The Potential for A Purpose Economy: Highlights from our Conversation with Christelle François
“Our vision is that by 2030, at least 25% of Canadian businesses are adopting, disclosing, and authentically embedding a social purpose across their operations and relationships, and collaborating with others to achieve it.”
On April 16th, we hosted a discussion with Christelle François from the Canadian Purpose Economy Project (CPEP). Christelle is the CEO of the Equity Economic Development Group and a Founding Member of the Canadian Purpose Economy Project. The event was a two-parter - it provided the opportunity to hear more about Christelle’s impressive journey and experiences in the impact investing and sustainability space. The discussion also focused on what a social purpose is and how to create a purpose economy through CPEP.
Here are some key takeaways on the purpose economy from the discussion:
Understanding Social Purpose: Christelle began our conversation by defining what a social purpose business is; “it’s a business whose reason for being is to create a better world. Its purpose is to be profitable, is to profitably solve the problems of people and planet without causing harm to them. And it’s in part of the company’s strategic optimal contribution to the long-term well-being for all.” She also explains that while the marketing-aspect of social purpose is an integral part of sharing the wins that some of these companies are having as part of helping that adoption of the purpose economy. She also notes that marketing your organization’s social purpose. I think that can help shift some of the mindset with businesses to show, because I think sometimes people are not as aware as what's happening and hesitant to adopt the purpose economy mindset.
Defining a “Purpose” Economy: CPEP describes a "Purpose" economy as one that is powered by the pursuit of long-term well-being for all in which businesses and regulatory and financial systems foster an equitable, flourishing, resilient future.
Moving Beyond the Definition of a “Social Purpose”: Christelle pointed out that many nonprofit organizations already identify as a “social purpose” - that is, an organization looking to create a better world. However, how organizations commit to that social purpose can differ. CPEP works to help companies have that shift; to not solely be focused on profit, but purpose as well. This shift can be made possible through impact investment opportunities, as part of impact investing is defined by not just financial return, but social contributions as well.
How Organizations Can Find Their Social Purpose: CPEP has frameworks to help organizations find their purpose and participate in a purpose economy. She notes that “Your business is usually helping solve a specific problem. And that's where lies the purpose of why you exist and why you do what you do as a business.” Businesses can define these goals at a macro or micro level (thinking locally or nationally), but these goals often address larger global issues. Therefore, while organizations might be conducting business locally, they can still identify what their social purpose is by looking at what global concerns they are drawn to.
There are Key Pillars Who Can Help Us Achieve a Purpose Economy: Christelle notes that there are various spaces that can spark change. In particular, she notes that having our government involved, different investments, business schools, funders, associations, boards, and diverse organizations. These contribute to helping us have a more purpose-driven economy across Canada
Christelle also shared some insights and opinions on the current sustainability sector:
A Piece of Advice for Aspiring Sustainability Professionals: Christelle encouraged those who are starting in the industry to recognize that professional pathways are often not linear—there is lots of flexibility and different ways to achieve your goals. Moreover, various roles exist in the sector you may have never heard of — so don’t be afraid to expose yourself to different opportunities.
Lean into Mentors for Support with Imposter Syndrome: Christelle shared that she experienced her fair share of Imposter syndrome, as sometimes having accelerated success can be a frightening experience, especially for minorities in professional spaces. However, leaning into mentors - no matter their background - and being able to share your experiences can help you remain focused and defeat those mental barriers.
Have Compassion for Unique Experiences of Minorities: While it's fantastic that the sector is working to get more diverse voices involved, it is crucial to remember that this brings along unique experiences. Christelle notes that sometimes the conversations specifically around sustainability are inherently privileged, and it's important to have compassion for communities who practice sustainability in different ways.
About Christelle François and the Canadian Purpose Economy Project:
Christelle François is a bilingual executive and entrepreneur. She is the CEO of the Equity Economic Development Group, supporting investment funds in diversifying their impact investment portfolios. In 2022, Christelle was listed among the Top 100 Most Influential Black Canadians. She's the immediate former President of the Canadian Black Chamber of Commerce, where she led a strategy that successfully secured over $5M in funding in less than six months. Christelle is the Board Chair of the Table of Impact Investment Practitioners of Canada and was recently appointed as the Board Chair of Boann Social Impact, a Canadian Social Finance Fund Wholesaler and social impact investing firm. She is also a Founding Member of the Canadian Purpose Economy Project.
The Canadian Purpose Economy Project is dedicated to advancing the transition towards a purpose-driven economy. It collaborates with various stakeholders across the nation to foster an environment conducive to the growth and success of social purpose businesses. Through convening, connecting, curating, and collaborating, the project aims to propel the social purpose business movement in Canada. Its vision is to establish a societal framework where social purpose businesses are mainstream, attracting investment, talent, and strategic partnerships. Ultimately, the project seeks to catalyze collaborative efforts among businesses to address societal challenges and contribute to Canada's flourishing future.
About Diversity in Sustainability:
Diversity and Sustainability is an organization that equips current and future BIPOC sustainability practitioners with the skills, networks, and resources to accelerate the transition to a sustainable and just future. We also aim to be a catalyst to make our industry more inclusive.
