[TEXT: DEMOCRACY, PROSPERITY, HUMAN RIGHTS, EDUCATION, SECURITY A PRODUCTION OF U.S. DEPARTMENT OF STATE]
In this unprecedented time of climate crisis, we are challenged with the task
to fix the blue economy by healing the ocean and its inhabitants,
and to solve the green economy by saving the planet,
its natural resources and those who inhabit it.
Technology based solutions help global industries contribute to the blue and green economy
by saving precious water and other natural resources, reducing toxic waste
and diverting complex waste from landfills, waterways
and incineration.
[TEXT: Fundamentals of Climate-Smart Entrepreneurship] Welcome to Fundamentals of Climate-Smart Entrepreneurship.
This course will provide entrepreneurs with recommendations for planning,
implementing and running sustainable climate smart businesses.
Those businesses responsibly manage natural resources,
reduce their negative contributions to the climate crisis, respect
indigenous lands and ways of life, and are profitable.
[Fundamentals of Climate-Smart Entrepreneurship A Path to Sustainable Entrepreneurship Written by Stephanie Benedetto, CEO & Co-Founder, Queen of Raw] This lesson is A Path to Sustainable Entrepreneurship.
[TEXT: LEARNING OBJECTIVES: Review ways entrepreneurs can adopt climate-friendly business practices.] In this lesson, we will review the ways entrepreneurs
can begin to think about adopting climate friendly business practices.
[TEXT: Examine entrepreneurial opportunities for climate-friendly businesses.] We will examine entrepreneurial opportunities for climate
friendly businesses, and we will look at ways that entrepreneurs
[TEXT: Look at ways entrepreneurs can leverage relationships to foster innovation and collaboration.] can leverage relationships to foster innovation and collaboration.
[TEXT: Stephanie Benedetto, CEO and co-founder of Queen of Raw.] This lesson was written by Stephanie Benedetto, the CEO and co-founder of Queen of Raw,
an enterprise solution for intelligent excess inventory management.
[TEXT: Founding member of the New York Circular City Initiative. Cartier Women’s Initiative Laureate.] She is also a founding member of the New York Circular City Initiative,
[TEXT: MIT Solve–Circular Economy Solver. Named by Inc. Magazine as one of the “2020 100 Female Founders”] where she advocates for sustainability and women in business.
So how do you get started?
At Queen of Raw, Benedetto and her team took their passion -
to reduce the world's waste problem - and concentrated on finding
a business model that supported people, planet and profit.
Doing the “right thing” is often easier said than done, says Benedetto.
Businesses and consumers have been conditioned to think
that adopting sustainable practices is cost prohibitive.
But that is not always the case.
Allowing large companies to see a financial win
will often persuade them to embrace new, sustainable solutions.
When focusing on, for example, a business' waste and unused inventory,
companies can sell it, recoup losses and make money.
That unexpected revenue can go back into doing things within their value chain
without adding to their capital expenditure.
With the increase in revenue streams, businesses can purchase more sustainable
materials, manufacture domestically, invest in innovative technologies,
create jobs, pay workers more, and increase productivity.
It's a win for social equality, for the environment
and of course, for the bottom line.
Creating solutions for businesses in your communities
to aid them in being more climate smart is an opportunity for entrepreneurs.
Climate-smart entrepreneurship is about building solutions
that make sense for people, planet and profit.
And Benedetto wants to encourage everyone across global
industries to participate - and do their part to create change.
If everyone adapts small, sustainable business practices,
the outcome will have a massive impact on our world.
Part of the entrepreneurial journey is to help build
the supply chain of the future, one that is more on-demand,
more local, more equitable, and of course more sustainable.
As climate change threatens human health, food and water security,
and socioeconomic development, what efforts can you undertake today?
Here are three solutions to change the world
by first looking at what you can do close to home.
[TEXT: Produce food and products locally.] Produce food and products locally.
Using sustainably sourced materials from the surrounding area
can produce higher quality and more durable goods.
It also reduces the time, costs, and carbon
emissions of shipping products from one place to another.
Create wealth from waste.
Concepts like a circular economy and upcycling have become very popular recently.
In our current economy, we take materials from the Earth,
make products from them, and eventually throw them away as waste.
This process is linear.
In a true circular economy, by contrast
we stop waste from being produced in the first place
because materials are reused, refurbished, remanufactured or recycled.
The objectives of a circular economy are to eliminate waste and pollution, circulate products
and materials at their highest value, and regenerate nature.
An example of the circular economy in action is Connect the Dots,
[TEXT: Supports local farmers through technical assistance and capacity building.] an initiative by the city of Sao Paulo that supports local farmers
through technical assistance and capacity building,
[TEXT: Protects vital watershed areas.] allowing them to increase their revenue, protect vital watershed
areas, and encourage entrepreneurs to start businesses
[TEXT: Encourages entrepreneurs to start businesses that support farmers.] that support farmers’ participation in the value chain.
[TEXT: Regenerative Farming Practices:] As reported by the Ellen MacArthur Foundation, Connect the Dots is creating
a circular economy for food by supporting local farmers as they transition
to regenerative practices - farming that works with nature.
[TEXT: Produces high-quality local food that builds soil health] This results in the production of high quality local food
[TEXT: Promotes biodiversity] that builds soil health, promotes biodiversity, helps to tackle climate
[TEXT: Helps tackle climate change Reduces farmers' reliance on synthetic fertilizers and pesticides] change, and reduces farmers reliance on synthetic fertilizers and pesticides.
According to the Foundation, 160 farmers are involved in the project
converting from conventional to organic or regenerative practices.
[TEXT: Implement the sharing economy.] Implement the sharing economy.
You can also establish platforms for sharing products with your community.
Some items do not need to be owned or even purchased new by every household.
Use what your neighbor has and in return offer what you have to others.
Years ago, when Benedetto launched the Queen of Raw dead stock marketplace,
she approached businesses with the opportunity to sell their waste
and dead stock. Dead stock refers to products that are not selling
and are no longer in production, but remain in inventory.
At the time, their business proposition was seen as a “nice to have”
instead of a “have to have.” The conversations usually began
with the sustainability departments, although they immediately saw the value
and queen of Raw's business model - and were truly their brand champions -
they often lacked the budget to take on new,
and what was seen as disruptive, initiatives.
Additionally, those positions didn't always have a clear line
into the entire value chain and how the business was run.
This eventually worked in Queen of Raw's favor, as it gave the team the impetus
to create a supply chain technology that unites all departments
so they can more effectively take action and achieve sustainability goals.
Bringing about meaningful change within an organization
requires the buy-in of senior company executives or “C-suite” executives.
Chief marketing officers are tasked with creating comprehensive storytelling around
the good sustainable work they are doing, while the chief information officers,
chief technology officers and chief operating officers are responsible
for managing the day-to-day supply chain operations and technology.
The chief executive officers set the corporate agenda.
Entrepreneurs are uniquely positioned to know what their community needs and wants.
Entrepreneurs can develop innovative solutions that are resilient
and can also help mitigate and adapt to climate change across industries and around the world.
By identifying challenges, developing new businesses,
and creating innovative ways to reimagine production and supply chain processes,
entrepreneurs have a vital role to play in tackling the climate crisis.
[TEXT: For more on this course and to access related resources, visit our website.] For more on this course and to access related resources, visit our website.
[TEXT: DEMOCRACY, PROSPERITY, HUMAN RIGHTS, EDUCATION, SECURITY A PRODUCTION OF U.S. DEPARTMENT OF STATE]