Leading with Purpose: Insights from Aaron Hurst on the Future of Business

In today’s rapidly evolving world, purpose-driven leadership and social impact are more important than ever. Aaron Hurst, an award-winning social entrepreneur and author, has devoted his career to advancing positive societal change. 

Aaron founded the Taproot Foundation in 2001, which has been instrumental in creating a $15 billion pro bono service market in the U.S. and similar initiatives in over 30 countries. The foundation has been a leader in developing cross-sector partnerships and advancing corporate social responsibility. His best-selling book, The Purpose Economy, predicted that purpose would become a central force driving economic growth and innovation. 

At the U.S. Chamber of Commerce Foundation’s 2024 Business Solves Conference, Aaron will discuss the importance of leading with purpose in the fourth major economic era—the Purpose Economy.  

We delved into his perspectives on how business leaders can effectively navigate complex challenges through purpose-driven strategies. 

You describe the Purpose Economy as our fourth major economic era. Can you share a little more about what that means? How can business leaders effectively harness purpose to drive both economic growth and social impact in this new era? 

At different stages in the development of our economy, the core source of value creation and wealth changed. Our first economic era was the Agrarian Economy in which owning land was the name of the game. In the second era, Industrial Economy, natural resources became the driver of wealth creation (e.g. fuel, metal, etc.). Then, towards the end of the last century we evolved into an Information Economy in which knowledge and data became what drove innovation and those with the most information were able to generate the most wealth.  

In the Purpose Economy, I make the case that we are now in the early days of a new era in which the ability to create meaning for people is what is driving innovation and creating value. With workers now having more power than ever, they are demanding it. And with consumers having to choose mostly from global commodity products, the key to winning their loyalty is about adding meaning to their lives.  

Leaders in this new economy need to understand the psychological needs of their employees and customers and design their workplaces, products, and services to meet those needs. How do they help make work fulfilling for their people? How do they create products and services that enable customers to feel their lives are meaningful. Think of it this way—your company needs to boost its EQ. 

In a time of complex societal challenges, how do you recommend leaders sustain and amplify their organization’s purpose? 

Like with most things, sustaining and amplifying an organization's purpose and values comes down to systems. Are your purpose and values embedded into all your goals, messages, and actions? If you don't think that is possible, take another look at how you are defining your purpose and values to make sure they can be systemically operationalized. If not, consider evolving them so they can pass that test. If you do that and have the true buy-in of your board and leadership, they should make it easier to be sustained through the ups and downs.  

At the core, what is becoming increasingly clear is that at the core of the Purpose Economy is connection. It is the thing that matters most when it comes to meaning.

In the Purpose Economy, we need "connection" to be a leading key performance indicator (KPI) for every organization. 

In a recent LinkedIn poll, 88% of respondents said purpose increases profit, but not everyone believes that. How can businesses ensure that their pursuit of purpose does not compromise profitability, but rather supports it?  

How can a company live its values and not compromise its profitability? You don't hear this question very often and yet it is basically the same. A purpose isn't a cause that takes us away from our core business. It is the reason why the company exists. It is why your work matters. Why should you have to compromise your profits for that? It is what aligns your company and drives productivity, motivation, and customer loyalty. 

And even if you take an old-school perspective and see purpose as simply being a cause or about "giving back", the research shows that sustained financial success is enabled through service to other people. If you need to dig deeper, check out Adam Grant's classic, Give & Take. 

You spent a lot of time building cross-sector partnerships at the Taproot Foundation. What advice would you give to leaders looking to collaborate across different sectors to strengthen their social impact? 

It is hard but also really simple. Be clear on your goals. Make sure you are living them internally with integrity. Enroll every employee. Find partners in other sectors who share your goal. Find ways to use both of your assets to make progress. Balance short-term impact with a major focus on shared learning goals. 

Reflecting on your journey as a serial social entrepreneur, what are some of the most significant lessons you’ve learned about the power of purpose? How have these lessons shaped your approach to leadership and innovation? 

We find meaning in relationships, impact, and growth. The key as a leader and innovator is to build those three things into everything. 

Here is my recipe. Find a critical opportunity for impact in society. Create a compelling vision that inspires people and that they can share. Define the initial steps needed that give people hope that the larger vision is possible. Enroll people in making history by using their time, talent and experience to make what others think is impossible, possible. Build a community of people who are building with you and celebrate everything. Finally, make learning an explicit goal that is up there with revenue. 

About the authors

Aaron Hurst

Jake Levine

Jake Levine is a communications intern at the U.S. Chamber of Commerce Foundation.