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THE CHANGE MAKERS’ MANUAL
EDITION 16 | 2025
Can business save the planet again? Stop supply chain scandals 11 | Going green as an investor 25 What AI thinks of sustainability 48 | How to market local goods 53 Meltdown
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warming in the past and can do so again. At WBS, our faculty is conducting a wide range of research into sustainability challenges and solutions, a small selection of which is featured in this edition. Sustainability is embedded across our programmes to equip business leaders with the tools they need to drive change. We also offer programmes for those who want to delve deeper. Our Full-time MBA is ranked second globally in the Corporate Knights Better World MBA Ranking for large schools, and offers candidates the option to specialise in Social and Environmental Sustainability. We have also launched our MSc Accounting & Sustainability and an Executive Education programme in Leading Corporate Sustainability. Alongside this, we are putting theory into practice. We played a key role in developing and delivering a plan to reduce the carbon footprint of our parent institution, the University of Warwick. Buying renewable energy and producing our own through solar power and heat pumps helped to lower emissions by 18 per cent between 2010 and 2020, despite adding more student buildings. We are now using machine learning to go even further, identifying how to cut electricity use in our heat pumps by 40 per cent and halve our peak heat demand. Finally, I’m delighted to report that Core 14 – our edition devoted entirely to Equality, Diversity, and Inclusion – was crowned Best Publication at the Chartered Institute of Public Relations (CIPR) Excellence Awards. It is a timely reminder that organisational objectives and progressive change can go hand in hand as we grapple with the grand challenges we face on sustainability.
Core Edition 16 Editor: Warren Manger Cover image: © Getty Images Staff contributors: Donna Morris Mark Udall Rebecca Cutts Paul Atkins © 2025 The University of Warwick. All rights reserved. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without the prior permission of the department of Warwick Business School at the University of Warwick. Published by Warwick Business School, The University of Warwick, Coventry, CV4 7AL. E enquiries@wbs.ac.uk T +44 (0)24 7652 4306 W wbs.ac.uk @warwickbschool warwickbschool wbs.ac.uk/go/linkedin
“The MBA has provided not just knowledge but a sense of purpose – a conviction that meaningful change is both necessary and achievable.” Tobias Topf Executive MBA Turn bold ideas into reality
with a Warwick MBA Tackle tomorrow’s challenges today. With sustainability woven throughout our MBA programmes, you’ll gain the skills, insight and global connections to lead with purpose. Business as usual is no longer enough. Change starts here.
T en years after the Brazil was clear. The time for words is over. We need immediate action to tackle the growing climate crisis. The scale of the challenge is clearly outlined in our first article which is by Michael Bradshaw, Professor of Global Energy at Warwick Business School (WBS) and a leading authority on future energy scenarios. As a global business community, we have a vital role to play in rising to that challenge. Our cover story shows that corporations have been instrumental in addressing issues such as global Paris Agreement, we have made insufficient progress towards its goal of limiting global warming. The message delivered at COP30 in
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Where opinion is expressed, it is the opinion of the author and does not necessarily coincide with the views of the publisher or the University of Warwick. All information in this magazine is verified to the best of the authors’ and the publisher’s ability. However, Warwick Business School and the University of Warwick do not accept responsibility for any loss arising from reliance on it.
