The Aspects of Implementing Eco-innovations in Business

Abstract

The introduction of eco-innovations can bring some results both in terms of environmental impact and in terms of economic and social improvement. Such innovations can be involved in all areas of human activity, among them the business sector has a great potential to get positive effects. There are verity of eco-innovations for obtaining added value in business that stimulate theier activity: increasing productivity and technical capabilities; entering new and developing markets; increasing profitability throughout the value chain; attract investments; advancing and giving effect to standards and regulations, etc. Despite these opportunities, businesses passively follow the path to introduce eco-innovations. This can be caused by the fact that that they do not clearly see the ways of obtaining quick results, and spending without coercion contradicts the goals of making a profit based on ecological considerations. In the article, on the basis of theoretical studies, the factors that allow the introduction of eco-innovations in business are identified. The study of the discussion is generally important considering that it has been a couple of years since Geostat started a large-scale statistical study in this direction, and the results of the assessment of the interviewed Georgian businesses do not indicate the great importance of introducing eco-innovations. Keywords: Eco-innovation; Driving factors of eco-innovations.