HBR IdeaCast The Growing “Do Good” Economy
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Nov 29, 2022 Jacob Harold, cofounder of Candid and former CEO of GuideStar, delves into the evolving landscape of social impact in business. He discusses the complex balance required for for-profits to incorporate social responsibility while addressing financial sustainability. Harold emphasizes the necessity of diverse toolkits and ethical frameworks for effective change. The power of storytelling in driving social narratives and enhancing collaboration among organizations is also explored, alongside the crucial need for standardizing nonprofit data for transparency.
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The Doing Good Economy
- The "doing good" economy encompasses various organizations, including nonprofits, businesses, and government agencies.
- Millions work full-time in this sector, demonstrating society's commitment to positive change.
Challenges of Social Impact
- Integrating social impact into businesses is a growing trend, influencing consumer behavior, employee values, and investment decisions.
- However, it presents complex challenges, as seen with the crises involving FTX and WeWork.
Embrace a Toolbox Approach
- Avoid fixating on a single model or tool for social good, as the world's complexities require diverse approaches.
- Embrace the abundance of tools available and avoid over-reliance on any single method.
