Co-Producing Knowledge Innovation through Thematic Incubators for Disaster Risk Reduction and Sustainable Development in India

Abstract

The private sector for long has been looked upon as a funding source to cushion the disaster and climate change damages and losses. In recent times, there is a more proactive approach with the private sector increasingly engaging in activities to promote Disaster Risk Reduction (DRR) and Sustainable Development Goals (SDGs) as a part of their business strategies. Despite significant strides being made by the private sector in this regard, the strategies that are good for the business, environment, and sustainability are yet to take off at a large-scale. Many private organizations are still facing the challenge of identifying the right target sector and stakeholders for fulfilling their sustainability requirements. However, the greatest strength of the private sector is its ability to innovate. As part of this innovative design, the concept of thematic incubation for corporate sustainability is explored. The products and services developed through these thematic incubators are envisaged to result in the achievement of global development agendas and promotion of sustainability performance for multiple stakeholders including government, academia, private sector, and the community at large. This concept allows a win-win situation with the culmination of long-lasting social and environmental goals along-with achieving profit-with-purpose. The paper identifies the concept of sustainability with respect to the interest of the stakeholders, as well as its alignment with that of sustainable development and disaster risk reduction. The paper presents an exploratory case of the thematic incubation for disaster risk reduction, climate change, and sustainable development as a possible approach to corporate sustainability. The paper details the process of thematic incubation along with possible challenges and advantages of the same. In all, thematic incubation has been identified as a lynchpin to ensure the effective utilization of resources and setting in motion a culture of innovation, entrepreneurship, use of science, and sustainability at the local level.