Climate change, sustainability, net zero: these are phrases we’re all acquainted with by now. But what do they mean for our businesses and business practice in general?
The importance of sustainable practices has become increasingly evident. Net zero emissions have become a key goal for many companies, both large and small. Achieving net zero requires a concerted effort from everyone involved in the supply chain, and open innovation is critical in ensuring this evolution happens smoothly and efficiently.
Open Innovation is Better, Faster, Cheaper
By collaborating with other companies, small and big businesses alike can access a wider pool of resources, knowledge, and expertise, making goals easier to reach in shorter amounts of time and with fewer resources overall. For example, innovative SMEs on the forefront of clean energy tech that lack investment resources can partner with bigger companies or investors that have funds or resources but no groundbreaking ideas or dedicated departments. This way both parties and the planet are benefited more when we collaborate.
This collaboration then extends to examining your supply chain. A supply chain is as strong as its weakest link when considering a net zero overhaul, so it’s often a sensible place to start. It’s vital to work with suppliers, consumers, transporters, and sometimes even competitors to ensure emission reduction throughout the entire supply chain.
Net Zero goals are not only about harm reduction: there is also the advantage of providing avenues into previously untapped revenue streams. Being ahead of the curve means new business opportunities. Collaborating with competitors or others in a similar field could mean the difference between decades and years, billions and millions, a liveable planet and a destroyed planet.
Open innovation and collaboration are critical to achieving net zero goals for small and big businesses alike. By working together, businesses can leverage their strengths and resources to create innovative solutions that reduce emissions, generate new revenue streams, and help create a more sustainable future for all.