< Previousfor that fact to relevant others. In this nested system, we need the right direction, oversight, and accountability at the macro level of governance in order to motivate and retain the right governance at the level of organizations where the value-creation work happens. Recognizing this deep interconnection between the Wellbeing Economy and pur- pose-driven organizations, Mike Rowlands, Coro Strandberg, and the team at the Canadian Purpose Economy Project have been working to convene and amplify the voices of prominent CEOs and other or- ganizational members to lobby for a macro environment that can help purpose-driven organizations thrive. Given that Canada has a history of being a Wellbeing Economy visionary, as Tara Campbell from WEAll Canada outlined, and that the purpose-driven business community is very active, this is a context where change could be supercharged. At the operational level, inspiring sto- ries of purpose-driven organizations work- ing hard to make the Wellbeing Economy real at a meso level have been brought to life in this magazine by NATIVA, Th e Purpose Business, Th erme Group, Anglian Water, and Inspired Villages. Together they help illustrate in real terms what business models look like when they exist to make a contribution to long-term wellbeing for all while ensuring they achieve that purpose in a way that protects and enhances the assets they rely on. Eric Ezechieli from NATIVA and Andy Brown from Anglian Water illuminated the role that the legal context plays in anchoring decisions to a clear, durable, and dedicated purpose. For NATIVA, the fi rst certifi ed B Corp in Europe, the Benefi t Corporation legal form has been a central pillar of driving change. For Anglian Water, as one specifi c company on a purpose-driv- en journey, it has been about changing their constitution within traditional legal form and then using the British Standard in purpose-driven organizations, “PAS 808:2022 Purpose-driven organizations. Worldviews, principles and behaviours for delivering sustainability” (PAS 808)2 to embed this across the company. Regardless of whether you can change your legal form, it is the governance and management practices that make purpose, and therefore the Wellbeing Economy, real in day-to-day decisions. Like NATIVA, Pat Dwyer outlined how Th e Purpose EOQ Congress in Porto, 2023. Given that Canada has a history of being a wellbeing economy visionary, as Tara Campbell from WEAll Canada outlined, and that the purpose-driven business community is very active, this is a context where change could be supercharged. 60 MAKE THE WORLD BETTER MAGAZINEBusiness is itself a purpose-driven orga- nization that works with a wide range of organizations to support their lived purpose journey. While both work glob- ally, NATIVA is more European-centric while Th e Purpose Business focuses on the change happening in Asia. Together these demonstrate the global nature of work to bring about the Wellbeing Economy through purpose-driven organizations. What these stories also well demon- strate is the blue sky thinking and hyper-innovation that sweeps in when you fl ip to a purpose logic of decision-making that is wellbeing, and, therefore, sustain- ability-oriented. Product and service ideas and the scope of collaborators open up as the business-as-usual (BAU) way of think- ing about markets shifts from a market- place of potential fi nancial income capture to a marketplace of potential wellbeing outcomes. In addition, decisions start to become bounded by hard parameters that make the protection and enhancement of social and environmental systems (like healthy water systems) and the health of stakeholders a non-negotiable limitation. Th ese parameters shape business model de- sign and all strategy to achieve the purpose — thereby making sure value isn’t created through innovation in one place but de- stroyed through operations to achieve it. Th e existing system that promotes asset-stripping of our shared resources in order to make fi nancial profi t makes it diffi cult to operate within parameters that protect social and environmental systems. At the same time, with the right mindset, research shows creativity is heightened with hard parameters. Furthermore, the expanded innovation mindset of purpose and freedom from old ways of thinking that purpose unlocks means that these organizations can fi nd ways around prob- lems others can’t see and gives energy to sustain grand plans. If you are purpose-driven, then you also care as much about governing for healthy stocks and fl ows of non-fi nancial capital as fi nancial capital, as well as en- suring the business model operates within social and environmental thresholds of health. You count what matters, you rec- ognize you can’t always count it and seek multi-stakeholder insights, and you make decisions based on that fuller view. Th is is also the basis of being able to comply with the oncoming ESG reporting agenda, which, while starting out as an investor risk and values agenda, is ultimately about society saying to organizations that they can only exist if they can prove that they are not asset-stripping our collective long- term wellbeing. Purpose-driven organiza- tions do this as part of their core processes and are set up to weather this revolution in reporting better than others. By changing the objective and the parameters, which are the basis of strategy (i.e. how to achieve an objective within parameters) the rationale for action: the “business case” is also fundamentally changed in purpose-driven organizations. Th is goes