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During a recession, it becomes especially important for early-stage businesses to prove why they matter more than other companies. In this climate, purpose-driven businesses are the only ones who can say for certain that the world is a better place with them in it.
When your business has an important mission at its heart, you will have more power to attract talent, valued mentors, investors and customers. That’s because today’s consumers are drawn to ethical products from ethical brands. Employees are willing to work for less pay if their company shares their values, and these trends are only going to become more ingrained as the world comes to terms with recent events.
Research shows that purpose-driven companies are more resilient in times of crisis. B Lab found that during the last recession, companies with a social mission had a 63 percent better chance of surviving the downturn than other similar sized-companies.
“People — consumers, investors, everyone — are looking for inspiration and leadership now more than ever,” says Miyoko Schinner, an American chef, cookbook author, animal sanctuary founder and owner of dairy-free cheese brand Miyoko’s