The purpose economy drew a crowd at the Victoria Forum this year.
For the second year running, the Forum featured a session on the purpose economy. Attendance doubled, with more people interested than the room could accommodate.
The timing could hardly have been more relevant. Canada is rethinking its economic future as trade tensions with the U.S. put renewed attention on Canadian sovereignty, economic resilience and support for Canadian business. It raises a bigger question: What kind of economy is Canada building?
The Victoria Forum, hosted by the University of Victoria and the Canadian Senate, brings together leaders, policymakers, academics, business, civil society and youth to explore solutions to some of the major challenges facing society.
The session, which I moderated in my role as Chair of the Canadian Purpose Economy Project featured Senator Rosa Galvez, Ryan Turnbull MP, Maureen Young of Coast Capital, Francisca Quinn of Quinn+Partners and University of Victoria business student Khushi Makhani to explore how a purpose economy could contribute to Canada’s economic future, and what it would take to make social purpose business the norm.
The conversation was lively and wide-ranging. Here are some of the ideas that stood out.
Build Purpose into the Business
A purpose economy starts with businesses that have a reason for being beyond making money – and put that purpose to work throughout the business.
We heard how Coast Capital is doing just that. Its social purpose is a decision-making lens across the organization, influencing strategy, employees, products and services. Even something as seemingly “purpose neutral” as a chequing account was reimagined by connecting it to free online learning through Coursera.
Purpose can also open new avenues for innovation and growth. Many of the opportunities in front of Canada – affordable housing, resilient communities, climate adaptation and the energy transition – are societal challenges waiting for solutions which social purpose business can tackle through their core business.
What would it take to unlock more of that potential?
Pull Some Powerful Levers
If we want more businesses to adopt and embed a social purpose, we need to use the levers that encourage them to do so.
One idea we explored was government procurement.
What if prospective suppliers were asked: What is your purpose?
That idea feels especially timely now. As governments look for ways to strengthen Canadian businesses, supply chains and economic resilience, public procurement can do more than buy goods and services. It can help shape the kind of economy we want to build.
And why stop at procurement? Governments are expanding support for Canadian businesses affected by tariffs and trade disruption. What if businesses seeking government funding, financing or other support were also asked: What is your purpose?
Imagine if governments, financial institutions and investors routinely asked that question of businesses.
Get Capital into the Game
Capital is another powerful lever.
Purpose-led companies can be lower-risk, better run businesses. Yet they are not systematically rewarded with better access to, or a lower cost of, capital.
What would happen if purpose became relevant to how financial institutions and investors assess a business?
Equip the Next Generation
A purpose economy isn’t only about today’s CEOs, boards, investors and policymakers. It’s also about the people who will soon occupy those roles.
Younger generations are becoming an increasingly influential force in the workforce, marketplace and investment landscape. And they are looking beyond purpose statements. They want evidence that purpose is actually shaping what a business does.
That makes business education part of the equation too. If tomorrow’s leaders are going to lead social purpose businesses, we need to teach them how.
Rallying Around the Possibilities
Business strategy. Government procurement and programs. Capital. Education. Consumer and employee expectations.
None will create a purpose economy on its own. But imagine what becomes possible when they begin pulling in the same direction.
At a moment when Canada is working to strengthen its economic sovereignty, resilience and competitiveness, we have an opportunity to do more than shore up the economy we have. We can be deliberate about the kind of economy we build next.
Why not a purpose economy?
And if the interest at this year’s Victoria Forum is any indication, there are a lot more people ready to help make it happen.
Subscribe to our newsletter to stay informed about future events and be part of building a thriving purpose economy.