Building Your Social Impact
Being a socially conscious company is more important than ever. Here's expert advice on how to bake social impact into your business and the ways it can drive your growth forward.
"Adding a purpose bottom line to to your prosperity bottom line builds up character, values and culture—your team is more inspired. Such companies make better products and are more relatable to the more informed consumer of today and tomorrow." - Dr. Mayank Pahwa, founder of Bono Sleep.
"In the United States, as well as Italy and Colombia, startup businesses looking to add purpose to their business model may find it useful to incorporate as a Benefit corporation (for profit with purpose), which can preserve the purpose and prevent the company board from changing it’s structure to only for-profit at any point in the future." - Dr. Mayank Pahwa, founder of Bono Sleep.
"In countries where there’s no legal structure around Benefit Corporations, like India, aligning team members, board, current and future investors with the purpose and signing a legally binding contract to prevent removal of purpose from the business model may be essential." - Dr. Mayank Pahwa, founder of Bono Sleep.
"Do not add a purpose to your business model if you do not feel passionate about the cause, if you are seeking free PR media publications, because it sounds cool, if you cannot sustain it, or if your team members and existing investors are opposed of it." - Dr. Mayank Pahwa, founder of Bono Sleep.