Social Impact with Profit or Profit with Social Impact
Sometimes I feel privileged living in an era where my social media news feed features gay couples, active support for the Indigenous community, unity efforts for India and Pakistan, allies amplifying the voice of Jews.
These are features not just on my news feed but also in my real life.
Humanity has grown. Humans have grown. Supporting one another. Asking the Why behind archaic behaviours.
Of course, there is a long road to utopia but atleast we tried to pull out the map.
Businesses are rethinking too.
McKinsey recently launched a report, COVID-19: Implications for business which featured Gillian Tett, the Financial Times columnist and US managing editor, focusing on a fundamentally unique strategy for making sense of the business world today: anthropology.
She highlighted the need of developing a lateral vision or anthro-vision. This essentially meant that systems are not just built on models and data but on the people who create and understand those models and numbers. It is somewhat also influenced by the person, culture, ethic and the overall context behind it.
She emphasized on the concept of incidental information exchange that happens at workplaces. The folks at Wall Street only imagine having their brain power and technology they can trade on, what they miss out on is the very foundation of their success which is collective decision making.
By now, it is evident that I am in awe of her article. The point is that we cannot ignore human behaviour’s impact on processes, systems, the economy and the environment.
With studies like these, it becomes evident that more thought is being given to humans, not just who we benefit from but the ones who benefit from us as well.
According to Global Impact Investing Network (GIIN)’s report impact investing market is estimated at $715 billion in 2020.
What this means is that where social enterprises, NGOs and the overall socially driven sector is creating the demand for resources, philanthropists and fund managers create supply.
I think we all at some point in our lives have been the people or come across people who question socially driven businesses.
They question their authenticity, the sustainability or just the mere underlying idea of impact over profit.
But with the emergence of these legit sources and backing, social enterprises are gaining more attention and acceptance.
In order to support our fellow changemakers, we would be launching a Spotlight series featuring socially driven ventures, their journeys, their resilience, their commitment and their vision.
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