The Implication of Sustainability Innovation: Blue Ocean Strategy

The Implication of Sustainability Innovation: Blue Ocean Strategy

Izwan Shukor (Universiti Utara Malaysia, Malaysia)
Copyright: © 2020 |Pages: 12
DOI: 10.4018/978-1-7998-3042-9.ch014
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In the past, the economy was solely dependent on natural resources, but it moved to manufacturing and is now focusing on service delivery. Government roles in implementing policies are needed in order to ensure natural resources are transformed. The production of business delivery is getting more innovative; therefore, research and development are aligned with the goals for sustainability.
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In the modern day the entrepreneurship has become closely related to innovation. It became one of the challenges of modern entrepreneurships that need to be overcome by most enterprise. Innovation is critically significant not only to enterprise but also to the people and its nation. The pace of technological advancement and innovation will be accelerated much more in the future. The revolution of the economic phase moves from one to another as it aligns with the objective of the country’s economy moving forwards. At first, most of the world economies are fully dependent natural resources economies. As according to Organization Economic Corporations for Development (n.d.), some study shows that there is negative relationship between the lavishness of natural resources to the sustainable of economic growth. It was also found that between the growths of Gross Domestic Product (GDP) with the ratio of natural resources exports to GDP in 97 developing countries has negative relationship (Sachs& Warner, 1995). According to OECD (2008), it is been assumed in such transition country’s economy will expose to risk as if they are not taking explicit measure when there is such negative relationship to the resource’s endowments (Kronenberg, 2004). Extant research noted that most countries start to move forwards on taking steps to improve and start to plan and implemented policies to ensure natural resources to be transformed to be more sustain and positively contribute to social wellbeing of the people. Indeed, more research that delve into aspect of consumer behavior and psychology in the digital economy is deemed necessary (Ling Chang, Ling Tam, & Suki, 2016; Nathan, Fook Chiun, & Suki, 2016; Suki, 2016).

World economic make a transition moving forwards from natural resources dependency to manufacturing economy driven as most of the third world are doing now. With the advancement of technology progressively it changes the human life to better place as it not only for automated tools but also to become highly advance for new technology (West, 2015). The technological advancement can neither be stop nor be slow down. As according to West (2015), people can keep on criticized about the dehumanizing impact as it is significant for us to regulate what best for the employment in the country that could affect the economy of the countries. The manufacturing industries has been put the environmental aspect at risk and vulnerable. To improve such issue from spreading the industry has been fast moving shifting it nature to innovation driven economy. For instance, as according Tan & Phang (2005), in order to be continuously competitive in the market, the development have led the economist in Singapore to be more innovative by developing its own brand to be more marketable of their product and services. It is also mentioned that efficiency in doing business are not enough to ensure the survival and the growth of the organization (Tan & Phang, 2005). It can be said that, innovation economy driven can be considered to be familiarizing in the concept of economy in achieving it uppermost level of economy. These are the reasons why most country starting to shift the level of innovation economy driven.

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