Wendy Loretto reflects on how young people could make waves in tackling social problems through business

At the end of last year over 60 enterprising undergraduates from the University of Edinburgh gathered for two days for #makeyourmark, where they were challenged to create new business ideas to address some of today’s pressing social issues. Their mission was to create a business with a social value at heart.

Gathering from schools across the university, the students shared a desire to think differently about business and its purpose in society. This generation – or generation K as it has been dubbed – is coming of age in the shadow of economic decline, job insecurity, inequality and a lack of financial optimism. Nevertheless, this group is increasingly concerned about social justice, and are motivated by helping those in need, according to research from leading economist Noreena Hertz.

This may contradict some traditional views about young people. Often it is thought students are solely focused on careers for individual gain. What we have found though, is that the next generation has different aspirations to those of their parents. This is one of the reasons that undergraduates at the Business School now attend Global Challenges, a new course to help them reflect on the key issues facing business and society today.

The need to behave as a responsible corporate citizen and give back to the community is not new and will always be on the agenda. What is changing is making the social purpose of the business a core part of its development rather than a bolt on.

Focusing on pertinent social problems such as homelessness, child labour, loneliness in an ageing society, gender equality, access to clean water and financial literacy, our students embraced the #makeyourmark challenge. We found out how passionate this generation are about giving back in an entrepreneurial manner.

The winning idea tackled the issue of isolation and loneliness in old age. Loneliness is associated with a number of physical and mental health issues that could be prevented, easing pressure on social and medical services. The students developed a subscription-based box of craft materials to connect older and younger generations. Using already established networks of befriending services and retail chains the boxes would be able to be purchased with a proportion of funds returning to support services and activities for the elderly.

The next generation could hold the key to making money that changes the world.

Their dedication to social good paired with honed business skills is the perfect match for a more impactful, purposeful business community.

Wendy Loretto is Dean of the Business School at Edinburgh University