The Role Of Higher Education Institutions In Fostering Innovation And Sustainable Entrepreneurship: A Case Of A University In South Africa

Abstract

In the new global economy, sustainable entrepreneurship has become a focal point of business as they seek to foster innovation and create sustainable products in the quest towards achieving sustainable development goals by the year 2030. The higher education sector plays a critical role as a catalyst in providing opportunities to nurture young and budding entrepreneurs and creating a platform where entrepreneurs can discover innovations and ideas that can be transformed into sustainable products. The study aimed to find out the role of institutions of higher education in promoting sustainable entrepreneurship, and to establish the characteristics necessary for sustainable entrepreneurs. Quantitative research methods were applied, with self-reporting questionnaires distributed to students at an institution of higher education in South Africa for data collection. Simple random sampling was adopted to select respondents (n=183). The results were analysed using means and exploratory factor analysis. Findings indicated that the institution is providing opportunities for nurturing sustainable entrepreneurship and innovation. Creativity was found to be the characteristic required for being a successful sustainable entrepreneur. The evidence from this study suggests that higher education institutions should be instrumental in creating opportunities and pathways as to how entrepreneurial characteristics can be enhanced to create sustainable businesses. Training should be offered on harnessing creativity and generating ideas that will help solve societal problems, while creating value.