Fostering Blue Sustainability and Innovation

Abstract

The aim of this paper is to present a theoretical blue economy innovation model and, based on recent project data and previous research, to identify the key educational success factors underpinning sustainable blue economy entrepreneurship and innovation training. Based on previous studies concerning factors that increase the willingness to become an entrepreneur, we apply a qualitative research approach to develop the theoretical foundations relating to factors that influence both business managers and students to co-create and innovate within the blue economy. Our observations are based on both successful and less successful EU projects carried out in the Baltic Sea region. The issue of innovation and educational factors affecting positive outcomes in practice is highly complex. Based on our observations, we have developed a blue economy innovation model, which we utilise to analyse blue economy projects. The results indicate that the common factors underpinning the most resilient blue economy projects are: (1) access to financing, (2) a motivated team leader, and (3) knowledge of resilient and sustainable solutions. We identify a need for further research into how to foster both students and managers who are aware of sustainable development. One possible way forward is to incorporate some of the 17 UN Sustainable Development Goals (SDG) into every university course. The novelty of this paper lies in the theoretical framework relating to factors that influence individual choices concerning sustainable blue entrepreneurship and potential blue economy innovations.