Entrepreneurship for the Planet: Building a startup that goes beyond financial gains

Founding a mission-driven startup with the ultimate objective of protecting the planet will offer a vastly different experience for budding entrepreneurs. “Entrepreneurship for the planet” can yield invaluable rewards, some of which are often unexpected. A mission-driven startup goes beyond financial gains, aligning its goals with principles that have not only a positive, but long-term social and environmental impact.

There are numerous success stories stemming from purpose-driven businesses. Patagonia, for example, which initially entered into an already crowded market, has shown its competitors you can have a positive impact on the environment while remaining profitable. The company creates products that allow its customers to explore nature without causing unnecessary harm, which is unheard of in this sector, thus providing them with a USP. By placing sustainability at the heart of this mission, Patagonia has employed what appeared as counter-intuitive tactics from a profit standpoint, such as the Black Friday “Don’t Buy This Jacket” campaign. This move resulted in a positive outcome for the company, as Patagonia’s distinctive unwavering commitment to its purpose has garnered loyalty from consumers and stakeholders alike.

Purpose-driven startups are supposed by consumers, investors and stakeholders who also care about investing in a product or service that aligns with their values. Recognising that mission-driven companies are a catalyst for positive social change, investment is directed towards these beliefs. This can be seen in the increasing investment startups across the EU and globally, and forging strategic partnerships with larger businesses can allow such firms not only to validate their offering but also gain invaluable knowledge sharing. 

The demand for mission-driven startups goes beyond profits and allows such companies to enact positive change within their industries, while simultaneously maximising the value of their business. In doing so, these firms can enhance their market position and attract a dedicated customer base, leading to long-term success within the company and driving them to fund the future.

refurbed was born from the recognition that our current consumption patterns, particularly regarding technological devices, are inherently unsustainable. In this day and age, we have created an economy that is entirely dependent on disposable products and throwaway culture, harmful to both the planet and society. Our business strategy is composed of three crucial pillars; measuring environmental impacts, reducing negative environmental impacts and financing environmental protection projects. 

By incorporating these objectives, we increase transparency regarding our own environmental effect, allowing our customers and stakeholders to have pride in their investments while mitigating future harm. We don’t simply want to reduce our damage, but to foster an environment whereby positive change can take place. We acknowledge the challenges in the production of technology, and despite every effort to offer a sustainable product, we strive to improve our own ecological footprint within the industry. 

Economic growth and sustainability can coexist, and this is becoming more essential as the climate crisis worsens. We have shown prioritising our values does not mean sacrificing profits. By championing ecological and environmentally friendly practices, we have gained competitive advantages, attracted like-minded stakeholders, and cultivated a productive working environment. 

For aspiring mission-driven startup founders, success is possible but it is important to never lose sight of your purpose. The business needs to focus on its long-term goals and champion its core values above all else. This approach will attract a committed team with a shared vision, secure investment from stakeholders who believe in the company’s future, and foster continuous improvement. As bestselling author Simon Sinek said, “People don’t buy what you do; they buy why you do it”.

Innovation is paramount to a sustainable and successful mission-driven business, particularly environmentally friendly firms, as more traditional success strategies are likely to be harmful to the planet – this includes overproduction of cheap materials, and therefore encouraging overconsumption. Your idea and product must be as resolute as your values, this will set you apart from competitors. Otherwise, your clients or customers have no incentive to choose you over companies indifferent to social impact.

Sustainable businesses must gain their customers’ trust, and in doing so, work to avoid greenwashing. With companies now understanding the importance of green practices, many may try to deceive consumers into thinking their products or services are environmentally friendly, eventually eroding trust in those who wish to invest in a company making a positive impact. To avoid this, we would suggest prioritising transparency, particularly in terms of the environmental benefits of the product. This may include managing emissions, producing reports and tracking your progress. The ability to back up your environmental claims will be effective in solidifying stakeholder loyalty and building a dedicated customer base.

Whether you are a business owner, someone seeking to start a business or an investor, you can be a voice for change towards a more purpose-driven direction. Additionally, we as consumers, wield power through our purchasing choices, and by supporting mission-driven products, we can make a real impact. Companies can always improve; we must strive to implement sustainable practices in your organisation and encourage participation in initiatives that add social and environmental value before it’s too late…