“For too long we’ve seen entrepreneurs create wealth [and] then distribute it,” says Tony Cooke, a social entrepreneur who teaches a two-day masterclass to One Planet MBAs. “[But] bringing profit and purpose together is a really compelling business model.”
While most business schools are enthusiastic about putting purpose before profit, they are held back by a traditional focus on shareholder value.
As an example of its uniqueness, Tony, who founded a food disruption business with 150 suppliers and 4,000 products, says social and environmental impact is threaded through the whole MBA. “There’s a capitalist dichotomy of putting profit before planet. Our goal with the One Planet MBA is to break that down,” he says.
Students work with companies such as NGOs and environmental technology start-ups, he says, and some develop business plans for their own social ventures.
Adam Lusby, MBA faculty, who teaches a masterclass on the $4 trillion circular economy, says his students look at business models that can do well by doing good.
“We’re interested in the social trends. Overlaid on that is this notion of disruptive technology,” he says. “We look at the rise of machines — robotics and automation and 3D printing.”
A third masterclass explores digital disruption. On the One Planet MBA, emerging business models, from flat-sharing site Airbnb to cab-hailing app Uber, are seen through social lenses.
“Businesses that don’t go on a path of innovation and [that] don’t embrace innovation and intrapreneurship will be superseded...They have to adapt,” Adam says.
The trend for companies to consider their impact started a long way back. Consumer goods giant Unilever and consultancy Accenture — two firms backing the One Planet MBA — are among those ahead of the curve.
But now they are examining ways to incorporate “intrapreneurs” into their organizations, for example to lead impact investing practices or corporate social responsibility efforts.
“Some One Planet MBA students already identify as entrepreneurs, [while] others want to work for a company with environmental or social challenges,” Tony says.
They are mostly millennials, marketing jargon used to describe those aged between 18 and 35, who are more concerned with impact and entrepreneurialism than earning six-figure salaries.
“They are interested in a legacy,” Tony says. He adds: “My hope is that all students will self-identify with being a social entrepreneur.”
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