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Contributed by Kevin Xu, CEO of MEBO International and co-founder of the Human Heritage Project.
Corporate social responsibility (CSR) is not a new concept. Companies have been publicly proclaiming their dedication to sustainability, philanthropy and diversity for decades. But only recently have the true benefits of CSR come into focus for the companies that embrace it.
CSR is more than a PR tool, though. Under the surface, it’s considered an essential element of your business model and a critical driver of your company’s bottom line. According to recent research, companies with well-defined social missions are more likely to attract loyal consumers, recruit dedicated employees, and be recognized as innovation leaders. They also enjoy easier access to finance and face fewer capital restraints.
Given these benefits, many investors take great interest in a startup’s social mission. An Edelman study found that 76% of investors expect companies to address one or more social issues and view CSR as an indicator of long-term viability.
Startups that embrace and exemplify a clear social mission from the get-go will have an easier time attracting much-needed backing.
Express Your Mission
The sooner you can effectively communicate your company’s social mission, the more time you will have to build trust and understanding with investors. These early conversations can be invaluable to your business, both to its short-term funding and long-term direction. For example, a potential investor could identify issues in your CSR plan that would prevent your company from achieving its goals.
In order for a CSR initiative to reach its full potential, a company and its investors must be on the same page, pulling in the same direction, and striving for th… Read More
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