Earlier this summer, I attended a lunch meeting on regenerative futures, where consultant, educator and activist Daniel Christian Wahl inspired us all with his views on regenerative business. Regenerative approaches are becoming part of the strategies of sustainability pioneers in research and business life.
While sustainability is still important, there are concerns that things like net-zero commitments may not be enough to combat the vast social, environmental, and economic challenges of the ever-changing world we live in. Companies should take a long-term view and become a regenerative business, promoting the restoration and regeneration of natural resources and social systems.
Regenerative companies actively work on improving the health of the entire ecosystem they operate in. They create a business model that actively regenerates natural resources, strengthens communities, and fosters lasting well-being for all stakeholders. Regenerative businesses don’t just minimise harm; they create positive change for the environment and people. This is to say regenerative also means new business.
Regenerative thinking can also be associated with stakeholder capitalism, where a business exists to serve its stakeholders, not just itself. Regenerative companies can change their shape and business model as needed and operate as the centre or a part of an ecosystem of several companies. They also work in harmony with competing companies, complementing, helping a learning from each other.
Regenerative businesses characteristics are holistic thinking in managing the network of impact around them, the net positive impact on sustainability that they target, their ability to collaborate to co-create solutions with others, and continuous learning and fast adaptation. For me, regenerative thinking was more familiar from the field of regenerative agriculture. After hearing Wahl’s thoughts, I started thinking of if or how we could renew Gofore’s business into a more regenerative one.
However, I soon realised that the purpose of regeneration is not to replace the old story with a new one, but instead emphasise the elements that are regenerative by nature. In the process of figuring out what these elements are, I realised that since the beginning 20+ years ago (and I was there), we have wanted to make a positive difference in the world. We have promoted an organisational culture that enables continuous development and renewal, and one that rather collaborates than competes with others. From very early on, we have succeeded by creating partnership networks and mutual collaboration.
Ultimately, all this also builds and maintains shareholder value.
We have also realised long ago that purely technical solutions are meaningless without considering the human factor, listening to different views and cocreating with others in an iterative, trust-based cooperation. In other words, although the regenerative buzzword is perhaps new, what was described above as the characteristics of it has been Gofore’s philosophy always. Our business of digitalisation is also a significant part of running a regenerative business. It’s an important enabler in the way a company manages the interconnectedness of its social, environmental, and economic systems and surrounding business ecosystems. The regeneration is also manifested through acquisitions that we carry out; by adding to our ecosystem what our customers want, as times and needs change.
I think Gofore can also strongly relate to the benefits of a regenerative business: environmental stewardship, social impact, economic resilience, brand reputation and customer loyalty, regulatory compliance and risk mitigation, employee engagement and productivity, and ecosystem health. Ultimately, all this also builds and maintains shareholder value.
I strongly believe that to succeed in today’s world, companies must be prepared to embrace regenerative thinking in their business. We need a narrative that motivates and encourages us to work for a better world – and often that narrative may be closer than you think.
Kristiina Härkönen
Chief Sustainability Officer, Gofore