Need to have vs nice to have and a consciousness about resources spent is highly relevant in all early stages. This is why startups' sustainability work needs to be directed towards where it makes the biggest impact, today and in their future business. So, how do I know where my startup has the biggest impact?
Mapping out where you as a founder need to focus your sustainability efforts is exactly what PSV Ventures, a Venture Capital with a record of supporting over 400 startups from the Öresundregion in the early stages, has done with their ESG Napkin. ESG stands for Environmental Social Governance and is what investors and corporations are looking for when they want to understand how sustainable a startup is.
And as Alexander Viterbo-Horten, General partner at PSV describes, the focus needs to be where your startup has its core impact. Depending on which phase of building your business you are in, they differ somewhat, but overall there are some key things to think of. For instance, if your startup is a tech company, solving problems that include user or customer data, data integrity is likely to be one.
On the other hand, if you are offering physical products, your greatest impact will most likely be on the material, production and life cycle of the product.
Of course, in some cases you need to consider them both. Are you still not sure of where to start?
Get the ESG Napkin here!
Get in touch with our Sustainability Coach Karin to talk more about ESG's.
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