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WHAT IS ECOPRENUERSHIP?
The term ecopreneurship has been derived from two different words ECOLOGICAL and
ENTREPRENEURSHIP. So we can say that it is the process of managing a business keeping
in mind the responsibility towards the environment. Ecopreneurship is management of
resources essential for conducting a business along with understanding the need of protecting
and preserving the nature.
There is growing interest among the consumers regarding saving the environment and this is
influencing the corporate world. Even though environmental issues affect all the activities of
human life, very less attention has been paid to address them. We should now wake up to
modify our behavior in order to address some of the environmental concerns.
As the world becomes increasingly concerned with „green‟ issues, companies, organizations
and governments are gradually moving towards more sustainable business practices - and
India is no exception. India is also becoming environmental conscious and many companies
are working towards the environment friendly part of business.
PROCESS OF ECOPRENEURSHIP
The process of ecopreneurship is composed of various stages. These stages are as follows:-
GREEN PROJECTS
GREEN PRODUCT
GREEN MARKETING
Now we will discuss each stage of the process of ecopreneurship in detail along with live
examples both from Indian and global corporate world.
GREEN PROJECTS:
Green Projects can also be termed as Green Business. This is the stage from where
the process of Ecopreneurship is initiated. In this stage, the prospective Ecopreneur finds out
the business idea implementation of which does not affect the environmental balance. It is the
process of finding, implementing and conducting environment friendly business. In other
words, this is the stage of development of a green concept. It is concerned with development
of products which are environment friendly, have minimal of detriment effects on the
environment and safe from health hazards.
Other stages in the process depend on this stage to a large extent. The importance of Green
Projects can be listed down as follows:-
For example:
Financing
Green
technology
Policies R&D
Though not many banks may be interested in investing in break through projects but still
some of the financial institutions understand their social responsibility and provides funds for
green projects.
EXAMPLE:
The Asian Development Bank (ADB) is to help set up a fund that will mobilize financing for
energy efficiency projects in the Indian state of Madhya Pradesh.
The name of this fund is Energy Conservation Fund(ECF). ADB will provide US$1.7
Million in the form of technical assistance to the Madhya Pradesh‟s power sector which will
help in bridging the gap between the power demand and supply in the state.
Among others who have shown interest in investment in this segment in India are IDG
Ventures India, Draper Fisher Jurvetson India, Advisory Services, ePlanet Advisors, Global
Environment Fund, Aavishkar India Micro Venture, Capital Fund, Lightspeed Venture
Partners, Nexus India Capital Advisors, Vinod Khosla (Khosla Ventures), and NEA Indo-US
Venture.
The ECF will be used to implement programmes through technical and financial assistance,
benefiting all stakeholders including the Government of Madhya Pradesh, power sector
companies, and consumers.
The technical assistance will also include outreach and awareness programmes to create an
environment conducive to the ECF and establish credibility among the diverse group of
stakeholders whose involvement in energy efficiency is crucial to the success of the ECF -
including commercial building owners, utilities, industries, policy makers, energy auditors,
energy service companies, energy efficient equipment manufacturers, and banks and financial
institutions in the state.
Risk aversions
Lack of resources
High cost of financing
To tackle the risks being faced under this project, ADB has been asked to provide a loan of
US$5 million as initial seed capital for ECF. The Government of Madhya Pradesh will
complement this with funds collected from a special electricity sales levy. ADB‟s technical
assistance will support ECF to ensure it has adequate operational resources for its first five
years in operation, after which it is expected to become financially independent.
With proper planning and control the available funds could be effectively and
efficiently utilized and also the problem of shortage of funds for green projects can be easily
tackled with.
R&D plays a key role in helping the entrepreneur in taking various important decisions.
When we need to set up a new business for production of green products, Research and
Development activities are very important to know the product life cycle and the feasibility of
the product in the market. R&D helps in exploitation of internal and external knowledge. The
results show that R&D matters for a limited but important set of new high tech and high
growth firms, which are key in innovation and entrepreneurship policies.
Thus, in the context of ecopreneurship we require R&D for the following purposes:
R&D in India:-
New R&D units are finding its way in India. China and India together accounts almost 31%
global R&D staff. R&D growth in India is being driven by access to a low cost skill base and
access to market and customers.
India is one of the nations that have been accessed by global environmentalists and has been
advised to cut down its carbon emissions. This makes the R&D activities for development of
green projects a necessity rather then a requirement.
Thus, more and more Indian companies are taking the initiative to conduct R&D for
production of green products.
Maruti Suzuki, the giant car manufacturer utiised its R&D resources to produce its
new car A-Star which is a green product as its body is 85% recyclable.
Coca-Cola, the popular soft drinks brand in the market is looking towards reviving
its operational methods to make them greener (eco-friendly)through its R&D
activities.
POLICIES-:
“Policies are the guidelines which provides a basis of regulation of activities falling under a
particular discipline”
An advisory body has been set up under public private partnership between the
Government of Andhra Pradesh, Pirojsha Godrej Foundation and the Confederation of Indian
Industry (CII), with the technical support of USAID. The name of the organization is CII –
Sohrabji Godrej Green business centre.
It offers advisory services to the industry in the area of green building, energy efficiency,
water management, environment management, Renewable energy, green business incubation
and energy conservation activity.
