In civil society space projects benefit from the S.MA.R.T approach but what of the business sector? As we go foward into the new millennium, business owners (private sector) will be forced to work with an expanded mindset - a mindset which must heed the demands of the global need to adapt to climate change.
Inhabitants of the civicus project space - which is largely driven by grants, are quite conversant with objectives that are Specific, Measurable, Achievable, Relevant and Time-bound. But businesses/entrepreneurs, face a much more complicated procedure - which realistically, can not always be signposted.
To be fair, business schools (Harvard, Cornell etc) have generated a large knowledge-base on conventional business practice and approach. But with the demands wrought by a warming world, new rules and ways to achieve desirable and sustainable ends makes the grant funding approach not quite fit for purpose.
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Figure 1: Get Alt SMART for business
- SCALABLE
- The difference is subtle but powerful. Consider, Specificity is a great tool for funders and project proponents to have to hand but the businessperson also hopes for something serendipitous to come by (true). However Scalability can prove to be a true magic wand - If the idea can get off the ground and make money with a lesser rollout, iterating upward will be so much easier. Not to mention cost of borrowed money can likely diminish - As so often lenders (typically) want to get in on a winning game.
- MONETISE
- In NGO project space, the need to make money may be articulated, but the price of failing to get ’liquid’ is not as painful, hardly as it is for the entrepreneur who stands to lose his/her savings chasing an dream. Monetisation therefore is a big part of the businessman’s mantra.
ASPIRATIONAL
:An aspirational brand is a term in consumer marketing for a brand or product which a large segment of its exposure audience wishes to own but for economic reasons cannot. Because the desire for aspirational goods is relative to the consumer’s purchasing power, an aspirational brand may be a luxury good if the person desires it, or it may simply be any product whether luxury or not if a consumer has less spending money. The premise of this type of marketing is that purchase decisions are made at an emotional level, to enhance self-concept.[Credit. Wikipedia.]
- RETRIEVABLE
- Unlike the grant funded sector (NGOs), a business may get the go-ahead to develop a product that can do damage after the near term. This could transpire given the power of persuasion, perceived need and someone just keen to monetise And is willing to subvert aspects of process (corruption is a real thing). A retrievable business project therefore should be able to be pulled back if it is discerned as having, or is capable of having, a negative effect on efforts others are making towards effective adaptation (to climate change).
- TIMELY
- The very agility of business (of entrepreneurs) to scale quickly - as compared to the traditional sponsors of the civil sector groups, means they might quicker stumble, develop or otherwise make bigger better tools for adaptation (to climate change). This criteria is essentially what Harvard students consider under the rubric ‘quicker to market’. Timely, as opposed to grant candidates needing to be Timebound is therefore a huge consideration.
In another post we will discuss the relevance of the Environmental, Social, Governance (ESG) approach or as some say - toeing the triple bottom-line.