The word sustainability is perceived positively 55% of Czechs. But only in the context of environmental sustainability. But that is not the only kind of sustainability we should focus on. Although many of us first think of waste sorting, solar panels or major (e.g. oil) environmental disasters when we hear the word sustainability, fewer of us think of social or financial sustainability. We cannot ignore these, because good intentions alone are not enough to create a better world.
"A business that makes nothing but money is a poor business." - Henry Ford
We cannot separate the individual types of sustainability on the path to success or a better world. They are interconnected, as is suggested, for example, by the expansion of classic financial reporting by large companies to include non-financial reporting, which now also includes the social or environmental area (you may also know these under the mysterious acronym ESG). Let's now take a look at the individual types of sustainability.
Financial sustainability
Many of us have come up with ideas to improve the world. But most of the ideas ended up in a drawer because... where will I get the money for them? Who will pay for it? How will I support myself on the path to fulfilling this idea? These are, of course, relevant questions. And there is also a way to try to answer them. For example, it can be creating a lean canvas or a business model. Using these tools, you can try to find a way to support yourself with your idea while not backing down from the condition of impact and creating a better world.
Participants in our incubation or acceleration programs, such as Social Impact AwardDuring it, they will go through a range of workshops and lectures that will help them frame their ideas on a sound financial foundation. They will learn the basics of financial planning, build their own robust business plan, and find out how to prepare for expected and unexpected situations on the path to success.
Once you have such a good foundation, you will immediately feel better on the path to your dream and you will know that you are ready.and the obstacles that may stand in your way. One of them could be a plan to raise a large sum of money to get your idea off the ground.and to the market.
You can then use all these plans, including business growth prospects, costs and sources of profit, to present to investors who will help you in the beginning. If you are at that stage now, you can also turn to investors from our pre-seed venture capital fund. PurposeTech fundwho invest in good ideas with a solid foundation right from the start.
Social sustainability
Society today is going through a series of simultaneous crises (so-called polycrisis), which affect a variety of groups in different ways. However, all steps aimed at solving these crises should also be carried out in the spirit of social responsibility and sustainability. If this aspect is missing in the area of building businesses and solving individual problems, we will be in for a not-so-pleasant surprise in the future.
It's not that difficult, you just need to think about how, in addition to your financial sustainability, you can also address the issue of integrating marginalized groups into society, and think about the problems of groups that are not very visible or are subject to other disadvantages.
Examples of such socially responsible projects are Pragulicwho give work to the homeless by turning them into original guides to Prague, Mamio a M.arter in turn focuses on the social exclusion of mothers on maternity leave or Czechitaswho decided to help women in the IT industry.
Social sustainability is an often hidden but essential aspect to consider in your projects and work. This will give your projects a real impact and help make the world a better place. You can do this consciously yourself* or, for example, by participating in our program Social Impact Award or other programs of our partners (for example Stronger movers from Czech Savings Bank).
Environmental sustainability
We are deliberately saving it for last because it is the kind of sustainability that we are all already familiar with to some extent. 71% of Czechs say that they climate protection matters, but they lack sufficient explanation of the solution, for example from politicians (81% of Czechs would welcome a better explanation of their plans in this area). Much has been said and written about the topic itself and it fills the pages of newspapers almost daily - whether it is access to cars, nuclear power plants, the back-up of PET bottles and cans, or garbage flooding beaches and forming islands in the sea.
However, the future does not have to be bleak, we have many promising solutions on the table and we also have enough scientific data available to make good decisions. Whether it is the conclusions of the intergovernmental panel IPCC or data processed by popularizers of the topic, e.g. organizations Climate FactsWe also have the goals set by the United Nations for 2030, the so-called 17 Sustainable Development Goals (SDGs), which can serve as a functional guide for anyone who doesn't know where to start.
Hundreds of startups and innovators (such as EarthCare, Rekola, Semi-auto whether Coconut), but they are so big that it is necessary to involve large corporations and companies in their solution, which have a part in the whole problem and it is only fair to involve them in its solution. We started this with the UGO salad bar, with which we were looking for a way to use their biowaste or with EG.D for which we organized hackaference.
Companies and startups should think about sustainability in all its meanings
In order for companies and startups to grow (or be created) in the future, they should keep in mind the breadth of the meaning of the word sustainability and focus on all three of its pillars from the beginning. Startups dealing with climate change must also consider the social impacts of their activities, just as socially beneficial businesses must not neglect their environmental impacts. Ignoring these topics can mean worse chances of success for companies and startups in the future or even cause existential problems.
Everyone – small, large, new and established – should be concerned with ensuring that their activities are financially sustainable in the long term and that they are able to carry out their activities for as long as possible and with the greatest possible impact. But generating profit as the main goal of business should be a thing of the past. This trend is also confirmed by new models that evaluate startups not only by the measure of high financial value (the hunt for the creation of so-called unicorns), but also by the form of their impact on society and nature. The way in which we think about building new companies and implementing new ideas is increasingly dictated by society's lust for so-called Zebras and Phoenixes. Our investment funds are thinking about them in the same way PurposeTech a Tilia Impact Venturesfrom which such startups can obtain the necessary money to start or for expansion and growth.
We have been trying to find and build Phoenixes and Zebras at Impact Hub for over 13 years. Come join us, whether you have an idea or just a tip for a great project. Get in touch and we will be happy to help you find a way to start or grow sustainably.
Are you curious about what it also means for us at Impact Hub? Cooperation, Courage, Confidence, Responsibility or not to create assumptions?
