Need for transformative innovation investments in fashion - a guide - Projects
Updated : October 2020
This guide, while not specific to fashion, stresses the need for investments towards transformative innovation and provides guidance on four key areas to enable industries to invest in critical innovative projects, to meet Sustainable Development Goals. The guidelines provided will also enable fashion brands to develop suitable sustainable development strategies.
It provides references to few case studies of UNDP projects which captures key innovative developments in various industries such as medical, biodiversity conservation and more. Based on the projects, the article highlights four key lessons for brands to have strategic innovative investments.
The first key step is to strike a balance between improvement oriented and transformative innovation, where the latter aims at radical changes and requires multi-year investments. The second key step is to invest in mission driven innovations which would help address shortcomings of short lived political support. Other suggestions are investing in anticipatory innovations and scale processes.