A Holistic Model for Linking Sustainability, Sustainable Development, and Strategic Innovation in the Context of Globalization

Abstract

This chapter presents the foundations of a holistic model for connecting the key elements necessary for corporations to adopt sustainability and sustainable development in the context of the global economy and strategic innovation. The complexities of doing business on a global scale have increased dramatically over the last two decades. While sustainability involves many perspectives, strategies, actions, and management constructs, the chapter focuses on how global corporations employ strategic innovations in response to driving forces in the global economy and how they can improve their level of management sophistication in a turbulent business environment. The holistic model focuses on strategic innovations that provide more positive aspects and fewer negative ones since innovations have the potential to create dramatic new solutions with exceptional value and to eliminate or reduce negative effects and impacts. Strategic innovations include radical technological innovations, business model innovations, product developments, and organizational developments that are game changers.