This morning, as I lay in bed, I found myself reflecting on two simple yet powerful words: business and impact. Preparing for a workshop with the EdenTay Founders Community (a forward-thinking collaboration with Dundee, St Andrews, and Abertay Universities) I began to think about how deeply these concepts shape our everyday lives.
Looking around my room, I realised how much business influences every moment of our day, from the second we wake up to the moment we fall asleep. My warm house was built by businesses, construction companies, suppliers, and designers. My phone alarm buzzed, a device dreamed up by innovative creators, manufactured through global supply chains, and sold by corporations. I turned on my light, powered by electricity from energy providers, and stepped out of bed onto my rather worn out slippers (they are on the santa wish list) designed and produced by yet another business.
Even the stairs I walked down and the kettle I switched on for my tea represented the efforts of countless businesses. It’s easy to take all of this for granted, focusing solely on cost or convenience. But what if we paused and looked closer?
What if the businesses behind my morning routine ALL prioritised social and environmental impact as much as, or even more than profit? What if they considered the materials they sourced, the workers they employed, and the communities they served? The ripple effect of such a shift could transform the world.
As I thought more about this, I couldn’t help but imagine the extraordinary potential businesses have to create meaningful change. Consider the companies behind the electricity you use, the bed you sleep on, or the coffee you drink. What if all of them decided to address inequality, reduce their environmental footprint, and invest in improving lives?
This isn’t just wishful thinking. Businesses are already being pushed to rethink their priorities, and much of this shift is driven by the younger generations. Millennials and Gen Z are no longer satisfied with companies that focus purely on profit. They demand more.
A 2023 Deloitte survey found that 75% of Gen Z and Millennials consider a company’s social and environmental impact before making purchases. This isn’t just about buying habits either, workplace values are shifting too. A 2024 LinkedIn report revealed that 62% of Millennials would leave a job if the company’s values didn’t align with their own.
Purpose is no longer optional. It’s becoming essential. Businesses that fail to adapt risk being left behind in a world that increasingly values sustainability, fairness, and social responsibility.
Yet, the challenges we face are significant. The top 1% of earners capture 20% of global income, according to the World Inequality Database. Nearly 700 million people live on less than £1.66 a day, and the World Economic Forum predicts it will take 131 years to close the global gender gap!
But businesses have the power to address these issues. Purpose-led companies, those that prioritise social and environmental goals at the heart of their strategy can bridge wage gaps, promote equity, and foster sustainability at scale. They can help restore ecosystems, slow climate change, and build stronger, more resilient communities.
This is where The Ventures Lab, an initiative of The Challenges Group, comes in. At The Ventures Lab, we support entrepreneurs to create businesses that deliver social and environmental impact alongside profitability. Our focus is on helping startups refine their business plans, access finance, and embed sustainability into their operations from the start.
By fostering innovation and helping businesses align profit with purpose, we aim to address the challenges of inequality, environmental degradation, and economic resilience.
The EdenTay Network is an exciting platform for forward-thinking minds, and I’m thrilled to share this vision with them.
If you would like to learn more about the work of The Ventures Lab or would like to hold a workshop of a similar nature, please feel free to email Angie directly or visit The Ventures Lab | by The Challenges Group
