Problem
The engineering industry’s ethos – solving problems – has been effective but only to a certain extent. The problems have changed and so have the people, yet the industry is set to pivot. Now driven by the need for profit, solving problems has become a secondary concern.
By recognising profit as a primary motivator, we can leverage the power of small contributions to make a big impact. Comparable to charities, yet having the financial access of hedge funds, we can positively influence the engineering industries to move to sustainability, social responsibility, and participatory innovation.
By aggregating small amounts of money from a large group of contributors to re-invest into companies, education programs and social organisations moving towards our common goal. Incentivising innovation, cultural shifts in major industries and a healthy belief in the ability to effect change.
Proposal
Our ‘Social Hedge Fund’ would effectively be for-profit, whereby the profits are re-invested into new innovations, programs and companies fulfilling our demand for positive change. This ensures longevity for our Social Hedge Fund while positively influencing changes within the industry by means of which they are accustomed.
We are essentially providing incentives for the engineering industry to become more socially responsible.
Hi Team D21-17,
This is a really interesting idea, and it's great that you have identified and chosen to focus on the fact that engineering is often driven primarily by profit before solving problems. The EWB UK Staff Team have raised some really interesting points to consider that will really help strengthen your submission.
The concept of environmental, social and governance (or ESG) investing has been growing in recent times, but as with funds labelled as "ethical" mentioned in the comment above the definitions of "environmental" or "social" factors varies. This is something else to consider and how your proposal is different to these funds labelled as ES&G and how they work.