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Social impact and profitability are two sides of the same coin. Businesses that only look at profit and disregard the impact that it has on wider social issues like child labour, discrimination and the environment suffer terribly when things turn sour.
Q: I have a well-developed concept for a startup that has the potential to both earn a profit and have a positive social impact. Since aspects of my business do not deal exclusively with making a profit, how should I approach investors? I feel that whenever you mention social impact or anything that remotely sounds like “non-profit,” that scares them away. What are some approaches for dealing with this stigma? — Charles Preuss
