This month we’re taking a look at TED Talks that focus on money and its meaning. In each of these videos the speakers discuss the experience of having taken a step back to spend with purpose and vision.
Harish Manwani: Profit’s not always the point
In this inspiring TED Talk, COO of Unilever, Harish Manwani, challenges the popular belief that businesses solely exist to make a profit. He believes that the growth of a company does not only hinge on consistency, competiveness and profitability, but also on responsibility. He feels strongly that economic value cannot be separated from social value. “How do we make money and do good?” is the question he wants companies to ask. Harish proposes that the first step to answering the question comes from leaders who see business as a vehicle “to change lives”.
Bill Gates, Melinda Gates: Why giving away our wealth has been the most satisfying thing we’ve done
Melinda Gates and Bill Gates, the mastermind behind Microsoft and one of the world’s richest men, are interviewed by Ted Talks founder Chris Anderson in this video. Bill and Melinda tell the story of how a walk on the beach in 1993 began a conversation which would lead to what is known today as the Bill & Melinda Gates Foundation. Most of the couple’s wealth is poured into the foundation, which focuses on tackling some of the biggest issues associated with poverty. The couple discuss the dynamics of working together and how they operate as a family, along with the failures and things they’ve learned through the foundation. Bill says that giving most of their wealth away is “the most fulfilling thing we’ve ever done”.
Toby Eccles: Invest in social change
In the UK, 63% of men who are released after short term imprisonment reoffend within a year. Social investment visionary Toby Eccles believes this can change. In this TED talk he explains how, with the help of private social investors investing in a Social Impact Bond, these numbers can be decreased. Keeping prisoners out of jail would mean money needs to be spent on training and support, funding which the government doesn’t currently provide. The principle of the Social Impact Bond is that funds are made available and if the rate of reoffending decreases, the government pays the investors their money back with interest. The model has caused such a stir that countries across the globe have shown considerable interest in adopting it.
Chris McKnett: The investment logic for sustainability
In this TED talk Chris McKnett, a sustainable investment champion, states the case for believing that the power of securing a sustainable future lies in the hands of large institutional investors. He discusses how sustainable investing means that the investor considers not only their financial gain, but also the benefit their investment is making environmentally, socially and on a governance structure level. Through accumulated data, he proves that sustainable investing is not only a good idea, but also good for business.
Do you know any other examples of philanthropic investment that might change the way we view the meaning of money? Let us know in the comments section below.