About Business with Purpose
Purpose /ˈpəːpəs/, to most, relates to a search of the reason why and what something or someone is to become. In recent years, “purpose” is also emerging as a competitive advantage and a powerful way to blend business and society, where companies with an established sense of purpose – measured by social impact – were seen to significantly outperform the S&P 500 by over 1,000% over 15 years (EY / Harvard Business Review, 2016). The business case for “purpose” becomes increasingly clear, but building it to inspire stakeholders and trust is more than just creating a mission statement in the office.
According to the 2021 inaugural “Business with Purpose” survey completed by over 150 Hong Kong businesses leaders, 84% indicated an interest in developing as a purpose-driven business. Of which, nearly 73% struggle to put purpose into action due to competing priorities, while 27% face challenges in securing internal buy-in / know-how, or a general lack of resources, respectively. With such strong expressed interests within Hong Kong’s business ecosystem, we believe that it is now the time, more than ever, to meet the emerging movement with meaningful action.
In February 2021, the “Business with Purpose” platform was formed through an Impact Partnership between The Hong Kong Management Association (HKMA) and Social Ventures Hong Kong (SVhk). It is united by our common vision to support corporate and social leaders in redefining sustainability, while reinforcing a shared mission to embed PURPOSE in action for a better collective future for HKMA’s members and the wider business community.
What We Do
To help businesses realise their full potentials, a series of “Business with Purpose” initiatives will be launched under the pillars of Advocacy, Award, Advisory and Academy.
- Pledge in action
- Cross-ecosystem platform curation
- Advocacy campaigns
- Talks and seminars
- Interactive workshops
- Professional development and education courses
- Social innovation lab
- Impact advisory / consultancy services
- Hong Kong Sustainability Award
- Embedded social impact judging criterion in HKMA business awards
By activating a stronger supporting ecosystem to advance purpose-led values, the platform hopes to inspire and nurture purposeful leadership and future talents for our business community.
Pledges in Action
Together we declare purpose, and put our vision into action
2030 is fast approaching, as are our aspirations to realise the United Nation’s Sustainable Development Goals. Every baby step matters.
Starting from 2021, we invite all business leaders to declare PURPOSE.
- Purpose in Action
Prioritise purpose in business strategy. Action-based approach.
- Universal Employee Development
Culture of inclusion, wellbeing, innovation and co-creation.
- Responsible Investing
ESG-aligned investments. Community ventures for collective impact.
- Planet-friendly Practices
Eco-friendly workplace and infrastructures. Solutions to combat climate change.
- Operational Impact & Accountability
Corporate governance. Impact evaluation. Shared value approach.
- Supply Chain Sustainability
Collective actions and partnerships. Integrated lifecycle model.
- Ethical Consumption
Conscious consumption movement. Sustainable living for the next generation.
|26 April 2021||15 founding signatories joined HKMA and SVhk in signing a pledge in action to reinforce their commitment to PURPOSE|
|22 February 2021||HKMA and SVhk signed MOU to fuel “Business with Purpose” movement|
JUMPSTART YOUR PURPOSE JOURNEY, TODAY
Stay tuned for the latest Business with Purpose happenings:
- HKMA / ViuTV & Now TV Awards for Marketing Excellence: Excellence in Social Good award – apply by 3 May here
- Seminar on “The 7 Approaches of Purpose Business” by Social Ventures Hong Kong (26 May 2021) – sign up here
- Seminar on “Creating Shared Value” by Shared Value Initiative Hong Kong (16 June 2021) – sign up here
- Limited free social innovation lab sessions by Social Ventures Hong Kong (first-come-first-serve basis, June – August 2021) – sign up here
Our Impact Partner
Social Ventures Hong Kong (SVhk) is an Impact Purpose Organisation dedicated to reimagining a purpose-driven city. Since its founding in 2007, SVhk has invented over 40 social innovation projects including Light Be (empowerment housing), Green Monday (plant-based movement), and HATCH (co-working factory). SVhk is also committed to mainstreaming impact value creation through its “Business 2.0” platform and has advised a number of notable Hong Kong businesses including Airport Authority Hong Kong, Cathay Pacific, the Urban Renewal Authority, and the Hong Kong Broadband Network.