Impact Compass: First steps for Scottish start-ups with purpose
It’s a truth universally well-known that being an entrepreneur is not an easy job. And when your goal is not just to make money but to make an impact - on people and the planet - that task is even harder.
Scotland is home to a growing movement towards business as a force for good. But business for good is a broad church, with cooperatives, social enterprises and purpose-led businesses all in the mix.
If you are one of the growing number of start-up founders committed to building a sustainable, inclusive and purposeful business, how do you know what business type is right for your idea? And where do you go for support?
It’s tough. And we know it should be easier.
Lost in the sea of support
So at the Firstport Group, we started to look into how we could help knit together the gaps. We spoke to some of you who were navigating the legal, practical and financial challenges of setting up a purpose-led business.
You told us:
- The start-up support ecosystem felt confusing, with multiple different providers, siloed working and a lack of clear pathways
- You felt left in limbo between social enterprise and private business
- You struggled with the legal and governance issues, balancing how to protect the mission while having access to the funds you need to scale
We wanted to understand how we could help, so since then we have been testing ideas to help purpose-led entrepreneurs wrestle with who they are and what support they need to achieve their goals.
Navigating towards impact
And now, at the start of BCorp Month, we are excited to launch Impact Compass. It’s an interactive tool to help early-stage entrepreneurs in Scotland take their first steps in deciding how to embed impact into their business.
The tool asks you what is important to you and provides suggestions on the most suitable business types based on your answers. The results offer a collection of carefully curated resources to help you navigate the start-up ecosystem of support.
It also offers inspiration from some of the trailblazing businesses who have established new and innovative ways to embed impact.
What’s next on the horizon
This tool is still in its infancy. It’s the first time we have developed a digital product, so we have learnt a lot along the way (perhaps more on that another time).
We know there is more to say, like how business type impacts on raising investment. The app will continue to evolve and we will continue to listen to understand what entrepreneurs need.
Our ultimate goals is to help stimulate and support more purpose-led start-ups of all types and structures, and to make the journey of accessing support and investment easier, no matter how you identify your business.
After all, being an entrepreneur is hard enough.
Complete the quiz at www.compass.firstport.org.uk
