Continuing with the publications that we carry out from the Entrepreneurship Research Group of the Innova Institute of La Salle-URL, this week we have been working on discovering areas related to sustainability, in which there are possibilities of successful entrepreneurship. We have addressed this topic because we think that after Covid-19 (what is already called PostCovid-19) sustainability will be a much more considered characteristic in business models than it has been until now.
The areas where we think there are opportunities are:
1. Agriculture and food industry: The global standstill caused by Covid-19 is providing a small respite that is allowing the planet to regenerate. Environmental awareness has grown, resource consumption is more responsible, there has been a notable improvement in environmental quality and people have realised that protecting the environment contributes to a healthier and more balanced life.
2. Sustainable urban mobility: The high concentration of people on public transport and the ever-improving health conditions have made urban mobility one of the major sources of contagion, increasing the risk of contracting the virus by between 41% and 61%. As a result, authorities and administrations in many countries have been forced to minimise their use and consider the development of sustainable ventures in this sector.
3. The circular economy: The European Commission has just published the Action Plan for the Circular Economy. The proposed policies include greater product durability, the right to repair electronic devices, a reduction in the use of plastics and, among others, more precise eco-labeling. Following this path, the Innova Institute predicts that undertaking issues related to the circular economy is a good opportunity for the Post-Covid-19 scenario.
4. Integrated and efficient water management: Water scarcity is now affecting the world. What was once a problem for developing countries is now also a problem for developed countries. Water is not an infinite resource, but it is used as if it were. Therefore, the need for comprehensive water treatment has become evident throughout its cycle of generation, use and recovery. Despite everything, in 2030 there will still be 60% of the countries in the world that will not implement this necessary comprehensive treatment system.
5. Logistics and supply chain: Companies that have provided a fast, safe and reliable service during Covid-19, and are also committed to sustainability, are those that will emerge stronger after the pandemic and will generate customer confidence in the Post-Covid-19 era. These companies focus on innovation and quality, acting locally, but under collaborative logistics management models with other companies in the network. Thus, they meet the needs of small batches, with a fast service and ensuring quality and traceability in the process.
6. Fashion, the second most polluting industry: The coronavirus has caused a massive halt in the fashion industry, whether it was due to the closure of stores or factories to protect their workers, or because they voluntarily turned to the production of clothing for medical use, or because their production depended mainly on China or Italy. Fashion, which produces more than 10% of the total CO² emissions on the planet, is the second most water-intensive industry. Plastics have replaced natural fibres and polyester is used in 60% of production, generating two to three times more carbon than cotton without degrading in the ocean. Greenpeace indicates that washing clothes throws the equivalent of 50 billion fragments of microfibres into the sea.
7. Replacing petroleum derivatives: The Ellena MacArthur Foundation points out in a study that 40% of plastic packaging ends up in landfills, a third in the ocean and only 14% is recycled. This paints a critical picture. Therefore, the search for substitution of biopolymers and the implementation of functional 100% strategies for recycling is a necessity for the industry. The startup Oimo, located in La Salle Technova, the innovation park of La Salle-URL, is dedicated to the design of new ecological materials in Spain and the United Kingdom. With the aim of reducing the 14 million tons of plastic that end up in the ocean, it has developed a water-soluble material as an alternative to plastic packaging. In this sense, the Innova Institute considers that sustainable entrepreneurship in alternative packaging to plastic will be strengthened in the PostCovid-19.
8. Energy efficiency: The Covid-19 crisis has shown that transformative changes can be made overnight. In terms of energy, it shows that there is no reason not to phase out fossil fuels and deploy renewable energy and energy efficiency technologies. It is in line with this concept that the European Union has developed a series of proposals to steer the economy towards energy savings.
9. Telecommunications technology: During the Covid-19 lockdown, traffic on online platforms that allow for the organisation of meetings, the development of virtual classes and the establishment of communications and conversations has increased considerably. Some were already well-known – such as Zoom, Hangout and Whereby – and others have taken the opportunity to make themselves known or to implement complementary services.
10. The built space: Covid-19 has promoted the development of teleworking, but it has also shown that this option has minimum conditions for its development. Previous experience allows us to recognize the collaborative economy models associated with these proposals such as shared offices, shared garages and coworking spaces. The strength of these movements has led communication companies such as ETB, Movistar and Mapfre Seguros to present coworking spaces to their users. However, minimum conditions must be ensured to optimize results, such as the separation of environments between family and work, facilitating innovation by interacting with companies in the same sector, the transfer of knowledge or by generating alliances and complements when spaces are given with companies from different sectors.
You can read the original article with all the sections well explained here: The Innova Institute analyzes what sustainable entrepreneurship could look like for the Post-Covid-19 era
I hope this information is helpful to you and allows you to reflect on the need for sustainability in future ventures.
We remain in touch.
Montse.
