Unlocking the Power of the Impact Economy: Why Place Matters

As someone passionate about the East Midlands, I've seen first hand the potential for this region to thrive through innovative approaches to social and environmental challenges. From Electric Daisy in Derby; to a flourishing People, Pint, Planet community bringing people to talk sustainability together in emptying pubs; to the opening of the Midland Regional Hub for Nuclear Skills; to the Makers Village in Matlock; investment in space technology to enable trips to the Moon; to The Loop a 4 day circular walk for people and tourists alike to experience the best of the Peak District; they all build pride in the region and make impact in their own way. However, social enterprises - and there are many more locally than I've mentioned - need funding and support. 

Photo by Ashley Dace, CC BY-SA 2.0, via Geograph projec

Photo by Graham Hogg, CC BY-SA 2.0, via Geograph Britain and Ireland / Wikimedia Commons

Photo by Brian Chadwick, CC BY-SA 2.0, via Geograph Britain and Ireland

The Impact Economy is more than just a buzzword - it's a movement that is gaining momentum globally. By prioritising impact alongside profit, we can create a more sustainable and equitable future for all. This goes beyond double materiality, a great way to do organisational governance, and starting to ask as an organisation how it can best contribute to the communities - and those along its supply chain - that it is part of. Through these methods, funding can be pivoted to social enterprises for the benefit of businesses, charities and communities. 

The Importance of Place

When it comes to driving meaningful change, place is crucial. Local communities know their needs best, and it's essential we listen to their voices and work collaboratively to develop solutions that truly address their challenges. Context is different in every place. 

By embracing the impact economy we can unlock new opportunities for growth and development that benefit both people and the planet. This approach requires a deep understanding of the complex relationships between economic, social and environmental factors - this includes bringing onboard an expert to complete your double materiality assessment to understand as an organisation how you can achieve this. 

Engaging with your local community is important - whether that place is a neighbourhood with high levels of deprivation and struggling with crime or the location in which you have teams of people - all counts. As written about in the Dao of Complexity by Jean Boulton, the most effective change happens from the bottom up, where place creates uniqueness. You need to understand what that uniqueness needs. 

Becoming More Solution-Driven

So, how can we harness the power of the impact economy to drive positive change in the East Midlands, in your own organisations and beyond? Here are a few takeaways: 

• Listen to local voices: Engage with communities and stakeholders to understand their needs and priorities. With the introduction of Ai there are now even better ways to enable this at pace, efficiently and drawing in the voices that are traditionally unheard.
  

• Foster collaboration: Bring together businesses, charities and public sector organisations to develop solutions together. Events and networking first to build a common vision. 
  

• Prioritise impact: Measure success not just by financial return, but by the positive difference we're making in people's lives. Ensure your social value expert is enabling you to support the tough stuff as well as the easy stuff. 

Here in the East Midlands I can see that it has such a unique opportunity to do things differently with the establishment of a combined county authority and local government reorganisation. The region has a spirit of being an engine and a strong background in entrepreneurship - from Cromford to Joseph Wright both with big careers outside of London - that can create a thriving and prosperous future for the region. 

Lets work together to unlock the full potential of the Impact Economy - do get in touch if you'd like to discuss this more in the context of East Midlands or how your organisation can make even more impact in a local region through both participatory methods and the use of double materiality [governance]. Lauren Thompson Founding Director, Roots & Futures