Why purpose-driven companies are thriving (and can change the world) | Ryan Hillier | TEDxMontreal

Summary

The speaker shares their journey from a high-flying corporate lawyer to founding a one-for-one law firm, providing legal services to both paying clients and those in need for free. They argue that purpose-driven businesses are the future, as they not only succeed economically but also contribute positively to society, using their own firm's rapid growth and impact as evidence.

Takeaways

• 🏡 The story of Mary, a single parent served an eviction notice, illustrates the vulnerability and struggles faced by many.
• 💼 The speaker's journey from a high-paying corporate lawyer to founding a one-for-one law firm reflects a personal quest for purpose and social impact.
• 🌟 The concept of 'purpose' is presented as a critical third ingredient, alongside passion and profit, for entrepreneurial success in the 21st century.
• 💡 The one-for-one business model is introduced as a way to balance profit and social responsibility, where every hour billed translates to an hour of pro bono service.
• 📚 The speaker contrasts the traditional profit-first mentality with a new paradigm where businesses are expected to contribute positively to society.
• 💼 The business case for purpose is supported by behavioral science, which shows that consumers prefer brands that align with their values.
• 📈 Purpose-driven businesses are shown to attract and retain top talent, as they offer opportunities for personal fulfillment alongside professional success.
• 💹 Investors are recognizing that companies integrating purpose into their models outperform their peers, as evidenced by the growth of Unilever's purpose-led brands.
• 🌐 The rapid change and disruption in the business landscape make purpose a competitive advantage for companies looking to thrive in the future.
• 🙌 The call to action for entrepreneurs, employees, investors, and consumers to support and create purpose-driven businesses to address societal challenges.

Q & A

What was the speaker's initial goal when they went to law school?

The speaker initially aimed to be a lawyer who could protect the defenseless and vulnerable, with the hope of reducing inequality and bringing greater justice to those who had limited access to legal resources.

How did the speaker feel after working for top law firms for many years?

The speaker felt lost and disconnected from their original goal of helping those in need, despite having a high salary, a fancy office, and the admiration of peers and family.

What is the concept of the 'one-for-one' law firm that the speaker founded?

The 'one-for-one' law firm model provides one hour of pro bono legal service to low-income individuals, nonprofits, and early-stage entrepreneurs for every hour of legal service provided to paying clients.

What is the significance of the term 'purpose' in the context of the speaker's business philosophy?

In the speaker's business philosophy, 'purpose' refers to the third imperative for starting a business, which is the integration of a meaningful social goal alongside the traditional economic objectives.

Why did the speaker feel compelled to start a purpose-driven business?

The speaker felt compelled to start a purpose-driven business due to the growing awareness of the need for businesses to contribute positively to society and the potential for such businesses to succeed in the market.

What are the three main reasons the speaker gives for businesses integrating purpose into their models?

The speaker outlines three reasons: 1) Purpose-led brands are more successful in acquiring and retaining customers. 2) Purpose helps businesses engage the best employees. 3) Businesses that integrate purpose are growing faster than traditional companies.

How does the speaker's law firm measure its success in terms of pro bono work?

The speaker's law firm measures its success by the number of individuals and organizations it has helped without charge, and the number of free legal service hours provided, which is directly proportional to its economic success.

What is the speaker's vision for the future of entrepreneurship?

The speaker envisions a future where social entrepreneurship becomes the norm, with businesses inherently designed to address social challenges alongside their economic goals.

How did the speaker's law firm assist Mary, the woman facing eviction?

Mary was assisted by the speaker's law firm when she was served an eviction notice. The firm provided her with proper legal representation, which resulted in a successful defense and victory before the rental board.

What is the speaker's call to action for the audience?

The speaker calls on the audience to recognize the importance of purpose-driven businesses and to actively support and participate in creating such businesses, as they are not just surviving but thriving.

What is the speaker's view on the role of businesses in solving societal challenges?

The speaker believes that businesses, especially those that are purpose-driven, have a significant role to play in addressing and solving some of the biggest challenges faced by society.