hand in hand with leaning on the raft of new multi-capital accounting systems that have been emerging over the years. Refl ecting the shift from GDP at the macro level, we’ve had a couple decades of serious innovation in orga- nizational-level accounting: everything from the Environmental Profi t and Loss Account (EP&L) spearheaded by Puma, to full multi-capital accounting processes mainstreamed by organizations like the once-prominent International Integrated Reporting Council (IIRC) and the Capitals Coalition, to recent pushes to provide estimated costs of externalities in the notes to the accounts in order to fulfi ll director duties to assure accounts are “True and Fair.”3 One further striking aspect of what characterizes purpose-driven organiza- tions is the collaborative approach taken to bring communities of practice closer together to drive advanced change. All contributions to this issue of Make Th e World Better Magazine in some way exposed supercharged collaboration and co-creation. Nowhere is this taking root more seri- ously than in the national standards-build- ing work to build and expose the emerging consensus on the governance and manage- ment needed at the meso level. Th e British Standard, PAS 808, can be freely down- loaded and was designed to be applicable globally and in any organization. However, while that was the intention, it is only when the question of “how is a purpose-driven organization governed and managed” posed at an international level can we really know what the consensus on this is. Twenty twenty-four may be the year this process kicks off within ISO (the non-governmental process of consensus building made up of 167 countries). Any pre-work to scrutinize and experiment with PAS 808 is a way to prepare for this, and you can join the implementors group on LinkedIn.4 Professor Lorenzo Fioramonti. What these stories also well demonstrate is the blue sky thinking and hyper-innovation that sweeps in when you flip to a purpose logic of decision-making that is wellbeing, and, therefore, sustainability-oriented. APRIL 2024 • ISSUE 07 611. Nicholls, J. & Carpenter, B. (September 2023). Impact Transparency in Public Sector Accounting. 2. The British Standards Institution. (2022). PAS 808: Purpose-Driven Organisations: Worldviews, Principles and Behaviours. 3. Learn more about Social Value International (SVI)'s True and Fair campaign at socialvalueint.org/true-and-fair. 4. Check out the “PAS 808: purpose-driven organisations” group on LinkedIn at linkedin.com/groups/12693671. The Micro Level Th e macro Wellbeing Economy provides the structure for the meso-level purpose-driven organizations to fl ourish, and this, in turn, unlocks enhanced meaningful work and lives — and hence, enhanced direct wellbeing — for those who work for, buy from, live near, or are impacted by them. Duncan Newbury from Th erme Group and Jamie Bunce from Inspired Villages brought colour to this by describing how being in service to a world of long-term wellbeing for all has led to business models that seek to enhance wellbeing directly. Both are using science and experimentation to un- derstand more and more about what fulfi lls us as humans. Th ey are brilliant examples of how businesses can fl ourish precisely because they care most about the wellbeing of those they touch with their daily activities. While there has been decades of con- certed research and practical innovation on the topic of meaningful work and lives, this has not yet been properly connected as a global movement and certainly has not been properly integrated with the meso level of purpose-driven organizations and the macro level of the Wellbeing Economy — the levels which underpin whether or not we can use our individual eff orts to make sustainability a reality. To all those working directly in advancing meaningful work and lives, we would love to see recognition for the work you do and for your work to directly feed into and from the meso and macro levels described here. Sparking the Three-Level Shift Th e three-level shift we have described in detail is the necessary result of a period of economic paradigm “fl ux” that we have lived through in the last couple of decades. A pe- riod where business-as-usual thinking has de- teriorated in the face of the wide-scale social and environmental system breakdown that it drives. It has felt confusing and diffi cult to move beyond describing “what is wrong” to being able to precisely describe what the alternative looks like. We believe that this is what the three-level shift represents. We hope we have helped convince you that while there is, of course, a long way to go, we already have the base foundations in place and the basis to enact rapid change globally. In many ways, this is not about creating something new but taking away the barriers that stop the positive outcomes we as humans are motivated by. Imagine, for example, those who went into politics to improve their communities but became stuck in a game of sacrifi c- ing what matters to improve the national accounts. Imagine the number of pur- pose-driven organizations that couldn’t get off the ground because of a structured competitive environment that allowed profi t-making from social and environmental harm. Or the entrepreneurs who put vast amounts of energy into solving a genuine wellbeing problem but whose only option was to borrow toxic fi nance from those who co-opted their governance for fi nancial income capture. Th ink for a moment about the average person who would love to go to bed feeling that they didn’t just pay the