Defining & measuring social impact for your start-up

Today, audiences are more aware of the impact that consumerism has on the environment. They’re also aware of the role that corporations play in impacting society, and whether they’re doing enough to help. In fact, a study from earlier this year showed that over 90% of people believe businesses have a responsibility to improve society while making a profit

Ways start-up can measure social impact and can benefit

1. Stronger Brand Identity

The brand that is most loyal with its consumers is Apple. The reason for this is because of the quality products they offer. A recent study found that more than 90% of iPhone users are planning on buying another when the time comes for an upgrade.

2. New Employees and Talent Recruitment

As millennials age, start-ups must determine how to adapt to changing demographics. For a long time, the prevailing wisdom was that markets would move toward sustainability when millennials could outspend other generations because millennials expect more authentic social responsibility from the companies they purchase from.

To be wealthy, powerful or famous does mot matter to me. Starting a social good ripple that will turn to an ocean wave matters to me.”

― Petek Kabakci

3.Your Investors

Ask your investors to also look at impact opportunities. I know investors look for financially viable businesses that have clear, defined and above all measurable social impact and environmental outcome targets. To succeed with impact investors, impact metrics need to be prominent in your business plan and pitch

4. Innovation

As mobile technology has grown in popularity in India, however, it is difficult to find the same level of innovation that targets the poor. For example, there are a number of enterprises working on delivering accurate and useful information (e.g. weather patterns, crop prices) to Indian farmers via a mobile phone. In contrast, urban residents have access to much more information as

5. Donations and Philanthropy