Business for Purpose Network. Weekly Announcement #49. November 5, 2021

Compiled by Allyson Hewitt / VP Impact, MaRS Discovery District / November 5, 2021. Edited by Marek Nakonieczny / Associate, B4PN with submissions from Coro Strandberg and Mary Ellen Schaafsma / Social Purpose Institute at United Way BC

#ONE – Measuring Purpose

?Junxion has written a deeply informative article for the Social Purpose Institute, hosts of the upcoming Propelling Purpose Summit November 17 – 18, entitled Measuring Purpose: Redefining Success for the Purpose Economy. They share some of the evaluation methods, like Theory of Change used in the nonprofit sector, and reframe them to help those attempting to put purpose into practice in their business.

Mike Rowlands, President and CEO of Junxion Strategy will be moderating a panel on Day 2 of the Summit entitled Designing the Ecosystem: Cross-pollinating practices across sectors. The panelists are Allyson Hewitt, MaRS and B4PN; Amie Sergas, Ontario Ministry of Economic Development; Chad Park, Co-operators; and The Honourable Hassan Yussuff, Canadian Senator and former President, Canadian Labour Congress. Check out the entire program here and don’t forget to register with the code PAN-21 for a 15% discount.

?#TWO – Lessons from the Social Good Community

Plans for #PurposeinBusinessWeek November 15 – 19 are well underway and we encourage you to use the hashtag to get the word out there. You can access the Social Media Toolkit for Propelling Purpose and Purpose in Business Week here.

Featured event from B4PN Founding Member, Imagine Canada. Lessons from the Social Good Community. This event is scheduled for November 16 at 2 pm EST and is free to register. It features Laura Brown, Community Investment Manager at Sobeys Inc., Helen Siebel, Global Leader, Community Investment & Philanthropy AstraZeneca and Steven Ayer, CSR Corporate Partnership Analyst for Imagine Canada as they reflect on lessons from the pandemic and where the community investment field is headed. We hope that adopting a societal purpose is something they have on their agenda.

#THREE – Shared Value Leadership Summit 2021

It’s been a decade since Shared Value was first introduced to us, this complimentary summit offers a reflection on the progress of this initiative and a chance to hear from global leaders such as Dan Shulman from PayPal and Darren Walker from Ford Foundation. November 8, 9 and 10. Register here. This event promises “inspiration, connection and actionable advice for purpose-driven leaders and practitioners from around the globe who are committed to imagining and designing an equitable and inclusive society.”

?#FOUR – Profiling Social Purpose in Business Champions

We have featured the writings of Hubert Joly, former CEO of Best Buy several times before in the B4PN Weekly Announcement, in his latest HBR article entitled Creating a Meaningful Corporate Purpose, he inspires us to feature his work yet again.

?HBR Summary: “Today, most company leaders believe that their companies’ larger purpose is to make a positive difference in the world – not just to maximize shareholder value. Defining a corporate why and making sure it guides decisions and operations has therefore become a cornerstone of doing business. According to author Hubert Joly, former chairman and CEO of Best Buy, Best Buy’s purpose has been central to the way the company has grown and evolved — and continues to. It’s what helped inspire previously discouraged and anxious employees and boosted the company’s share price about tenfold since 2012. Although the idea of a company guided by purpose is simple to understand, it is very hard to turn into reality. Joly presents five considerations that are critical for defining a powerful corporate purpose.”

?#FIVE – Listen: Growing Business for Good

Mary Ellen Schaafsma, Director and Co-Founder of the Social Purpose Institute (SPI) at United Way BC, “shares the concept of business having a social purpose as their reason for being, beyond profit” on this podcast hosted by Lynn Fergusson, Partner and Co-Founder of the B Corp Social Impact Advisors. Lynn is working with the B4PN on a strategic clarity process, and we recommend you take Lynn and Mary Ellen with you on your next 30-minute walk.

quote of the week

“Trend 6: Purposeful business. Linked to authenticity, this trend is all about ensuring your organization exists to serve a meaningful purpose – and not just serve up profits to shareholders. Purpose defines why the organization exists. (Not what the organization is or what it does or for whom. Therefore, purpose is different to mission and vision.) Importantly, a strong purpose has the promise of transformation or striving for something better – be it a better world, a better way to do something, or whatever is important to your organization..”

– Bernard Marr, The 8 Biggest Business Trends in 2022, Forbes. November 1, 2021.

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