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Professor Andy Lockett Dean of Warwick Business School
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IN THIS ISSUE
STRATEGY & ORGANISATIONAL CHANGE
FUTURE OF WORK
DECISION-MAKING & ANALYTICS
LEADERSHIP
SUSTAINABILITY
48 Green machine Can AI think sustainably? by Isabel Fischer 50 bKashing in How Bangladesh’s bKash balanced profit and purpose to become a billion-dollar fintech firm by Joe Nandhakumar telcos to join its platform, gaining the mobile network infrastructure it needed and access to almost all of Bangladesh’s 100 million mobile phone subscribers. For their part, the telcos initially received seven per cent of the transaction fee revenues conducted across their networks. To broaden its agent network, bKash incentivised firms that supplied consumer goods to thousands of small stores throughout Bangladesh to recruit the owners of these small stores as agents by giving them 77 per cent of their transaction fee revenues as commission. 3 Understand the context, adapt and evolve At first, bKash tailored its service to the needs of rural farmers at the bottom of the pyramid. As nearly half of the population owned a basic mobile phone, it began by offering a limited choice of services – cash in, cash out and in-country transfer – using a simple code-based technology, unstructured supplementary
58 Just good business How companies can measure social impact more effectively by Haley Beer
8 The messy mix How will the energy transition really unfold? by Michael Bradshaw
53 Pride of place
40 Soul m&ates How ESG scores can ease corporate takeovers by Irina Surdu, Jeongsun Park and Hossam Zeitoun 43 A common purpose Global challenges demand flexible partnerships, not perfect plans by Jochem Hummel 46 The end of greenwashing? Why sustainability now demands substance, not spin
Using self-esteem to market local goods by Özgün Atasoy
Sustainability
GLOBAL ENERGY
B y the time you read this article, the world will have marked the 10th anniversary of the Paris Agreement on climate change at COP30. This COP in Belém, Brazil, is a significant one. Signatories to the Paris Agreement are expected to present their new Nationally Determined Contributions (NDCs), outlining their commitments to reduce greenhouse gas emissions and mitigate climate change. However, most have failed to deliver on the promises made in their previous NDCs and the world is nowhere near the trajectory needed to meet the Paris Agreement’s goals. That is despite mounting evidence of severe climate events and growing concern that the pace of climate change is accelerating. Even more troubling is that populist politicians have launched campaigns against climate action, and net zero in particular. Donald Trump has withdrawn the US from the Paris Agreement, slashed funding for green energy, and encouraged the oil and gas industry to “drill, baby, drill”. All of this has unfolded against a backdrop of heightened geopolitical tension created by Russia’s war against Ukraine and the conflict in Gaza. Energy remains at the heart of this fragmented geopolitical landscape, with Washington using energy exports to put pressure on major trading partners. It begs the question: how do you make sense of this increasingly complex and messy situation? The global energy system is responsible for more than 70 per cent of human-generated greenhouse gas emissions. To tackle climate change,
we must rapidly reduce our reliance on fossil fuels and shift to low-carbon electricity, primarily from wind and solar power. This presents a huge challenge. Energy historians note that transitioning to new energy sources usually takes several decades, citing the previous shifts from coal to oil, then gas. They also point out that these transitions involve adding new energy sources alongside those that already exist to meet increasing demand. Renewable energy sources are being added to fossil fuel consumption, but the latter continues to grow. We haven’t yet reached a point where low-carbon energy begins to replace fossil fuels. The ‘gradualist’ perspective uses this historical record to argue that energy transitions are too complex and, for some, too costly. It claims that the pace of change demanded by the Paris Agreement is unrealistic. Naturally, this view benefits fossil fuel companies and countries that rely heavily on fossil fuel exports. However, most countries are net importers of fossil fuels. This might lead them to a different outlook. Those who challenge the gradualist view argue that a rapid shift to low-carbon energy is crucial to reduce the physical risks of climate change. They argue that this energy transition is unique because it is driven by the necessity to minimise the existential threat posed by climate change. A growing number of vocal ‘S-curve optimists’ – who expect the transition to sustainable energy to resemble an ‘S-shape’ graph, accelerating quickly before levelling off again – also note that clean