The centre is housed in a green building which received the prestigious LEED (Leadership in
Energy & Environmental Design) platinum rating in 2003.this was the first Platinum Rated
green building outside USA and the third in the world.
GREEN TECHNOLOGY
Another necessity for success as an Ecopreneur is the identification and utilization of green
technology. Green Technology can be defined as a technology using which we can produce
green products. Also use of Green Technology in the production process leads to
modifications in the production processes in such a way that the production methods and
procedures become environment friendly. Use of a green technology can be very important
and efficient for a lot of reasons. Using a green technology we can do the following things:-
I. Science and technology can be harnessed to convert the urban waste into wealth i.e.
something useful can be produced from waste materials.
II. The use of green technology can lead towards energy conservation and might help in
development of renewable energy sources.
III. In labor-intensive farm sector, green technology can be used to raise yields and
prevent degradation of scarce land and water resources.
IV. Demand for private transport is increasing due to inadequate public transport. Green
Technology can be used to develop and maintain eco-friendly public transport
solutions that are affordable to all.
Any corporate world is now focusing on green business because not only it is getting more
margins from government side but also getting more customers and investments and in this
competitive era technology plays a crucial role. Thus, development of clean technology
which reduces emissions and harness maximum efficiency
The Green Technology Institute at UCLA, is assisting US-based green, clean and
environmental companies to explore and invest in India's growing economy. A recent fact
finding business tour of India by a client of the institute, APTO, Inc, was able to initiate the
development of a multi-million dollar Integrated Biorefinery Complexes to be established in
three Indian States. Technical expertise and business experience is offered for organizational
development, business re-engineering, technical consulting and capital formation, with
special emphasis on green technologies and organizational development.
The institute works with various US and International local, state and federal level initiatives
to showcase viable solutions, innovative entrepreneurs and their green technology
development companies.
Science and technology should be harnessed to convert urban waste into wealth, Prime
Minister Manmohan Singh said while advocating the use of affordable eco-friendly
technologies to sustain the growth momentum.
GREEN PRODUCTS
Green product can be defined as the output of a green business. When green materials are
processed with the help of green technology, the result is green product. The utilization of
green products make a customer more environment conscious and also helps in finding
environment friendly alternatives of existing products in the market. This is the stage where
the very basis of starting the process of ecopreneurship is realized and it is something which
is of immense importance as all the activities in the process of ecopreneurship is directed
towards producing green products.
Companies like Philips, Hyundai, Maruti Suzuki, Deloitte, IBM etc. are continuously
engaged in producing green products and at the same time encouraging its competitors to do
more and better in the same field.
The concept and essence of Green products will be more clear in our next section- green
marketing with the strategies that companies have followed to prioritize preservation of
environment and conservation of energy.
GREEN MARKETING
Definition:
In other words Green Marketing can be defined as something which involves developing and
promoting products and services, which the consumer desires, for quality, performance,
affordability and convenience, without having a detriment effect on the environment.
The evolution of Green Marketing can be divided into following three phases:-
First Phase:
The first phase was termed as “Ecological” Green Marketing. This concept was
developed in the 1970s and was concerned with all the marketing activities-
It dealt with positive and negative aspects of marketing activities, which were related to
pollution control and resource diminution. The characteristics features of this phase are
following:-
1. It focused only on the environmental problems like air pollution, soil pollution, water
pollution, oil spillovers, etc.
2. It targeted the companies or units that were causing the environmental problems
Second Phase:
1. Focus on clean technology that involved the designing of innovative new products,
which took care of the pollution and the waste issues.
2. Green consumers were concerned about the impact of their consumption and
purchasing habits on the environment.
3. It considered the issues relating to physical environment, society, and economy.
4. It held a global perspective by recognizing unsustainable production and consumption
system as the causes for most of the environmental problems.
Third phase:
This phase was termed as “Sustainable” Green Marketing and it came into existence
in the late 1990s and early 2000. Sustainable green marketing can be defined as a process of
planning, implementing and controlling the development, pricing, promotion and distribution
of products in a manner that satisfies the following three criterions:-
1. Product costs
2. Emphasizing cost instead of price
3. A better understanding of environment marketing
4. Industry structures
5. Focus from products to services
6. An emphasis on distribution
7. Moving beyond the niche.
1. Product:-
Companies, which are trying to exploit the Green Market opportunity
have to do the following things:
Identify customer‟s environmental needs and hence develop those products
which satisfy the needs.
Develop products that are environmentally responsible and have less
impact on the environment than the competitor‟s products.
The desirable products are the ones that have one of the following
characteristics:
Products made from recycled goods, e.g., recycled paper
Products that can be recycled.
Products which save water, energy, or oil and which have less
harm on the environment
Products with environment friendly packaging
Products which are organic in nature.
2. Price:-
3. Promotion:-
Green Motherboards introduced by KOBIAN ltd. Are small in size, releases less
carbon into the environment and consumes less power.
Data compression software and smart archiving introduced by IBM helps in use of
less computer systems and thus resulting in less carbon emissions and
conservation of electricity
CONCLUSION
By doing what is required, we can set an example in India too by encouraging many
upcoming companies, industries & factories to turn green, by creating innovative ideas to
develop our country along with the development of greener environment to save our earth for
next generation. This is a issue that every management should focus on to implement the
product which is environmentally viable and helps in sustaining our mother earth.