Conscious Capitalism: The $30 Trillion Party - No Invitation Required!
As millennials have already grasped the baton from the baby boomers we are about to witness the largest transfer of wealth in the history of the world, $30 trillion to be more precise. And with money comes power!
Similar to the baby boomers, millennials have distinct values, inclinations, habits and fears tied to their earning and spending habits. Millennials on average are more risk-averse and less likely to spend money unnecessarilythan previous generations. Millennials also prefer to do business with corporations and brands with pro-social messages, sustainable manufacturing methods and ethical business standards.
Millennials have captured their parent’s hearts by demonstrating restraint and responsibility and that equates to influence. Collectively, both generations have invoked a paradigm shift where materialism and profits no longer rule. Welcome to Conscious Capitalism!
Conscious Capitalism is the movement that follows a business strategy to benefit both human beings and the environment. It’s not simply about creating efficiencies and profits. It pushes for “values-based” economic values where values represent social and environmental concerns at both local and global scales. And most important, it incorporates awareness, self-awareness, awareness of purpose, practice and relationships. This movement is about real human connection on a much higher level.
The term, Conscious Capitalism, has been popularized by John Mackey, cofounder and co-CEO of Whole Foods and Raj Sisodia, professor of marketing at Bentley University, through their book Conscious Capitalism: Liberating the Heroic Spirit of Business. It has also been embraced and adopted by other successful companies such as Trader Joes, The Container Store, Annie’s Homegrown, Kind Snacks, Starbucks and many more. And, the 2015 Nielson Global Corporate Sustainability Report indicated that, globally, 66% of consumers are willing to spend more on a product if it comes from a sustainable brand.
Within the past several years the movement has transcended organic foods and sustainable products and has permeated other sectors, most notably the financial sector. This is relevant because this sector has been beleaguered for decades and has been viewed as a late adopter of change. This can be best exemplified by how long it took for technology to infiltrate the sector and spawn, within just the past few years, what is now commonly referred to as fintech.
In a recent interview with Enzo Villani, founder of Equities.com, a fintech company, Enzo explained the necessity to cover the stories and trading of small and micro-cap firms, also known as emerging growth markets. A large percentage of those firms encompass the fields of food, sustainability and biotech. Recent articles that have appeared on Equities.com website include: “Happy, Healthy and (W)holesome” specialty foods create a new life for its founder, “The Latest: FDA panel endorses potential 1st US gene therapy” and ‘A Look at Immunovaccines Major Recent Milestones”.
Offering this type of news coverage on emerging firms not only provides financial opportunities but also bestows valuable information on cutting edge nutrition, processes and treatments. The end results? Both investors and consumers become more educated about health, wellness, sustainability, the environment and working relationships. So, if you haven’t already adopted this mindset there is still time to join the party and enjoy all the benefits because after all, there is…… “No Invitation Required!”
About This Contributor
Business Growth Expert in Disruptive & Innovative Tech
Transformation + Change + Results (TCR) = SUCCESS!