Description
Book SynopsisWhy has Warby Parker been able to make such dramatic inroads against the behemoths in the long established eyeglass market? How has Method revolutionized the soap aisle? Amid the cacophony of online retailers, why has Etsy seen such explosive growth, with 2013 annual sales north of $1 billion?
These companies all have been disruptive because they are operating from a strong social/environmental purpose. They are proving a counterintuitive truth purpose can drive profits. But it's not just innovative startups that are getting in on the action. Blue chip companies such as Nike, Coca-Cola and IBM are innovating within their organization to create a positive social and environmental impact globally.
This is not a trend. It's the future of business.
Based on in-depth interviews with founders, Profit & Purpose profiles a number of the most successful pioneers of this new way forward, telling the stories of thirteen social enterprises ranging from non-profits like Char
Trade Review
"Whether you’re a scrappy startup or an established Fortune 500 firm, you can reap great rewards by tapping into the power of purpose. But how do you turn purpose into profit? Kyle Westaway reveals the secrets behind the success of purpose-drive market disruptors like Method, Warby Parker, and Etsy, as well as how giants such as IBM and Nike have harnessed the power through innovative product and brand development. Profit & Purpose provides an essential roadmap for all those seeking to crush it with purpose."-Gary Vaynerchuck, CEO of VaynerMedia, New York Times bestselling author
"For billions of people who live at the based of the pyramid (BoP) job opportunities and access to life enhancing products and services are top on their list of needs they value most. Social businesses are uniquely positioned to deliver these life-enhancing essentials to those the free market has traditionally left behind. Westaway's thought provoking book should be read by anyone who is interested in learning about how business can be harnessed as a force for good.”-Jordan Kassalow, Founder, Co-Chairman, VisionSpring, on the Forbes Impact 30 List
"Kyle Westaway has the unique ability to distill complex ideas into simple authentic truths, and he's created a masterful gift in Profit & Purpose."-Adam Braun, Founder of Pencils of Promise and New York Times bestselling author
Table of ContentsAcknowledgments ix
Introduction xi
Moving Beyond Shareholder Value xvi
Moving Beyond Giving xvii
A Better Way Forward xx
Can I Really Do Well and Do Good? xxii
How Social Enterprises Are Leading the Way xxiv
What Sets These Social Enterprises Apart? xxviii
Behind the Scenes xxx
1 Discover Through Curiosity 1
Identifying the Problem of Eyeglasses 2
Recognizing the Right Problem for You 6
A New Kind of Marketplace 13
Method to Their Madness 15
Inspiration at a Sleepy Roadside Stand 17
Innovation from Within 19
The Bumpy Path to Innovation 21
Africa’s Moonshot 22
Key Takeaways 25
2 Design with Humility 29
Bringing Brilliant Design to the Poor 31
Letting the Users Guide You 34
Discovering You Need to Pivot 36
Don’t Underestimate the Challenges of Distribution 37
You Don’t Need to be an Expert 37
Embracing Challenges 41
User Testing Has Many Benefits 43
Knowing What to Outsource 43
Finding Early Adopters Takes Work 44
Creating Demand 45
Good News Travels Slow 46
Key Takeaways 48
3 Build with Hustle 51
The Intuitive Hustle 52
The Strategic Hustle 57
Best Laid Plans 59
Beating the Burn Rate 62
Simple and Sincere Can Work Wonders 68
Key Takeaways 70
4 Fund Through Commitment 73
Promoting a New Version of Capitalism 74
When Profit Trumps Purpose 75
The Benefits of the Benefit Corporation 76
The True Cost of Free Money 76
Smart Crowdfunding 78
Kickstart 80
Follow-On Funding 83
Going to the Well 86
Embrace 2.0 88
Vision Capital 91
Not Having to Ask for Money Again 94
Investing in the Ecosystem 97
Key Takeaways 98
5 Connect with Authenticity 101
Values Drive the Brand 103
Establishing the Brand Hierarchy 104
Give Them a Delightful Experience 106
Reworking One for One 107
Offer Delightful Experiences 108
Selective Partnerships 109
Hit the Road Jack 110
The Marketing Method to the Madness 111
Don’t Talk at Your Customers, Listen to Them 118
Building a Community 119
Press Coverage Trumps Ads 120
Build Momentum with a Pre-Launch Campaign 121
Key Takeaways 123
6 Scale Through Community 125
Making a Mission Truly Meaningful 126
Keeping on Top of Employee Engagement 128
Wild Growth 131
Keeping the Magic Alive 133
The Limits of Hustle—Tough Decisions 134
Selling Doesn’t Necessarily Mean Selling Out 135
A Road-Side Startup Goes Corporate 136
Dumpster Diving 138
A More Sustainable Supply Chain 139
Learning from the Big Guys 141
Becoming More Innovative 142
Sticking with Strengths 143
The Challenges of a New Location 146
Your Reputation May Precede You, But You Need Community Support 149
Key Takeaways 150
7 Evaluate with Honesty 153
Baking Metrics Into Your Process 153
Considered Design 154
Throw It Over the Wall 157
Measuring Your Footprint 160
Learning to Love Data Mining 161
Hacking Education 162
The Bigger You Are, the More Data You Have 164
Collecting Data Over Time 166
Key Takeaways 168
Conclusion 173
About the Website 177
Index 179
