Accepting bamboo innovation challenge for a more sustainable future

Innovation is the??successful development and putting into commercial application a new or significantly improved product, service, or process which has a?uniqueness so that it stands out among the existing and other new products available in?the market. The need for innovation is triggered by the changing market environment which compels the market players to constantly improve to meet the need and expectations of the market. Therefore, innovation is a requirement no organization can afford to neglect to avoid being outperformed by other competitors. Thus, the important elements of innovation include developing an idea, creating a prototype of the idea for trial and testing, and then, taking it to the market which is the ultimate challenge for the organisation.

In the modern context, a new term or classification has been added to the innovation, called eco-innovation which refers to new innovative product or solutions having negligible environmental impact. Bamboo being a sustainable and environmentally superior material, its usage in the current climate change situation will have a positive impact on the surrounding environment and other distinctive social and economic benefits?leading to a more sustainable development process. The ongoing National Bamboo Innovation Challenge 2022 being managed by Finovista on behalf of the?Foundation for MSME Clusters (FMC) has to be seen in the broader context of the world looking for ecological solutions to meet the human needs of useful products, energy, conserving its forests, and protecting earth’s environment. Bamboo has been known and used for several applications since ancient times, however, the study, research, and efforts to use it for new innovative applications are being undertaken with renewed interest.

Because of its numerous varieties with more than 1000 species, a perennial, green year- round cultivation, this most economical forest resources with considerable strength, smoothness, straightness, lightness, hardness make bamboo suitable for numerous end products and different applications. While use of bamboo in traditional products such as handicrafts, blinds, and bamboo shoots, remains in demand,??the significant application of bamboo in other areas like industrial, energy, and environmental protection requires more research and development efforts. The ongoing research to develop practical and commercially viable application of bamboo has not produced desired solutions and has remained at the prototype stage. Thus, the need is to attract investment in public-private partnerships for applied R&D in specific regions and countries having bamboo resources. The areas of interest for researchers and investors could be focussed not just on products, but also on the following:

i.Design, product development and branding using sophisticated modern tools and manufacturing technology.

ii.Productivity improvement using skill development training.

iii.Aggregation of demand, and establishing value and supply chain between markets and