“The sustainability challenge that the world economy faces represents a fantastic opportunity for smart and innovative businesses to create new products, services and business models that will generate long term wealth for individuals, businesses and society. Bringing sustainability thinking into mainstream business activities is the most important thing we can do to make that opportunity real.”
- Richard Miller, Head of Sustainability, Technology Strategy Board.
Using the Sustainable Economy Framework to spot market opportunities
There are huge economic opportunities for the UK to develop the technologies, products and approaches that will help the world adapt to current sustainability challenges. In the UK alone, markets worth £670bn p.a. will undergo radical change in the next few decades. The Technology Strategy Board has long recognised this and is putting sustainability at the heart of its investments.
We’ve been working with the Technology Strategy Board to develop a Sustainable Economy Framework (SEF) that highlights critical areas for innovation, and to ensure that all social and environmental dimensions of sustainability are taken into account in their investment plans. The Technology Strategy Board are using the SEF to ensure that their activities and investments are driving sustainable market opportunities, leading to long-term sustainable wealth creation. The Technology Strategy Board want their investments to go further, through stimulating innovations that are commercially successful and ready for future challenges.
With the Technology Strategy Board, we have created a set of cards, one for each of the 22 boundary issues. Each card gives an explanation of the issue, some background information, and some ideas about how it can be dealt with. The cards will be used in developing the Technology Strategy Board’s strategies and programmes. First to identify which issues are most relevant to the topic under discussion. Then debate the implications of the issue for the topic, how that could lead to commercial opportunities, and finally the actions that they will take.
Once the model has been thoroughly tested internally the Technology Strategy Board will be sharing the results and tools so that others can use it as well.
Contact us for further information about the framework and to discuss how you can use it within your own organisation at SEF@forumforthefuture.org