The Social Impact of Creative Businesses
In tandem with the development of impact investing, standards focused on workers, community, the environment and good governance have been developed for social purpose companies by B Lab, among others. Impact investors can align with these principals by following the Global Impact Investing Ratings Standards (GIIRS).
Like other social purpose businesses, Creative Businesses can follow these standards and contribute to an energetic local economy by providing goods and services, creating jobs, building community wealth, and helping establish a sense of community. We found that 10% of B Corporations in the U.S. are in the creative economy and, anecdotally, that many entrepreneurs in the creative economy gravitate towards a social purpose business as opposed to a conventional business.
But aside from being operated sustainably, Creative Businesses drive social impact across many thematic areas. Farm-to-table restaurants create a market for local, organic, sustainable farmers. Fashion designers build their brand connected to ethical and sustainable practices throughout their supply chain. Video game developers produce titles that help patients manage chronic disease, as well as teach players about issues like civics, peace-building, and empathy.
Here are some examples of businesses in creative industries grouped by social impact:
Environment
Education & Child Development
- E-Line Media
- March 4th, Inc.
Health