This story is in partnership with the Social Purpose Institute at United Way BC
The way businesses operate is changing.
The concept of shareholder primacy — that the sole focus of business is to generate profits for shareholders — is under attack. Businesses are rethinking why they exist and are considering their greater impact on the world now more than ever.
With multiple crises impacting Canada including COVID-19 — like the opioid crisis, rising inequality, climate change, growing recognition of systemic racism, and the housing crisis — it’s become crucial for businesses to feed the economy in a way which nourishes society, rather than deplete it further.
First, what exactly is a social purpose business? It’s defined as a business whose reason for existing is to create a better world. These businesses provide benefits to societ
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