“The world is nowhere near the trajectory needed to meet the Paris Agreement’s goals” that emerging ‘electrostates’ will soon outpace the ‘petrostates’ in economic strength and geopolitical influence. There is certainly growing evidence that the recent global energy crisis is accelerating the shift to low-carbon energy to reduce dependence on imported fossil fuels. technology now offers the cheapest method of generating electricity in many parts of the world. Consequently, they believe These two perspectives are also reflected in many of the different energy and climate scenarios that have been drawn up. The gradualist approach is common in most exploratory scenarios that project our future based on current trends Conversely, the perspective of S-curve optimists supports normative scenarios that set a target – such as achieving a net zero energy system by 2050 – and plot a route back to the present to create a future that is Paris aligned. and depict a future that is far from ‘Paris aligned’. Geopolitics plays a key role in shaping both futures. Most exploratory scenarios view geopolitical competition and fragmentation as the main obstacles to progress. In contrast to this, normative
Leadership
SOCIAL IMPACT
Decision-Making & Analytics
SELLING SUSTAINABILITY
adjust mid-project to correct that. In Coventry UK City of Culture 2021, where I was Social Impact Evaluation Lead, there was one event for which certain postcodes weren’t signing up. The evaluation team realised it was because fewer people had smartphones with data in these areas as they were on pay-as-you-go. We changed our strategy to advertising with paper posters and the team noticed an increase in sign-ups. Another question to consider is: have you reached an entirely new audience that you didn’t expect to? If you are flexible enough, this can become part of your evaluation of success. 3 Put your stakeholders centre-stage Involving and co-creating with stakeholders from the beginning is vital to a project’s success. Engaging with your stakeholders is not only motivating, but it also helps avoid costly mistakes. Stakeholders can discuss the effectiveness of your mission and your story of change and help you understand the best impact measurement techniques. During 2021’s UK City of Culture in Coventry, we held a change strategy workshop with some of the beneficiaries of the events. Refugees and migrants were presented with some data that referred to them as marginalised communities. They said they were not marginalised, just “seldom heard”. We took this reflection away and implemented a change immediately. One of the most difficult challenges for any organisation or project is finding the right measurement tool for stakeholders. Is it reasonable, for example, to ask time-poor, physically
Just good business How companies can measure social impact more effectively
still balance commercial and socio-economic objectives. A 2020 report by the Bangladesh Institute of Development Studies noted the positive impact of bKash in many areas of Bangladeshi life, including empowering women, increasing household incomes, improving financial transparency and inclusion, boosting entrepreneurship, and facilitating creditworthiness and loans. In fact, bKash is so embedded in the day-to-day lives of Bangladeshis that the Government designated bKash as an essential service when the COVID-19 pandemic struck. Despite its accomplishments, challenges remain for bKash. There is a risk, for example, that attention is focused on the revenue-generating potential of the new smartphone ecosystem, to the detriment of the USSD-based ecosystem and bKash’s financial inclusion objectives. After all, while 96 per cent of Bangladeshis have a mobile phone, in 2022 only 52 per cent possessed a smartphone. For now, though, bKash still seems firmly focused on its social mission. See, for example, the memorandum of understanding signed between bKash and Huawei in March 2023 at an event titled ‘Smart Fintech: Inclusive. Innovative. Inspiring Bangladesh’. As CEO Quadir stressed at the event, bKash’s and Huawei’s joint efforts in Bangladesh aim to drive financial inclusion, provide innovative solutions to tackle poverty and meet the UN’s Sustainable Development Goals.
Using self-esteem to market local goods by Özgün Atasoy
The messy mix How will the energy transition really unfold?
Biases, gaps, and limitations of your measurement How you have collected, assessed, and reported your impact data Being open with and accountable to your stakeholders. 6 Using your data to transform Impact assessment should not be a tick-box exercise. When done effectively, it can improve how you work before, during, and after a project. It can help organisations learn to be better and build capacities within their organisations. Your data can also help you advocate for your stakeholders with policymakers, the media, and the wider sector. The benefits of engaging in social change activities for business include increased customer support, better
or energy-stretched people to fill out long questionnaires, sometimes repeatedly? What kind of measurements work for their lives? For example, questionnaires and interview guides could be translated to overcome language barriers or replaced with interviews to include illiterate stakeholders. 4 Think about proportionality Organisations do not always have the resources to engage in a complex impact measurement exercise. It’s critical to choose manageable and relevant methods of assessing impact. The benefits of measuring impact should outweigh the costs of completing the exercise. 5 Be transparent In the OECD report, we offer a framework for conducting impact assessments that is applicable to any organisation. However, it is flexible and will depend on resources, stakeholders, and what happens during the project. Being transparent about how you conduct your impact assessment will allow others to learn best practice from your project. That includes:
by Haley Beer
