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On this subject here is an article about How Digital Tech Is Helping Support Ethical Business: Digital tech has altered the way the world operates and ethical business has been one of its many beneficiaries.
Age of millennials paves the way for ethical business
The idea of ethical business is nothing new. However, since dawn of the second millennium, ethical businesses have increased in number, popularity, and influence.
Author and CEO of Havas Worldwide, David Jones asserts that millennials are behind the rise in ethical businesses. Jones explains that millennials are “the most socially responsible generation that has ever existed.”
Millennials are more likely to buy from ethical companies, willing to spend more on an ethical brand, and more favorable to investing in ethical businesses. It’s this new generation forged by digital tech who are demanding brands to be more and more ethical and transparent in their supply chain and marketing.
Blockchain supports ethical finance
One of the major drivers of ethical business is to open up commerce to as many people as possible, removing it from centralized and established corporations. This is where blockchain comes in.
Blockchain means that transactions can be dealt with on a peer-to-peer basis, taking banks out of the equation. This brings greater transparency and accountability, making for a more ethical finance sector.
Ethical businesses can benefit from this digital tech by employing it as part of their payment framework.
SMEs can also get blockchain loans, with part of the purpose behind this being that it offers a more ethical way of lending.
For more information on how blockchain is changing the world of finance, check out Don Tapscott’s excellent TED talk below…
Digital tech kickstarts collaboration
While blockchain is one of the most recent and public examples of the digital industry opening up the business world, it’s not the only online phenomenon to have this effect.
Kickstarter began in 2009, allowing businesses to advertise for pledges in order to provide them with financial support. While its founding principle was to help bring creative projects to life, it has led to the development of values-based business.
Online crowdfunding and crowdsourcing technology has helped connect thousands of businesses and supporters since then — including some pretty groundbreaking tech startups.
Crowdfunding, has also helped, and continues to help, a number of ethical businesses. Impakt is one such example. The company’s business proposition is that its One-Click Ethical Shopper browser extension “uses public data and news articles to align your spending with your values – everywhere you shop online.”
If you’re an ethical business and want tips on how to run a Kickstarter campaign, watch the wonderful video underneath…
Digital tech means it’s easier than ever to start an ethical business
More people are starting new businesses than ever before, and digital tech is one of the main reasons for this. The lowered barrier to entry into the business world is enabling people from a wide range of backgrounds and skillsets to launch their own websites, webstores, and businesses off the back of a single idea or principle. In emerging economies and places like Asia, Africa, and South America, digital tech is helping close the gap between city and rural dwellers, and helping local products reach international markets.
Thanks to the advancements in technology, it’s easier than ever to not only start your own online business, but also buy an established business, which can be as simple as snapping up a website for sale, and reworking it for your own entrepreneurial pursuits.
These days, all you really need is an idea, access to the internet, and the time and will to make your startup a success.
Some of the digital tech that add to the growth of new companies include:
- Open-source CMS providers
- Cloud storage
- Social media
- Borderless payment gateways
- Translation software
If you have a great idea that can be executed online, then yours could be the next digital business success story.
Is digital tech causing ethical issues in the business world?
While there’s plenty of good that’s been brought to the world by digital tech, there are some concerns that it raises ethical issues that are having a negative impact on business and society.
Principle among these ethical concerns is artificial intelligence (AI). AI has helped to free up people’s time and bring greater efficiency to the work environment. However, it raises a number of ethical concerns, principally:
- Is it ethical to take work away from people and pass it to machines?
- Are machines able to make the sort of ethical decisions that humans can?
Andrew Leigh pinpoints the ethical concern of AI as missing “important yet familiar human characteristics,” these being: AI is an awesome business and marketing tool — but it is something that cannot be relied upon in all scenarios.
Digital tech has changed the world and continues to do so. Ethical businesses have been one of the many beneficiaries: using digital tech to bring greater democracy, independence, and collaboration to their offering. Tech can be a powerful force for good — and online technology is no different.
Credits: Kayleigh Alexandra is a content writer for Micro Startups — a site dedicated to spreading the word about startups and small businesses of all shapes and sizes, with a keen interest on those with an ethical philosophy. Visit the blog for the latest micro biz news and inspiring entrepreneurial stories. Follow her on Twitter @getmicrostarted.