The recipe for sustainable success in business
The pressure on businesses to act in a climate and environ-mentally friendly way is increasing. Tima Bansal, professor at Ivey Business School (University of Western Ontario), knows this too. With a keen understanding of the complex relationship between companies and their impact on the world, Bansal has positioned herself as a frontrunner in understanding how organisations can contribute to a more sustainable future. It’s for that reason that Vrije Universiteit Amsterdam is awarding an honorary doctorate to Bansal for her academic achievements in the field of sustainable innovation.
Author: Mika Linse
Bansal is known for her interdisciplinary approach to sustainability, integrating elements of business, environmental science and community engagement. She has covered a wide range of topics in her work, from examining the impact of sustainability initiatives on business performance to analysing the role of companies in addressing global environmental problems. Bansal points out three essential elements that are often missing in the field of sustainable innovation in companies: "First of all, companies tend to think too short-term. Secondly, companies often want to operate globally, while sustainability requires strong local anchoring. Thirdly, companies often want to grow and scale up, but in the pursuit of sustainability, we cannot afford for all companies to have the goal of increasing their size," Bansal says.
Collaborate at a local level
As a company, can you incorporate sustainability into your strategy and do your bit for the environment and the world, while remaining profitable at the same time? This is an issue that concerns many entrepreneurs, but Tima Bansal is confident that it is achievable: "You can create value for yourself and the world through new and innovative products, services and business models." Bansal uses a powerful metaphor to illustrate her point: "Think of yourself as a parent in a family. If you only take care of yourself, the family will eventually fall apart. But if you take care of both yourself and your family and balance both aspects in every decision you make, you will discover that this is the best approach. I believe we can create the same mentality for companies." In addition, Bansal emphasises the need for cooperation at a local level. "We must actively pursue the transition to a circular economy. This means embracing locally driven solutions, without always relying on cutting-edge technologies. Specifically, people can, for example, actively buy their vegetables from small-scale, local shops that offer organic and seasonal products. Or we can promote reuse and recycling at a local level to reduce waste and preserve valuable materials for local production," Bansal indicates.
"You can create value for yourself and the world through new and innovative products, services and business models"
Network for Business Sustainability
In addition to emphasising the importance of collaboration among businesses, governments, and civil society organizations, Bansal herself has also placed a strong focus on collaboration. She has always believed in the potential of collaboration between academics, business leaders and civil society organisations to drive positive change. The Network for Business Sustainability (NBS), a research centre she founded in 2003, is a vivid example of this belief.
Bansal: "At NBS, we actively strived to reduce the gap between research and practice. That's why we joined forces with managers in Canada to answer their specific questions, rather than focus exclusively on business issues. I am convinced that we have made significant progress in this area."
“It is critical to break the traditional paradigm of researchers working in isolation”
Honorary doctorate
According to Bansal, the establishment of NBS is a crucial milestone that has ultimately led to the awarding of the honorary doctorate. Receiving it is “a great honour," she says. "It's extraordinarily motivating to get recognition for your efforts. It affirms the value of my work, but will it change anything in my dedication to my work? No, absolutely not. I will continue to do what I have always done." Bansal says that she doesn’t make daily adjustments for balance in her life. "You may think: I’ll either go to the gym in the evening or spend time with family and friends. It is important for me to find ways to integrate both. It's the same in my work: I've integrated my research into my practical work, and I combine them without balancing anything. So one doesn't have to exclude the other."
Future of sustainable entrepreneurship
What does the future of sustainable entrepreneurship look like? If it's up to Tima Bansal, collaboration is essential to keep the future running smoothly. "The bitter thing about sustainable entrepreneurship is that we don't have the luxury of time. Some global environmental issues are reaching a critical point and if we do not act quickly, this will become increasingly problematic. This means that all of us must collaborate, regardless of our background, whether we are working in the field or in the research community, whether we are young or old," Bansal says. As far as research is concerned, Bansal thinks we need to rethink the way we do research. "Research needs to be closely intertwined with practitioners. We can no longer afford to do research, publish it, and then expect the world to change after three, five or ten years. The urgency of these issues requires collaboration with those in the field." This is also the advice Bansal gives to young researchers: "Learn to speak both the language of practice and that of research. It is critical to break the traditional paradigm of researchers working in isolation. You don't have to choose between both worlds; we simply have to train our people differently," Bansal concludes.
Honorary doctorate for Professor Tima Bansal: pioneer in sustainability and scientific relevance
Elco van Burg, portfolio holder Research: "On 23 November, Professor Tima Bansal will receive an honorary doctorate from VU Amsterdam, on the occasion of the 75th anniversary of the School of Business and Economics. Tima Bansal is known in business administration for her contributions in the field of sustainability, qualitative methodology and her commitment to making science more relevant to practical applications. Her work, using advanced and often new qualitative methods, has yielded valuable insights into how the dimensions of time, space, and scale influence the way shaping of sustainability in business strategy. This helps companies to combine social and environmental goals with profitability. By founding the Network for Business Sustainability, she has also brought these insights beyond academia to the companies that are actually working on – and struggling with – sustainability. She is a shining example for many scientists in how she contributes to sustainable practices in business in her scientific work, roles in the Academy of Management, and practical initiatives (such as Innovation North) from scientific work."
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