Entrepreneurship with a conscience – the new mandate for tech leaders | Computer Weekly

Ethical technology entrepreneurship

When I first started in the tech world in the mid-2000s, success was often measured by metrics like market share, revenue growth, and valuations. The primary focus was on how quickly a company could scale, outmanoeuvre competitors, and secure investor confidence.

But over the years, there has been a profound shift in priorities and expectations. Stakeholders -whether they’re customers, employees, investors, or entire communities – are demanding more from businesses. They expect companies to address critical issues such as climate change, data privacy, diversity and inclusion, and digital accessibility. And this isn’t just a moral obligation anymore – it’s becoming an essential component of long-term business success.

From my experience across various industries and as a member of the Forbes Technology Council, I can confidently say that true leadership isn’t just about scaling businesses – it’s about scaling impact.

C-suite technologists and entrepreneurs need to recognise that our innovations affect real people and communities in profound ways. Success today is defined by how well we integrate purpose into profit, ensuring that our technological advancements contribute positively to society while driving sustainable growth.

Responsibility and profitability

Two companies stand out to me as prime examples of how social responsibility and profitability can coexist harmoniously:

While not a tech company, outdoor clothing firm Patagonia sets the gold standard for corporate responsibility. Its unwavering dedication to environmental sustainability – using recycled materials in its products and donating a significant portion of profits to environmental causes – proves that businesses can thrive while prioritising the planet. Patagonia’s success demonstrates that consumers are willing to support companies that align with their values.

The pace of change places an even greater responsibility on leaders to ensure that technologies do not inadvertently harm the communities we aim to serve

Under Satya Nadella’s visionary leadership, Microsoft has prioritised accessibility, ensuring products and services cater to people with disabilities. Its “AI for good” initiative exemplifies how technology can be leveraged to address global challenges, from healthcare and education to environmental conservation and humanitarian efforts. Microsoft’s commitment to inclusivity and ethical innovation has not only enhanced its brand reputation but driven financial performance.

These companies illustrate that prioritising social good doesn’t just enhance brand reputation – it creates resilient, future-proof organisations capable of navigating the complexities of the modern business landscape.

Conversely, ignoring social responsibility can have dire consequences for companies. In the tech industry, the speed of innovation often outpaces regulation. This rapid pace places an even greater responsibility on us as leaders to self-regulate and ensure that our technologies do not inadvertently harm the very communities we aim to serve.

Embedding values into business models

So, how can technology leaders and entrepreneurs integrate social responsibility into their business models without compromising profitability? Based on my experiences and observations, here are some practical strategies to achieve this balance:

Define your purpose early: From day one, be clear about your mission beyond making money. What societal issue are you addressing? How does your product or service improve lives or contribute to the greater good? Embedding purpose early ensures it becomes a guiding principle as you scale. When your mission is deeply ingrained in your company’s DNA, it influences every decision, from product development to marketing and customer engagement.

Build a diverse and inclusive team: Diverse teams foster innovation, creativity, and resilience. They bring different perspectives and experiences to the table, helping identify blind spots and avoid groupthink. It’s not just about diverse hiring practices but ensuring representation in leadership, decision-making, and company culture.

Prioritise transparency and accountability: Be open and honest about business practices, from supply chain ethics to data handling and environmental impact. Transparency builds trust with stakeholders and creates a culture of accountability within the organisation. Regularly communicate your progress on social and environmental goals.

Align profit with positive impact: Seek business models that tie financial success to positive societal outcomes. For example, consider donating a portion of profits to charitable causes, investing in sustainable practices, or designing technology that increases accessibility for underserved communities. Social enterprises, for instance, are businesses that prioritise social impact while remaining financially viable.

Measure what matters: Go beyond traditional key performance indicators and track metrics related to social impact. This could include carbon footprint reduction, diversity and inclusion statistics, community engagement, and employee wellbeing. Measuring and reporting on these metrics not only holds your company accountable but also demonstrates your commitment to stakeholders.

Foster a culture of responsibility: Encourage employees to consider the broader impact of their work. Implement volunteer programmes, establish ethical coding guidelines, and set sustainability goals to cultivate a culture where responsibility is valued and celebrated. Recognise and reward employees who contribute to social and environmental initiatives, reinforcing the importance of these values.

An evolving role

As technology continues to shape our world, the role of the tech entrepreneur is evolving. The next generation of leaders won’t just drive innovation; they’ll do so with a deep sense of responsibility and purpose. Technological entrepreneurial leadership today requires balancing ambition with empathy, recognising that every business decision ripples out into society.

The future of entrepreneurship lies at the intersection of profit and purpose. As the tech industry continues to influence every facet of our lives, those of us who embrace this dual mandate won’t just survive – we’ll thrive.

We’ll leave a lasting, positive impact on the world, creating a legacy of innovation, integrity, and social responsibility. The time to act is now, and the responsibility is ours to lead with conscience, compassion, and conviction.