Welcome to day 15 of our Tech for Good reality checks series. Today, we're looking at a tough reality many Tech for Good businesses face. Yes, we're talking about the risk of limiting their own growth by prioritising their values over broader market opportunities.
A key part of being a Tech for Good initiative is being driven by a strong sense of purpose. However, as part of that, many Tech for Good organisations often choose to collaborate only with businesses that share their values. This approach (while it's ethically awesome) significantly narrows down their market reach. At some point on their journey they will face a hard dilemma: will they stick to their values at the risk of stunting their growth, or expand their business partnerships and potentially compromise on those values?
The irony is that by strictly adhering to this values-led approach, these companies might be inadvertently setting themselves up for financial challenges. Most businesses are primarily profit-driven, and in this context, Tech for Good companies can find themselves at a crossroads.
Let me ask you a riddle: if these Tech for Good companies relax their values to stay in business and start working with businesses that don't share their values, do they still qualify as Tech for Good? Or do they simply become another business chasing profits?
Sadly, it often feels like the ideals of Tech for Good are not compatible with the harsh realities of the business world.
The true challenge Tech for Good companies face is to find a way to grow without losing sight of their core mission and values. It's definitely challenging, but it's essential if their goal is making lasting social impact.
Ultimately, these companies might need to redefine what success looks like in a profit-driven world while staying true to their values.
Join us again tomorrow where we’ll look at a case study of this phenomenon in action.