As we rebuild the economy, we must consider this—rather than trying to rebuild an outdated economic system, we must build a better one by addressing the underlying structural flaws that have been exposed and exacerbated by the events of 2020.

Many of the social, environmental, and economic challenges we face today are downstream consequences of outdated economic systems and organizational models whose roots date back to the industrial age. The scale, urgency, and complexity of these challenges demand a fundamental upgrade to business-as-usual. The growing sector of for-benefit enterprises, also known as Social Impact Businesses, offers an opportunity to solve many of these social and environmental challenges, while advancing inclusive and sustainable economic growth.

Combining attributes of traditional for-profit businesses and nonprofit organizations, Social Impact Businesses are hybrid business structures whose higher purpose is delivering social and environmental benefit while making a profit. This innovation is evolving capitalism and traditional business models alike, all while broadening the current business definition of success. We need to unleash the power of purpose-driven organizations to build a better economy.

By strengthening the supportive ecosystem for this 4th sector, we can rise to the challenge that the COVID-19 crisis has created to build a more resilient, inclusive, and sustainable world. This is a transformative journey, transitioning from what has been a Shareholder supremacy paradigm to one that is inclusive of all Stakeholders and is intentional and strategic in serving communities while creating jobs. This journey requires new ideas, new voices, and massive collaboration at every level.