P urpose has become a new frontier for businesses and organisations that are conscious of their public image and bottom line. A considerable challenge, however, is to make this a meaningful change, rather than a tick-box exercise. The social economy – which the Organisation for Economic Co-operation and Development (OECD) also defines as ‘mission- driven organisations’ – has much to offer here, helping to shape the language and practices of the broader business community. But, to do that, the sector needs a common language to communicate best practice that makes sense to business leaders, policymakers, and governments alike. That means creating a shared framework to measure what works, which is what we sought to establish with our OECD report Measure, manage, and maximise your
impact : A guide for the social economy . I want to share six lessons from that guide on how businesses can measure and understand the change they are making. Social change pays. A recent study by the non-profit B Lab Global found that B Corp companies – which are certified as acting on sustainability – outperformed ordinary businesses in both revenue and resilience. However, it only pays if you can show what you have achieved. This is problematic, as research by digital marketers Dentsu Aegis found that 60 per cent of brands that have purpose-driven initiatives are not measuring their impact on society. This leaves those companies exposed to accusations of greenwashing. It also means firms cannot learn from their mistakes and may even do accidental harm. We wanted to ensure our framework would be flexible and adaptable enough to suit different contexts and organisations. We also
wanted to go beyond traditional quantitative measures to a holistic, mixed-method approach that could track meaningful change. If we can begin to measure these successes using the following steps, other companies may be more likely to follow suit. 1 Translate your social mission into a narrative of change Organisations need to create a story about the change they want to achieve. Who will it impact on? How will you go about it? What impact would you like to have and why? What is your change strategy or your pathway to change? Use this story to identify your most meaningful targets along the way. 2 View the change strategy flexibly Impact measurement should be ongoing and flexible. What if you don’t reach your intended audience? There may be something you can
been widely adopted with close to 30 million account holders. Now bKash wanted to reduce reliance on both the telcos and network of agents, cut fraud, and move beyond its usual customer base to target other segments of the population. To accomplish this, bKash changed the mix of partnership expertise. In 2018, bKash obtained investment from Ant Group, the owners of the one-stop-shop Chinese super-app Alipay, along with its help developing a similar type of super-app to provide bKash users with smartphone access to a wide range of app-integrated services. It also licensed Chinese tech firm Huawei to provide the digital network infrastructure and cloud payment technology to enable the new super-app services (Huawei also took on the existing USSD service ecosystem). This encouraged SoftBank to acquire a 20 per cent stake in bKash, securing bKash’s future as a major player in the mobile financial services market. A decade after its launch, the bKash story shows how it is possible to scale a tech venture in a developing economy and
by Michael Bradshaw
returns, and more resilience. Businesses have nothing to lose and everything to gain.
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11 Never again How supply chain reform could prevent another Rana Plaza scandal by Sangho Chae
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service data (USSD), that worked on these phones. By 2017, bKash’s service had
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Future of Work
60 From symptoms to systems How can businesses see the big picture on sustainability? by Frederik Dahlmann
SCALING INCLUSION
56 Meat me halfway Can fast-food customers be nudged towards plant-based products? by Philipp Laqué
A ccording to the World Bank, roughly a third of adults in developing countries do not have a bank account. This compares with less than five per cent in North America. This lack of financial inclusion is a significant obstacle to economic participation, growth and prosperity in the developing world. One promising route to improving financial inclusion in relatively low living standards, outside traditional banking arrangements, is through fintech solutions such as financial services delivered via mobile phones. Yet entrepreneurs often find it very difficult to scale these types of digital platform projects to deliver widespread benefits. One major reason for this is the challenge of balancing competing commercial and social objectives as the platform ecosystem develops. Bangladesh-based bKash, the country’s first fintech firm to reach a $1 billion valuation, is one start-up that has managed to scale successfully. Launched in 2011 and guided by founder and CEO Kamal Quadir, the firm rapidly rolled out basic mobile money services to a largely poor and rural population. In doing so, bKash delivered transformative innovation, improving the lives of millions, while also keeping its commercial and development- driven partners happy. My research investigated bKash’s transition from start-up to billion- dollar enterprise. We conducted interviews with a range of people involved in the bKash growth story and analysed more than 1,000 pages of associated information, from regulatory material and
