Given the state of the world today, every industry should consider some kind of innovation regarding its impact on the environment. One of the key aims of corporate entrepreneurship is strategic renewal. A strategic renewal aims to allow organizations to renew and transform, which is ultimately necessary for any business to stay competitive.

While Nike is a well-known name brand that has been around for decades, not many people know that its latest innovation focuses on minimizing waste and reducing its overall environmental impact. Nike’s 2025 goals are to emit 0.5M tons less greenhouse gases, divert 100% of waste from its landfill, recycle at least 80% of that waste back into Nike products, and reduce the amount of fresh water it uses for dying and finishing by 25%.

Nike’s sustainability initiative was a huge innovative move that sets them apart from others. This innovation has had multiple impacts, including financial gains and improved brand reputation. Additionally, the competitive edge this change gave Nike made a significant impact on influencing industry-wide changes regarding environmentally friendly practices.