For The Spectator’s 2020 Economic Innovator of the Year Awards, sponsored by Julius Baer, we have introduced a new award for Social Impact to reflect the fact that today’s entrepreneurs, especially younger ones, tend to believe that business should aspire beyond profit (even though they recognise that profit is essential for any business to survive, grow and reward its investors) towards trying to make the world a better place.
On that basis, it was no surprise that the vast majority of our almost-150 entrants this year ticked the box that indicated they’d like to be considered in this category, as well as on their merits as innovators and business-builders. But in doing so, they interpreted the phrase ‘social impact’ very widely — and of course the first thing our judges are likely to be asked, and indeed need to ask themselves, is: ‘What does it actually mean?’
Well, here’s our interpretation: ‘All the entries we have selected as finalists in the Social Impact category are entrepreneur-led for-profit businesses, not social enterprises or charities.
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