Innovative Strategies for Sustainable Development: Integrating Technology, Entrepreneurship and Social Impact in Emerging Economies

Abstract

The economies in the emerging stages are undergoing a high rate of societal, economic and technological change and hence sustainable development is a key ingredient towards the viability of the future. This work is devoted to the innovative approaches that will stimulate the inclusive and sustainable development by the synergy of technology, entrepreneurship, and social impact. This study will show the ways digital technology (i.e. automation, artificial intelligence [AI], smart agriculture and renewable energy systems) will increase productivity, resource efficiency and improve social inclusion. Entrepreneurship was distinguished as a key to economic development (the creation of jobs due to the entrepreneurship) and social development (empower the rural communities, enhance the participation of women and offer creative solutions to the social needs). The results of this research confirm that there will be the need to incorporate the use of technological, entrepreneurial and socially responsible innovation strategies to become sustainable in the long run. Innovation growth requires the right government assistance (i.e., favorable policies, financial support, investments in infrastructure, and grants on research) to be vital. The challenges of implementation of such strategies mentioned in the research were many and included: poor infrastructure, insufficient funding, technology gaps (access to technology), unsupportive policy, and poor awareness of sustainable development. It has been proposed among others that the innovation policy improvement will be required and that the training on how the best way to foster digital literacy should be had. Moreover, the support of the start-up companies will be significant, as well as the growth of funds in the research and development area, and the promotion of sustainable business practices. The contribution of the emerging economies to the SDGs current and in future can be used to give the emerging economies the sustainable economic, social, and environmental benefits.