Martin Rich, co-founder and executive director of the Future Fit Foundation, joins us today to talk about how this company supports other companies and incorporates social and environmental impact into their business models. Future Fit works with a variety of companies, including The Body Shop and Fuji Xerox.
Martin shares how his career started as an investment banker at HSBC and then as a sales director at Social Finance. While working at Social Finance, Martin felt a desire to take all of his financial experience and knowledge and start using it for something more purposeful and fulfilling. He realized that while raising capital for impact-driven companies was a great advocacy, it was just a small fix to a problem that needed bigger solutions in place. With that, Future Fit aims to show companies the gap between where they are now and where they need to be if they want an ethical business with a positive contribution to the planet. To do this, Future Fit created 23 clear goals for companies with the help of different experts around the world.
Martin also explains how Future Fit works seamlessly with companies like B Corps. Companies like B Corps are described by Martin as essentially operating on reports that are backward-looking, which blends well with something forward-looking such as Future Fit. To cite an example, Future Fit aims to prepare companies with questions like, “What if carbon tax gets introduced?” and “What if the waste tax gets reintroduced?” The objective is to help de-risk companies while encouraging its sustainability.
When asked about the challenges Future Fit has encountered since its establishment and how the company has survived through them, Martin emphasizes the importance of partnership. He details how he and his Future Fit co-founder Dr. Jefhave helped each other through many different challenges, one of which is funding. Though funding is a fundamental need of a company, Martin says that focus should be on getting the money to follow you, not vice versa.
Lastly, Martin envisions a world in ten years where the biggest and most influential companies would be going on a Future Fit journey, in turn creating a fundamental shift in the way businesses perceive what it means to create value.
Martin’s key lessons and quotes from this episode were:
In this episode, we also talked about:
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