How can we create an entire economy geared toward good? Focusing on personal, social, and societal purpose.
I’m not an economist, a sociologist, or a psychologist. I am an entrepreneur. Entrepreneurs constantly look for opportunities, hoping to find emerging trends or spot inspiration for new products or services. This kind of pattern recognition first helped me see the enormous potential for pro bono and has now helped me discern the underlying thread in what appears to be myriad emerging trends of the last decade. It’s helped me comprehend how they are all driven by the pursuit of purpose–together, they create the Purpose Economy.
In the last ten years, social innovation has become big business. Conferences and magazines are dedicated to the topic, and legions of consultants and entrepreneurs help individuals and companies adapt to this new way of operating. Under President Obama, the White House now has an Office of Social Innovation and Civic Participation.
Harvard professor and corporate strategist Michael Porter launched the “Social Progress Imperative,” a global index that strives to look beyond gross domestic product and provides a ranking of countries globally, based on the extent to which they are meeting the social and environmental needs of their citizens. It is one of several similar efforts, including the United Nations’ Universal Periodic Review, that focuses on aspects such as human rights and social impact rather than economic factors in order to evaluate nations’ progress.
The conversation about work is also rapidly evolving, with the emergence of new fields of research (such as positive psychology) and new search and recruiting firms focused solely on helping people find meaningful work. Search firms like ReWork, On- Ramps, Idealist, and Commongood Careers (which uses the catchy tagline, “Will work for social change”) are thriving. Books like Adam Grant’s Give and Take and Martin Seligman’s Flourish are redefining not just what drives employee engagement and productivity but what improves employee well-being. These new concepts inspire different approaches to management and careers. Applications from the best talent in the nation have flooded these firms, just as Teach for America has been now for over a decade.
A generation of Purpose Economy pioneers, like Whole Foods Market’s John Mackey and Virgin’s Richard Branson, are challenging others to follow their lead and to create new frameworks both to do well and to do good, which raises the bar for the business community and turns successful theories into movements. Richard Branson launched the B Team, a coalition aiming to go beyond traditional corporate social responsibility, and instead embrace what they call Plan B: “a plan that puts people and the planet alongside profit.” John Mackey and his team are promoting a new model for business he calls Conscious Capitalism, which inspired his book of the same name.
The Latest on: Purpose Economy
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The Latest on: Purpose Economy
- World Economic Forum Convenes Special Meeting On Global Collaboration, Growth And Energy For Developmenton April 27, 2024 at 9:50 am
The World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development convenes key global stakeholders in Riyadh, Saudi Arabia, to enable comprehensive dialogue on global ...
- New American University course to focus on economic impact of Taylor Swift, The Eras Touron April 27, 2024 at 6:00 am
According to TIME, the Eras Tour is projected to generate close to $5 billion in consumer spending in the United States alone.
- N.J. school district cuts 27 teachers and employees due to ‘economic issues’on April 26, 2024 at 11:06 am
Some of the positions cut include elementary school teachers, school counselors, special education teachers and the district's director of human resources.
- Policymakers must recognize global economic risks posed by ecosystem 'tipping points,' says reporton April 25, 2024 at 10:03 am
The collapse of key ecosystems would severely harm the global economy, researchers have warned. Researchers from UCL's Institute for Innovation and Public Purpose (IIPP) and the Global Systems ...
- Cayuga Economic Development Agency staff laid off as firm recommends changeson April 25, 2024 at 2:30 am
The Cayuga Economic Development Agency is beginning to rebuild by firing its staff and planning how to implement 34 recommendations issued by an outside consulting firm.
- NCBW’s Baltimore Metropolitan Chapter hosts ‘Pearls with a Purpose’ eventon April 24, 2024 at 6:34 pm
The National Coalition of 100 Black Women's Baltimore Metropolitan Chapter hosted Pearls with a Purpose, a fundraiser to support advocacy work in the community.
- North Korean economic delegation makes rare visit to Iranon April 24, 2024 at 5:34 am
A high-level North Korean economic delegation embarked on a rare public visit to Iran this week, as the region witnesses mounting tensions amid the Israel-Hamas war. North Koreas ...
- DeWine to Visit Valley for Economic Development Announcementon April 23, 2024 at 11:34 am
YOUNGSTOWN, Ohio – Gov. Mike DeWine and J.P. Nauseef, JobsOhio president and CEO, plan to make an announcement Wednesday regarding economic development in the Mahoning Valley. According to a media ...
- The Women Who Had Five or More Kids on Purpose Think They Know Something You Don’ton April 20, 2024 at 7:00 am
The women interviewed in this book are not, as far as I can tell, angling for spon-con deals, political clout, or hits of dopamine. Pakaluk’s interviewees are speaking, instead, to someone they trust.
- Connecticut's special banking charter finds a new purposeon April 17, 2024 at 3:29 pm
Banking Circle US is the first company to use Connecticut's uninsured bank charter for wholesale and merchant activities. This kind of charter makes sense for payments firms, but questions persist ...
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