The Rise Of B Corps Highlights The Emergence Of A New Way Of Doing Business
By Michele Giddens
In my previous column I talked about the growing demand for impact investments, driven by powerful global trends like the ongoing transfer of wealth to women and millennials.
Crucially, these same trends are also boosting the supply of impactful investment opportunities – by supporting the rise of a new generation of enterprises that are actively pursuing social and environmental impact alongside financial goals.
In the most recent Deloitte Millennials survey, almost 40% of respondents stated that the goal of business should be to ‘improve society’ (second only to ‘generate jobs’ in terms of priorities). And in an earlier study by the Intelligence Group, 64% of millennials said it was a priority for them to make the world a better place – while 88% wanted ‘work-life integration’. Today’s workforce is rejecting the old Milton Friedman notion that the only social responsibility of business is to maximise profits; they think business should also be trying to make a positive difference in the world. And quite right too: why should we stop caring about the things that matter to us when we go to work?