bills but used their time, energy, and skills to contribute positively to the world around them, rather than feeling worse and worse about the eff ects of their talent. Th is is the potential waiting to be unlocked. And the fi rst biggest barrier that we need to overcome is that the majority of the world understands this and can see the way forward outlined in this magazine. In summary, we believe all the conditions are in place to reform the market economy at the macro, meso, and micro levels. What is missing is the clarity about the common goal, which we hope this edition provides some small impact on. It is this clarity that will build the unity and confi dence for the hard work of directing, overseeing, and being accountable for this transformation — in other words, doing the hard work of changing how we govern the economy and organizations. More than that, this starts with how we govern ourselves as individuals and citizens, the ultimate governing body. Dr. Victoria Hurth is a global expert; thought leader in sustainability, ESG, and purpose governance; and Cambridge Institute for Sustainability Leadership Fellow. Professor Lorenzo Fioramonti is the Founding Director of the Institute for Sustainability at the University of Surrey (UK), a member of the Club of Rome, and a former member of Parliament and Minister of Education, University, and Research in Italy. victoriahurth.com cisl.cam.ac.uk/directory/ dr-victoria-hurth-fellow twitter.com/drvictoriahurth (@DrVictoriaHurth) linkedin.com/in/ dr-victoria-hurth-07a16b7 lorenzofi oramonti.org twitter.com/lofi oramonti (@lofi oramonti) linkedin.com/in/ lorenzo-fi oramonti-b5366b259 Institute for Sustainability: surrey.ac.uk/ institute-sustainability linktr.ee/institutesustainability We believe all the conditions are in place to reform the market economy at the macro, meso, and micro levels. What is missing is the clarity about the common goal, which we hope this edition provides some small impact on. 62 MAKE THE WORLD BETTER MAGAZINE(Your Organization Here) Be featured in Make The World Better Magazine On a mission to make the world better? We’d love to amplify your impact. Share your purpose-driven story in an upcoming edition of Make The World Better Magazine to shed light on critical issues, boost awareness of game-changing initiatives, and inspire others. To be featured, get in touch with us here: mtwb@sparxpg.comWellbeing Economy Resources for Purpose-Driven Organizations Take action toward long-term sustainability for all with these resources Want to learn more about the Wellbeing Economy, strengthen your purpose-driven organization, and take active steps toward building collective wellbeing? Check out these resources from changemakers featured in this edition of Make The World Better Magazine. MORE WELLBEING ECONOMY RESOURCES Want even more resources? Sparx has compiled a list of 30+ resources that will help you deepen your knowledge and take action toward long- term sustainability for all. Visit our blog for the complete list. → sparxpg.com/blog/ -wellbeing-economy- resources-for-purpose-driven-organizations DR. VICTORIA HURTH UNLEASHING THE SUSTAINABLE BUSINESS Co-authored by Dr. Victoria Hurth, these papers explore organizational culture, purpose-driven governance, purpose-driven approaches to business, how purpose transforms organizations, and how all of these factors contribute toward long-term sustainability for all. → cisl.cam.ac.uk/resources/ unleashing-sustainable-business THE PURPOSE BUSINESS MEASURING YOUR IMPACT WITH THE SDGS Pat Dwyer, Founder and Director of Th e Purpose Business, made a guest appearance on the #impact Podcast to discuss how organizations can measure their impact. Along with sharing the recording, Th e Purpose Business has provided a summary of key takeaways from the episode. → thepurposebusiness.com/insights/ impactpodcast-sdgs SCOTTISH GOVERNMENT WELLBEING ECONOMY TOOLKIT: SUPPORTING PLACE BASED ECONOMIC STRATEGY AND POLICY DEVELOPMENT Th e Scottish Government has provided a toolkit to help organizations better understand the Wellbeing Economy, learn how to develop their Wellbeing Economy story, monitor and evaluate wellbeing outcomes, and more. Th e toolkit includes action steps and case studies for each phase, along with a list of evidence resources. → gov.scot/publications/wellbeing-economy-toolkit- supporting-place-based-economic-strategy-policy- development CANADIAN PURPOSE ECONOMY PROJECT A CALL TO PURPOSE Take action toward wellbeing with Canadian Purpose Economy Project’s invitation to become a social purpose leader in Canada and sign the pledge. → purposeeconomy.ca/a-call-to-purpose PROF. LORENZO FIORAMONTI WELLBEING ECONOMY: SUCCESS IN A WORLD WITHOUT GROWTH Professor Lorenzo Fioramonti shares invaluable insights in his book, including real-life examples and innovative research that support the need to break free from our current economic models and place collective wellbeing at the centre. → lorenzofi oramonti.org/books 64 MAKE THE WORLD BETTER MAGAZINEPre-order your copy leor.ca Grow your audience, shrink your footprint, change the world. how we gather matters SUSTAINABLE EVENT PLANNING FOR PURPOSE AND IMPACT LEOR ROTCHILDFind a home for your next big idea. Learn how going public on the CSE helps entrepreneurs grow their businesses through efficient access to capital and a global community of investors. Toronto OfficeVancouver Office thecse.com 416-572-2000604-331-1213 100 King Street West, Suite 7210 Toronto, Ontario, MSX 1E1 1095 West Pender Street, Suite 305 Vancouver, British Columbia, V6E 2M6