Introduction
Renewable energy is critical to solving the world’s sustainability issues, and it not only helps spur economic growth but also gives new opportunities for industry development. Through this paper, examining the possible scenario of launching a sustainable new venture in the industry becomes the sole focus of our activity because it perfectly meets the Cotsakos College of Business and the Principles for Responsible Management Education (2020). Unprme.org). Through this exploration, it seeks to shed light on how such a venture can thrive and contribute significantly to sustainable development. Goal 7: In energy markets, the drivers are affordability and clean energy. By adopting ethical and environmentally sound business operations, the project could be built as a driver of social change that provides sustainable energy access dominance and is socioeconomically rewarding. The case study embodies the theme of more ethical management education. This asset is a requirement for the operations of businesses in union with people and nature.
SWOT Analysis
1.1 Strengths and Products/Services
The developing company in the renewable energy sector holds the potential for prosperity and is highly endowed with the merits that differentiate it from the rest. Technological innovation is the area where it leads. However, its futuristic approach can be traced to its breakthrough of the world’s record for solar panel efficiency and wind turbine design. Creating novel high-efficiency solar panels that outshine other products gives the startup an advantage. Our position is helped by the fact that we are well-known in the market.
Moreover, this company has mastered different technologies that integrate grids and energy storage. This portrays its capability to produce ideal customer solutions that suit the unique needs of individual customers. Innovation as a commitment to sustainability motivates this venture to do great things in the renewable energy sector while keeping conditions and competition in mind.
1.2 Weaknesses
One of the critical weaknesses of the new venture might be the tremendous initial investment that the enterprise will have to make for building infrastructure and research and development efforts. Therefore, substantial upfront costs jeopardize financial resources, so the company’s prompt introduction of the product to the market might end. Further, overcoming regulation rules and approvals for renewable energy facilities is relatively easy, especially in areas controlled by strict environmental laws. Delivery of projects can be slowed down due to pending approvals, and extra operation costs can result. Next, the competitive market’s need for brand recognition is another vital weakness (United Nations Sustainable Development; United Nations). With a meaningful brand presence, the venture can articulate a definable and compelling message that will differentiate it from more established competitors. This could, therefore, hinder customer acquisition and market penetration activities. These issues will likely require some strategic planning, prudent financial management, diligent talks with regulators, and marketing efforts to popularize the brand name in the renewable energy sector.
1.3 Opportunities
The renewable energy market is envisaged to succeed, riding on the creeping wave of enlarged global demand for green and sustainable energy solutions. A significant indication for investment in renewable energies is the change in market dynamics. Accordingly, the forecasts are very optimistic, and it can be expected that there will be significant market expansion soon. Governmental initiatives, including tax discounts and financial support rewards targeted at renewable energy projects, are the most crucial factors in building an environment favorable for market growth (Institute of Technology: 2014 Innovation Expo Elevator Pitch Winner, VEHSHI, n.d.). Not only that, but the other step-by-step development of the new battery storage technology creates an opportunity to set up decentralized energy systems and expand the microgrid structure, too. While these developments mainly help to make renewable energy sources more reliable and efficient, they, in turn, create paths for their increased adoption, and, in the long run, they can be integrated into existing energy networks. In this new world where the concepts of environmental sustainability and resilience are of high priority to all stakeholders, the renewable energy sector can rest assured that it will be the shrewdest mover and, ultimately, the determinant of changes in the future energy world.
1.4 Threats
The renewable energy industry faces a significant challenge from variable policy, where alterations to the government’s financial subsidies and laws change the market dynamics significantly and sometimes lead to its total stoppage or cessation. Policy direction dashboards create challenges for firms willing to invest in renewable energy projects, and what’s more, they might turn off potential investors. In addition, competition from conventional energy sources, alongside fossil fuels, is an insurmountable obstacle to the massive-scale adoption of renewable energy solutions. Fossil fuel markets seldom give way to the competition posed by green technologies because of their strong position and well-established network of energy systems (Library Databases, n.d.). Economic uncertainties, such as a shifting of the prices of commodities, only add to the ongoing difficulties in project financing and investment, as the uncertainties can, in turn, come as a risk in the equation. Forming a comprehensive strategy for the stakeholders in the stakeholders in the renewable energy sector is the key to successfully addressing varied challenges, which involve partnering with decision makers more actively, innovation in technology by using new business models, as well as diversifying the sources of funding to reduce the risks related to economic and policy changes.
Diversity and Inclusion Plan
2.1 Diversity Plan
Incorporating active diversity recruitment programs will guarantee the enormous diversity of the new startup. These strategies need to consider the promotion of new skills and transferable abilities among people from the most underrepresented groups with various skills and life experiences. Diversity and inclusion must be regarded as critical cultural matters. To create this environment, broad diversity training programs should be developed to educate employees on why such cultural diversities at the workplace are essential. Just like race, ethnicity, and gender, employee diversity is also crucial in the workplace environment. Creating targeted employee resource groups that focus on different aspects of diversity fills the void for professionals in terms of community and networking.
An example is collaborating with organizations promoting diversity in STEM disciplines. This is a signal to organizations about the talents of individuals who are not limited by their geographic location and thus produce exceptional work due to differences in personality, skills, experiences, etc. One way of achieving inclusion is by ensuring diversity in your initiatives. You can create a work environment where every staff member is valued, considered respected, and empowered to give their best performance.
2.2. Inclusion Plan
Including employees in the new venture can be deliberately developed using multiprogramming aimed at all employees. The mentorship programs not only provide a platform for training and support but also provide an opportunity for professional development and the creation of an inclusive work environment. Simultaneously, presenting opportunities for employees to be promoted and develop their skills equips them with tools for success and indicates that the organization cares about nurturing a diverse and inclusive workplace culture (Contact Us, n.d.). Additionally, the creation of solid feedback systems and an environment in which all voices are heard and appreciated is essential to achieving this. Regular diversity and inclusion surveys are the primary tool to identify employees’ satisfaction levels and develop improvement areas that must be addressed. By emphasizing these programs, the new startup can develop an environment where each member feels empowered and respected and is an integral part of the organization’s success. It can also create a culture of inclusion built on unity and strength that enables the organization to move forward.
Conclusion
In conclusion, the renewable energy industry has the potential to create increasingly sustainable companies aligned with their social and environmental goals. By a SWOT analysis detailing and integrating a dynamic diversification strategy, the venture can effectively position itself for sustainable wins in a fast-changing market environment. By emphasizing sustainability and inclusivity as core principles, the venture not only aligns with Sustainable Development Goal 7: Sustainable Development Goals such as Affordable and Clean Energy have a significant impact on society but also raise positive vibrations towards global issues, encouraging industries and communities to continue using cleaner energy and leading society to a higher prosperity.
References
Contact Us. (n.d.). Www.wpunj.edu. Retrieved from https://www.wpunj.edu/ccob/gbfi/about-us/contact-us.html
Library Databases. (n.d.). Www.wpunj.edu. Retrieved, from https://www.wpunj.edu/library/databases.html?aStevens
Institute of Technology: 2014 Innovation Expo Elevator Pitch Winner – VEHSHI. (n.d.). Www.youtube.com. Retrieved from https://youtu.be/R5K9o7lsXcMUnited Nations. (2023, May 31). Sustainable Development Goals.
United Nations Sustainable Development; United Nations. https://www.un.org/sustainabledevelopment/sustainable-development-goals/
(2020). Unprme.org. https://www.unprme.org/what-we-do
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