Present-day entrepreneurship is shifting from wealth concentration to solving for our global grand challenges. It is no longer about just creating a unique brand or product or service. ‘High Impact Entrepreneurship’ is a new and novel concept that has raised the bar and set the hearts of millennials and future generations on fire, where solving social and environmental problems have become a core mandate to the profession. These challenges range from COVID-19 to Climate Action and the best entrepreneurs are passionate about finding solutions that are innovative and sustainable. This new breed of entrepreneurs is focused on impacting a billion lives rather than just making a billion dollars. 

How can the youth develop a high impact entrepreneurial mindset and solve challenges as urgent as COVID-19 or Climate Change and its effects on the planet?

Iconic High Impact Entrepreneurs like Elon Musk have inspired a whole new generation to think bravely and act boldly in making the impossible possible and not settle for age-old business practices. Young entrepreneurs are now motivated and able to find their massive transformative purpose and follow their passions to actualize their dreams. For example, a recent college graduate today may be more akin to transforming the oil and gas sectors into zero-emission industry sectors using exponential technology versus just getting a high paying job and becoming a cog in a wheel. In order to realize this type of forward-thinking success, the entrepreneur must develop the same mindset that Elon Musk has where profit follows purpose to leapfrog and disrupt an entire industry as did he by privatizing space travel with his company SpaceX to usher in the 5th Industrial Revolution. Radical innovation and new opportunity are necessary to transform currently broken systems along with an enormous amount of conscious capital to provide the resources necessary for the next generation to build a better future. 

The one thing that the COVID-19 global health crisis has shown us is to achieve this kind of paradigm shift we must digitize and democratize technology in spaces where they are not commonly used yet. For example, we have seen an explosion of innovation on the digital front from daily work meetings online to full-blown digital conventions and on-demand manufacturing. Even traditional sectors like farming are progressively turning into a digitally equipped industry with autonomous tractors, drone technology to fertilize crops and satellite-based space technology along with AI to map and optimize for seasonal agricultural crop yields. The pandemic has also forced humanity to reimagine and re-engineer how digital advancements can help manage global food supplies, reduce waste, and solve for the overconsumption of food in some countries while food scarcity in other parts of the world cause hunger and malnutrition. High Impact Entrepreneurship is the answer to help solve these vital problems that need rapid real-time solutions that are both evidence-based and sustainable.

Innovative ideas along with the courage to enter uncharted territory are key. New technological advancements are being deployed to solve problems that have plagued the planet for centuries – this is where High Impact Entrepreneurship creates measurable and tangible outcomes. One of the most defining examples is Interface Inc., a US-based organization that pioneered the floor-covering business during the 1990s and created an exponential organization and a driving force for good in the world. Their shift from their sole product-focus to eco-friendly support-focus prompted a significant decrease of their negative environmental impact immediately. This also proved to motivate their workforce to go above and beyond their job descriptions to realize their massive transformational purpose in becoming a zero-emissions company.

What skills can help young entrepreneurs become high impact game-changers of the future?

Cultivating an abundance mindset is an absolute must for success as a High Impact Entrepreneur. The old adage if you fail to plan, you plan to fail pales in comparison to being prepared for the unknown. Peter Diamandis says the best way to predict the future is to create it yourself. It is important for entrepreneurs to plan for situations that may occur as you rise on the exponential curve. Also, you are defined by the company you keep, so meet inspiring people, thoughtful leaders, and take action to implement these new ideas that can transform the world.

There is an increasing need for an inspiring Indian-centric startup ecosystem that globalizes India to trade thoughts and experience of the risks and benefits of trying new models of high impact leadership. Business visionaries generally test and validate their ideas in helping each other achieve goals and favourable results. Silicon Valley's prosperity lies to a great extent in the understanding that in order to prosper, one must fail fast, learn from their failure, and fail forward so that their lessons allow them to build grit and resilience towards achieving their milestone. For example, given the urgent need and ever-changing situation of COVID-19 or climate change it is very important for an entrepreneur to be willing and ready to go against all odds to make the impossible possible. By trying as many innovative and disruptive solutions through trial and error, he or she will eventually bear fruit to address the critical needs around global health we face here and now.

It is often very difficult for consumers to change their behaviour in order to try out new health and eco-friendly ideas given our force of habit and fear of change. However, High Impact Entrepreneurs simply should begin with small steps that focus on incremental change with the power to eventually lead to societal change. As a greater number of customers become used to adapting their products or services, it becomes progressively easy for them to create a positive change. And in no time, high impact leadership becomes the new norm, without interrupting business development or consumer decision.

Global Health and our economic choices are affecting every facet of life for people around the world. COVID-19 challenges every human being given the pandemic and our greatest opportunities lie in finding solutions to positively influence a billion lives. Richard Branson says his biggest motivation is to keep challenging himself throughout life. Indeed, High Impact Entrepreneurs can lead lives of great meaning and purpose with the power to shape the future and safeguard society. Solving for our global grand challenges is possible through the united efforts of global High impact Entrepreneurs.