally alter the way businesses thrive). Innovation and entrepreneurship play critical roles in the creation of long-term enterprises, particularly in growing economies such as India, the Philippines, Brazil, and Indonesia, among others. Innovation, as a process, may be viewed as a multidimensional notion with true cross-disciplinary implications. In this context, the current paper gives an overview of creative business practices, sustainability, the role of innovation following COVID-19, and a road map for future studies. No thorough evaluation has ever been undertaken in this subject, while the researchers have focused on the ideas of innovation and business practices individually. The current study makes an essential contribution to the research topic since it addresses the notion holistically, applies it, and provides takeaways for the future.

Green innovation, which is a blend of green development and innovation, is the most effective way to address environmental concerns and adopt sustainable techniques in any sector. Green innovation in India has contributed not just to the country's economy, but also to measures aimed at making it more sustainable. India has 61,186 green technology patents, with waste management techniques accounting for 63% of the total.

The remaining patents are categorized as energy considerations, transportation technology, nuclear power generation, agriculture.

Digital green innovation approaches are being used in a variety of fields, particularly in manufacturing, to assist organizations in achieving sustainable practices. In the literature, the authors proposed a mechanism for enterprise green innovation behavior that is consistent with evolutionary theory. The study discovered that sociopolitical, economic, and technological aspects had a favorable and substantial influence on green innovation behavior. Furthermore, such green innovation behavior has a good and considerable effect on environmental performance. The researchers examined the patterns and development of academic research on innovation in India using a bibliometric survey conducted between 2000 and 2018, and discovered a fantastic rise in this study subject. India, one of the world's fastest growing economies, needs to institutionalize innovation and entrepreneurship activities while also accelerating the commercialization of ideas by creating a conducive climate for start-ups. In addition to the government, it is vital for the private sector and research institutes to enhance the incorporation of creative company start-ups so that India may become an innovation leader.

COVID-19 problem might be viewed as an opportunity in disguise, and the firm's research states that 90% of CEOs support crucial innovation in business operations following COVID-19. This applies to practically every industry, while business continuity executives seek to reduce operating costs, boost highend efficiency, and implement safety measures to guarantee that growth is sustainable and inventive. Because customer’s needs vary on a daily basis, innovative business techniques continue to be the industry's backbone. Several research studies on innovation have been undertaken previously, but the current study is an essential contribution since it completely evaluates the literature.