PREPARING FOR THE PURPOSE ECONOMY
Robert Prestipino
Under the banner of the Purpose Economy , this article provides a snapshot of the emerging paradigms of Transformational Finance , Public Mission and Systems Innovation . There is increasing evidence that these models are likely to disrupt how we think about future economic development policy , programs , and projects . As these paradigms are yet to fully play out , the intention of this discussion is to encourage reflective thought and experimentation rather than provide definitive recommendations .
An alignment of global factors from climate change , pandemics and resource depletion are complex and wicked problems profoundly challenging our current values and institutions . There is no doubt there is a significant systemic shift underway and the future models of economic development will be different from the past . No one really knows exactly how this will unfold but some trends are emerging . One of the most interesting trends is an increasing market shift towards purpose driven consumption and investment .
THE PURPOSE ECONOMY There is increasing discussion about purpose and its economic value . In 2014 ,
Aaron Hurst first published The Purpose Economy , which framed a shift from the information age to one in which businesses and individuals needed to focus on purpose-driven results .
Hurst puts forward a new way of thinking about the way work is done and , more importantly , how organisations must frame their businesses to provide experiences that their employees and customers are seeking .
Hurst believes the purpose economy reflects the way work is evolving . It reflects the strong desire of employees to do work that has a higher societal purpose . He argues that to be successful in the long term , today ’ s companies must demonstrate a clear sense of societal purpose that employees can identify with .
In his article “ Welcome to the Purpose Economy ” Hurst wrote , “ At its foundation , the Purpose Economy creates purpose for people . It serves the critical need for people to develop themselves , be part of a community , and affect something greater than themselves ,” “ It may sound utopian , but there is evidence in almost every industry and throughout our culture that this shift is already underway .”
The idea of purpose-driven lives has been around for some time . In the past 10-20 years , it has begun to emerge as part of the business ethos . Companies have begun to adapt and develop ways to incorporate the purpose economy mindset into their strategic plans .
The Purpose Economy Defined Hurst writes that the purpose economy can be summarized in the traits that have been common among those applying to the Taproot Foundation , an organization Hurst founded . They are :
Personal Purpose : Hurst describes powerful moments of discovery when individuals realize that what they are doing is not what they are truly meant to do . He tells the story of a lawyer who decided that what he truly loved was baking . However , after leaving the law practice and opening his own bakery and café , he found he was still not happy . His passion ? Talking with others about creating his own bakery and making cakes , not running a business . Hurst believes that personal purpose comes from having the self-awareness to understand what your passion is and taking the step , or multiple steps , to find what fulfills that passion .
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