By Wendy Loretto, Dean of University of Edinburgh Business School
THIS week 100 students will put their heads together over 48 hours to develop business solutions to some of society’s most prevalent issues, ranging from fuel poverty and loneliness in old age, to financial literacy and gender equality. Run by University of Edinburgh Business School, in partnership with Social Investment Scotland, #makeyourmark is aimed at tapping into a passion of our younger leaders to harness the power of business as a force for social good.
It’s the second time we have run this challenge and if the business ideas from our inaugural challenge are anything to go by, we can hope to see some genuine social innovation emerging from this group. Back in February the winning team of #makeyourmark, Femmebox, came up with a product to support homeless women with vital sanitary products. Using a monthly subscription model, Femmebox matched every box of tampons and sanitary pads purchased with an equivalent parcel, delivered to shelters for women in need. An innovative solution to one of society’s oldest needs.
For the current generation of students priorities and attitudes to career choices have changed significantly from 10 to 20 years ago. What was previously considered normal – say one career, lived through a handful of employers – no longer sits neatly at the top of the wishlist. Today’s graduates are looking to shape their own paths as either entrepreneurs or employees. As universities, we need to be offering an experience of education that speaks to those values. Ultimately, our business students want to make a difference, not just a profit.
Our first year business undergraduates, for instance, begin their time in Edinburgh on a Global Challenges course which considers both the opportunities and challenges of globalisation. Focusing on “how to think” not “what to think”, the course sets out to fine-tune students’ critical thinking juices, in a world invaded by facts, alternative facts, spin and hyperbole. One student described it as a “brain gymnasium”. #makeyourmark gets that thinking going through a live challenge, and offers the chance to discuss ideas with business leaders, to work with students from other schools in the university, and to create something that has the potential to benefit our collective future.
Of course none of this would matter if the world of business had not started to address the imbalance between profit and purpose. However, even here, attitudes are changing. There is a growing acceptance, from investors to entrepreneurs, that profit and purpose are not mutually exclusive. Not only can values-based businesses help to tackle social challenges, they can also compete on a level playing field financially with profit-first businesses. Studies appear to back this up. In a survey titled The Business Case for Purpose, a team from Harvard Business Review Analytics and EY’s Beacon Institute concluded that companies that could harness the power of purpose to drive performance and profitability enjoyed a distinct competitive advantage.
It’s still early days for the “profit with purpose” movement, but with graduates demanding a more socially-conscious career path, we can see a future where making a making a difference while making a profit becomes normal business behaviour. Whether addressing homelessness or fuel poverty, it’s the ability of business to scale up that offers a real opportunity to drive social impact. This is a hugely exciting prospect and one which the University of Edinburgh Business School is happy to embrace with both arms.
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