Does the future of business center on integrating the twin goals of building a better world alongside growing profits? With an increasing frequency, Americans are saying it should—with their wallets.
According to a recent study, 78% of Americans want companies to address important social issues. And 87% say they will purchase a product because the brand supported a cause. 1
NextGen entrepreneurs have recognized this trend. According to TheDeloitte Millennial Survey2017, 76% of Millennials believe the success of a business should be measured by more than just its financial performance.2 For this cohort, addressing both profits and social good isn’t just a PR strategy, it’s a progressive business model that should be an integrated part of how businesses operate.
During another panel, Nancy Pfund from DBL Partners expanded on this idea, talking about businesses which have integrated sustainability strategies. DBL Partners—named from the concept of Double Bottom Line (profits and social impact)—believes in using venture capital to invest in companies that aim to deliver both top-tier venture capital returns as well social environmental and economic change directly through their products and business operations. “The old view is if you ever tamper with your profit motive by addressing any sort of social concerns you would diminish the brand. That is not what the vanguard of investors believes today. And the biggest cohort of that thinking is the millennial group.”