of local agents to educate potential users about the bKash service. The start-up then brought in the World Bank’s International Finance Corporation and the Bill & Melinda Gates Foundation, gaining additional funding plus development and governance expertise. On the technology side, agreements with telephone companies (telcos) provided mobile network infrastructure (and more agents for the distribution network) while Visa subsidiary Fundamo supplied proven platform technology. In addition, Nick Hughes, who had previously set up mobile money venture M-PESA in Kenya in 2007, was hired as director of development by Money in Motion, bringing his invaluable experience to bKash as a nominated founding board member. 2 Control, orchestrate and incentivise To deliver its financial inclusion goals, bKash needed to control the operational balance between innovation and development, structuring operations in a way that allowed it to orchestrate how value was created and apportioned within the mobile financial services ecosystem. At the time, the Bangladesh Government was actively promoting financial inclusion. bKash was able to take advantage of new regulations that forced telcos to joint venture with banks if they wanted to offer mobile banking (to ensure mobile finance was within the banking regulatory framework). This prevented telcos from capturing the nascent mobile financial services market
technical specifications to financial inclusion data and user surveys. We found that three steps at least appear critical to resolving tensions between commercial and developmental objectives to successfully scale a digital services business in a developing economy. “Entrepreneurs often find it difficult to scale these digital platform projects to deliver widespread benefits” 1 Choose partners strategically bKash was highly selective when choosing its partners, seeking both funding and specific technology, financial services and development capabilities. A good example was the need to quickly build legitimacy and trust by making a positive impact on social development. This meant solving the problem of how to reach and engage with customers in rural areas with low levels of financial literacy. bKash was formed when US-based firm Money in Motion, owned by brothers Kamal and Iqbal Quadir, joined forces with Bangladesh’s BRAC Bank, a subsidiary of Bangladesh-based international development organisation Building Resources Across Communities (BRAC). The BRAC connection gave bKash a grassroots presence in rural Bangladesh with a network
bKashing in How Bangladesh’s bKash balanced profit and purpose to become a billion-dollar fintech firm
by Joe Nandhakumar
16 Cover story Meltdown Can business save theplanet again? by Hugh Wilson and Rosina Watson 20 Seed money Turning digital ads into trees
FINANCE & MARKETS
34 5 reads you need in order to embed sustainability DIGITAL INNOVATION & ENTREPRENEURSHIP 35 Small change Breaking SMEs' cycle of inaction on net zero
by leveraging their network infrastructure and access to customers.
Instead, bKash, backed by BRAC Bank, was able to persuade the main
25 Eco-nomics
Sustainability
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CORPORATE RESPONSIBILITY
How can investors juggle generating returns with climate change goals? by Katharina Dittrich, Matthias Taeger and Julius Kob
pend on a high national agreement tion. these scenarios ble foundation for e decisions. at significant change ppening and climate ating implies that as-usual thinking of t school is unlikely. he world is far from to net zero laid out ative scenarios, and ontinues to increase w progress. nother way of viewing tuation – the complex cognises that we face ns simultaneously. a high-carbon aracterised by emand for fossil fuels 030s and beyond. d is a low-carbon arked by rapid growth n energy, electrification,
and improved energy efficiency. Collectively, these shifts will drive the transformation of the global energy system. However, this will be a ‘messy mix’. Different countries and regions are starting from different positions and will reach different endpoints. Geopolitics will continue to be a significant factor. The world is unlikely to manage an orderly and just transition away from fossil fuels and already faces emerging issues around electricity security, critical materials, and supply chains for clean technology. Other factors, such as the role of AI, add further layers of complexity. In the short term, AI is expected to boost demand for fossil fuels to power data centres, but ultimately it could enable rapid electrification and improved energy efficiency. Believing in a fast-tracked, Paris aligned future or a more familiar gradualist approach may be comforting. However, neither is
likely to reflect the future we face. Instead, we need to accept the inherent messiness of energy system transformation. Doing so will help governments and businesses to tackle the challenges and grasp the opportunities created by this messy mix. This, in turn, will enable a quicker, more orderly, and fairer transition than would otherwise be possible. The Geopolitics of Energy System Transformation: Managing the Messy Mix by Michael Bradshaw will be published by Bristol University Press on January 30, 2026.
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14 Bitter aftertaste Could cultural values make cocoa farming more sustainable? by Ghadafi Razak
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ECO-NOMICS How can investors juggle generating returns with climate change goals?
