Impact@Anderson and the UCLA Anderson Net Impact chapter present Anderson’s annual Impact Week, April 9–13, 2018. Under the theme Purpose + Profit, invited thought leaders and founders of mission-driven companies explain how they are shaping the future of business through the creation of a social, environmental and economic evolution. They share their insights in workshops, panels and a networking mixer open to the campus community and the wider public.
Jessica Lin (’18) and Karthik Patange (’18), both VPs of Impact Week and UCLA Anderson’s Net Impact chapter, which won NI Graduate Chapter of the Year in 2017, are spearheading Impact Week. As purpose-driven MBA candidates, they hope their peers will be inspired to build service and the greater good into their plans for profitable careers.
Q: As Impact Week comes together, where do you anticipate MBA students and alumni will find particular value?
Karthik Patange: The technology theme will be prominent during Impact Week. We live in a world where tech governs everything, including our future careers. However, it’s hard for some to envision how tech and social purpose come together unless it’s through the traditional CSR “add-on.” This year, Impact Week delves into blockchain, social media and education through computer science. We hope to show MBA students that they can make an impact within their tech roles, and not as a peripheral initiative of their companies.
Jessica Lin: We wanted to highlight a variety of industries in which profitable companies also have meaningful impact. I expect that representatives from the big name companies, such as Patagonia, Google and BuzzFeed, will help expand people’s knowledge of and interest in having impactful careers.
KP: Definitely. I hope students understand that big companies with big business practices can also cater to big purposes, and that this mindset can shape their individual careers.
Q: What is the role of social media in realizing the “purpose + profit” goal?
KP: Social media directly influences social impact. Online social networks are outlets for individuals to be outspoken about their purposeful initiatives and generate awareness. How is the business side supporting this interest, especially in today’s always-online climate? From simple knowledge sharing to how to use data for social good to spreading the word on the human condition in other parts of the world, social media networks can support purpose in a sustainable and profitable way.
Q: What do MBAs planning careers in business and finance need to know about trends in impact investing?
JL: Impact investing is definitely on the rise! Millennials are especially interested in it. I’m proud we’re presenting so many impact investing events this year, as this is an area of personal interest. Based on research I’ve conducted, I believe a lot of people who are interested haven’t yet gotten to the point of taking action. It tells me that there’s definitely a market out there for impactful investments that MBAs working in business and finance should be aware of when developing products and targeting customers.
KP: Last year, I was surprised to learn from Impact Week that impact investing delivers significant returns, even when compared to traditional investing. However, many people think of impact investing as not generating the return that they need, or they see impact investing as a special class of investing. We will continue spreading the word this year with Morgan Stanley’s participation, and we hope students see that they can invest in an impact context that does not need to be considered a separate or inferior category of investing.
Q: Are people going to be persuaded during Impact Week to take immediate action?
JL: There are plenty of things people can do as individuals to make an impact, some of which will be showcased outside in the Marion Anderson Courtyard. I would offer, though, that the goal of Impact Week is not necessarily for everyone to take immediate action, but to see how people can have purpose in their careers, beyond working for a nonprofit, donating money to charity or volunteering. We want people to keep purpose-driven careers in mind as they move forward professionally.
KP: I agree! It is not as much about immediate action as it is immediate awareness or immediate attention. We want students to know that alongside their personal lives and principles, their professional lives can be guided by positive impact.
Q: Is it in the interest of investors and corporate heads to assume social responsibility in business?
KP: Jess and I took the same UCLA Anderson ethics class and learned a great deal about corporate governance and social responsibilities. Impact Week reflects how the public expects companies to lead with purposeful values. Many believe companies should not only deliver financial performance but also contribute to bettering the lives of people in society. I would think the question on people’s minds today is: How will you generate value that helps society and creates long-term impact? With initiatives like Impact Week and more of a social impact focus in business schools, we hope MBA students can take the professional stage with impact in mind.
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