“It was a massive wildfire. Hundreds of people died in a few hours because it spread so quickly,” says the 28-year-old, who now lives in London. “This made me rethink what I was really interested in and how I wanted to spend my time. I knew I wanted to do something that would help the environment.” Godefroy was just finishing a degree in Business Management at WBS, followed by a Master’s in Management at London Business School. Though he considered prestigious institutions in France and Switzerland, the UK – and Warwick in particular – held a unique appeal. Godefroy said: “The UK brought opportunities that didn’t exist elsewhere – the activities, the social life, the hundreds of societies, and the alumni networks.” However, he wasn’t prepared for the size of Warwick’s campus. “Coming from a small village, I didn’t imagine I’d see anything like this outside of the US,” he says. At Warwick, he learned to dance and started his own society – a discussion group for international politics. This was a valuable dry run for founding his own company. “There are many parallels,” explains Godefroy. “You need to pull the right people together, you need to be clear about what you are doing and why, you need to be active on social media and so on. I had a lot of people around me who were excited about what I was doing.” After university, he joined forces with a friend, Jules Buker, who shared his ecological concerns, and they identified tree planting as an effective strategy to address environmental degradation. Godefroy says: “We wanted maximum impact, replanting areas that have been deforested or are bare, bringing back
for human and natural threats and via satellite images. If starting a company was exhausting, then building a team representing nearly a dozen nationalities has presented different challenges. “It’s completely different from having everyone from the same country,” he says. “As you grow, you need to create the right environment for the people who are working for you – it becomes less about execution and more about ensuring everyone is where they can thrive.” Today, Treeapp is slick and user friendly, with new features planned for the coming year. Gamification is key to getting users on board, Godefroy says, and they tend to be a loyal bunch. He is careful to select the right partner businesses. Those who advertise via the app have excellent ethical credentials – low-waste food retailers and sustainable cosmetics, for instance. Treeapp, also boasts 2,000 sponsors who fund tree planting, including cosmetics giant L’Oréal and delivery firm DPD. Attracting new businesses takes up much of Godefroy’s time. Along the way, he and Jules have earned international acclaim, including B-corp certification and inclusion in the prestigious Forbes 30 Under 30 list. “Even if you make mistakes, you learn from them and improve,” says Godefroy. “This journey is about growth, enjoying every step along the way, and leaving the world a better place.”
Seed money Turning digital ads into trees
centre-stage also helps to avoid top-down, one-size-fits-all solutions by ensuring that any initiatives are sensitive to the local context. 3 Make power visible Shifting power to groups that have been largely excluded from the decision-making process is essential for a more equitable and effective humanitarian sector. For this to happen, we need to be acutely aware of how power operates within existing structures. Power can be useful, helping people to build skills, generate funds, or strengthen alliances. However, problems arise when it is used in ways that are negative, exclusive, bureaucratic, overly commercial, or outright toxic. That power is often invisible and indirectly enforced through entrenched organisational practices such as agenda setting, project design, monitoring, and evaluation. These can perpetuate existing power imbalances if they are not critically examined and reformed to genuinely include local actors. Reflecting on power and talking about it sensitively with stakeholders are the first steps towards making power visible. Only then can power relations be used to boost localisation efforts. 4 Create communities of practice Learning from localisation initiatives is crucial to drive meaningful change. Communities of practice that span different levels – from
donors to international and local NGOs – can foster an environment that prioritises knowledge sharing, collaboration, and experimentation. This collective approach bridges the gap between diverse organisations and fosters mutual understanding. It also facilitates better practice, innovation, and stakeholder alignment. Provide room for experimentation – innovative approaches often emerge from trying new methods. By embedding a culture of experimentation and learning, the sector can ensure that localisation efforts are effective, sustainable, and responsive to the evolving needs of communities. This holistic approach will ultimately make localisation a more integral and impactful aspect of our work. Localisation should be viewed as a more effective way of addressing real issues in the field, not just a more ethical approach. Existing evidence shows how local knowledge has helped international NGOs to develop more effective humanitarian action. For example, oral histories passed down through generations have been used to predict and manage risks in Vanuatu. Similarly, community-led evaluations helped reshape shelter programmes to better meet the needs of displaced households in Nigeria. Such achievements require involvement of local community organisations as well as national
NGOs in the early stages of programme design. These examples don’t just highlight what’s possible – they reveal what’s been missing elsewhere. One thing is clear: if we take the need for decolonisation seriously, we are only at the beginning of the journey. We need more reflection on the ‘destination’ in dialogue with a diverse range of stakeholders. But let’s not forget the importance of prioritising tangible change, not just ideas. We need to share how localisation efforts work in different geographic locations, different forms of aid, and different work processes such as compliance and evaluation. We also need alternative infrastructures for thinking and acting, not through Gantt charts and old logical frameworks, but by brokering change, creating frameworks for talking about power, and building momentum through decolonial successes such as locally led funders. Most importantly, we need to involve Global South institutions and partners at all levels.
by Maria Wishart and Kevin Mole
by Katharina Dittrich, Matthias Taeger & Julius Kob
local fauna and flora, giving jobs to local communities, and bringing people together.” Sleep was in short supply during the early years. “When you’re starting something you’re passionate about, you’re just super excited every day.” After planting the UK’s chalky South Downs, the team moved to Madagascar. Today, they plant in the Americas, Africa, Asia and Europe. Last year, Treeapp introduced mangrove trees along Haiti’s coastline to protect it from storms. Close to his former home in Athens, the company is transforming a former dumping ground into a thriving woodland of cypress and carob. There are three stages to planting trees. Great effort goes into securing the land – often in nature reserves – and ensuring it’s fit for planting. The planting itself is relatively straightforward. Treeapp works with local communities, forestry experts, and the UN to ensure their approach suits the location. Once established, the vulnerable fledgling plants are tended and monitored, both by teams on the ground who watch
I t is an ingeniously simple concept – watch a short ad on your phone every day and plant a tree for free. Godefroy Harito was fresh out of business school when he launched his social enterprise Treeapp, offering people the chance to do just that. Six years on, by
It has not been easy. Deer have nibbled the oaks and wild cherries planted around the UK, while the company has been forced to withdraw from geopolitically fraught regions such as Mozambique, leaving behind newly planted saplings. Godefroy also weathered a misjudged change of direction before returning to Treeapp’s original mission – plant as many of the right trees as possible in the right places. Born in France and raised in Greece, Godefroy witnessed the annual march of wildfires through local woodland when he was a child. Over the years, those fires grew in intensity, fuelled by hotter summers, stronger winds, and more rubbish. In 2018, a particularly vicious blaze tore through the neighbourhood outside Athens where he grew up.
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force of personality and the dedication of a 100,000-strong community, his company has managed to plant some 5.5 million trees across 20 countries. Over their lifetime, those trees
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38 Pipe dreams Win investors for your sustainable venture by Jessica Rasmussen
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will absorb nearly 600,000 tonnes of greenhouse gases.
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28 Counting the cost
22 Ripping off the Band Aid Four steps to decolonialise international development by Hamid Foroughi
Why accounting must look beyond the balance sheet by Hendrik Vollmer 31 Fundamental 3rr0r Pension power is not the key to corporate
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Digital Innovation & Entrepreneurship
VENTURE CAPITAL
Growing green: A founder’s tips to scale your start-up
a thousand people, it’s unlikely to be scalable. Venture capital is not philanthropy. We’re looking for ideas that can deliver outsized returns. 3 Be transparent Roughly 30 per cent of firms make it to the second pitch. This lasts up to 90 minutes and dives deeper into how you will deliver your solution and your financial model. At this point, transparency is critical. Many founders project exponential growth – from tens of thousands of pounds in revenue to tens of millions by year four. That’s ambitious, and we need to understand how you’ll get there. Authenticity matters too. Don’t mask weaknesses or exaggerate your story. We can spot it a mile away. The more honest you are the better your chances. If you’re not ready for venture capital, we’ll monitor your progress – sometimes for months or years. The journey isn’t easy. Many small firms backed by venture capital funds fall by the wayside because the customer base is not there, trends change, or competing products come in. But, when it works, it can be transformative. We are launching a new funding round in 2026. Our investment size will range from £200,000 to £1 million, and, for an early-stage company, that can be a huge win. Our mission is for our founders to be successful so they can invest in research, scale their companies and contribute to solving some of the planet’s most pressing problems.
Sustainability
M ichelle Sartorio is the award-winning founder and CEO of the impact-centred beauty brand Auê Natural Limited and the growth consultancy True Value Creation. She holds an MBA from WBS, is a member of the School’s Sustainability Steering Committee, and recently chaired a panel on beauty and the bio-economy at COP30. These are her top tips for sustainable start-ups seeking investment to help them grow. 1 Be ready, not rushed “Before seeking investment, ensure you have clear proof of concept. A strong minimum viable product, traction, and credible sustainability metrics demonstrate readiness. “ Visibility matters too. Attend events, apply for awards, and publish your perspective on LinkedIn and channels that are typically targeted at investors. These steps build both credibility and momentum. “Finally, understand the cost of capital – whether dilution or control – and assess if venture investment is right at your current stage. Capital should accelerate purpose, not compromise it.” 2 Network strategically “Having spent two decades in sustainability and investment, I’ve learned that raising capital is not just about funding: it’s about alignment. The right investor will amplify your mission, not dilute it. “Mapping investors by style, stage and values takes time but pays off. My first raise was completed quickly
PIPE DREAMS
MANAGING LEGACY
with like-minded angels, and my next will follow the same path. “Use every network available: from universities to your professional circles. In 2023, only around 8 per cent of UK deals went to all-female founder teams, so strong, purpose- driven networking is key.” “Capital should accelerate purpose, not compromise it” 3 Tell a powerful story “Your story is your most strategic asset. Investors increasingly evaluate narrative fit alongside growth potential. Ensure your story connects directly to the value they seek to generate. “I look for partners who are strongly aligned with Auê Natural’s mission – promoting consumer health and environmental regeneration through rainforest- powered, plastic-free beauty. “But authenticity must be matched by performance. The product must work, the market must care, and your results must be measurable.”
I t is more than four decades since Bob Geldof assembled a musical supergroup to fight famine with the charity single, Do They Know It’s Christmas? Since then, the Band Aid Charitable Trust has raised nearly £150 million for life-saving projects. However, the decision to re-release the song to mark its 40th anniversary sparked controversy. Ed Sheeran – who appeared on an earlier re-recording of the song – was among the stars who sought to distance themselves from the track and the negative image it helped to perpetuate of Africa as a barren continent full of starving, helpless people. The response is symbolic of a wider shift within humanitarian aid and international development. We are more conscious of the power imbalances that exist and it is no longer taboo to discuss them. Despite this, there is a danger that decolonisation and localisation could become empty buzzwords unless the gap between theory and practice is addressed. Many organisations have ambitious goals for localising their spending, but transformative change is unlikely if they cannot change their practices. This begins with asking deeper questions. Have work norms changed? Have grant application and compliance systems been made inclusive? It is important to recognise that the pursuit of effectiveness and efficiency can exacerbate inequality. For example, impact evaluations can marginalise millions of small non-governmental organisations (NGOs) who struggle to compete with well-resourced organisations in the Global North. Another key question is, who
Ripping off the Band Aid Four steps to decolonialise international development
Win investors for your sustainable venture
by Jessica Rasmussen , joint founder of venture capital firm Two Magnolias and co-chair of the WBS Sustainability Professional Network
T he sustainability start-up scene is incredibly exciting right now, with a new generation of entrepreneurs fired up to tackle environmental issues. However, raising capital to expand can be a knotty problem. A third of firms surveyed by the Enterprise Research Centre at WBS sought equity finance in 2022–23, but less than half were successful. This is where a venture capital firm like Two Magnolias can come in. As an impact investor, around half of the early-stage businesses in our pipeline are led by entrepreneurs offering sustainable products and services. Every fund offers a slightly different process for firms aiming to attract investment, but here’s my advice for start-ups based on what we look for.
by Hamid Foroughi
1 Be curious Filling out the form on our website is just one route into our pipeline. We also meet founders through pitch events, university incubators, and regional networks across the UK. As a rule, you have just eight seconds to get an investor’s attention and two minutes to make them stay, so prepare yourself and refine your message before you make contact. By the time you are done, they need to be in a position to go away and share your business idea and model with their colleagues. We want entrepreneurs who dream, then look at the reality and dream again. Don’t just find one solution and focus on that. Keep looking for new solutions. The way we live is going to fundamentally change in the next decade. We want to invest in the people who are going to drive that change.
2 Be clear When a company shows promise, we invite them to a formal pitch. This is a 30 to 45-minute session, supported by 10–15 slides. It’s not Dragons’ Den – we want founders to feel relaxed – but clarity is key. At this stage, we are looking for a clear representation of the problem you’re trying to solve, followed by a clear articulation of your solution. Early-stage entrepreneurs often fixate on issues that aren’t commercially viable. If your ‘passion
Unless we acknowledge that legacy, we risk reinforcing the very structures of power that localisation aims to dismantle. A robust working definition of localisation should recognise it as an effort to “correct the historical exclusion of local actors in decision-making and funding”. This frames localisation as a fundamental shift of power, rather than a technical adjustment. 2 Make agendas truly inclusive Localisation and decolonisation aim to benefit actors in the Global South, but are often led by international donors and international NGOs based in the Global North. These organisations may have good intentions, but their dominance undermines the heart of localisation and decolonialisation. For this agenda to succeed, it is imperative to include diverse voices from the Global South and to elevate those who will be most affected by any initiatives. This means creating spaces where local actors can lead the dialogue on what localisation should look like and how it can be implemented. Putting local views and knowledge
leads the localisation agenda? History shows that previous change movements led by the sector’s power brokers have often been diluted by managerial control. When that happens, localisation risks becoming a box-ticking exercise that camouflages control with a veneer of equality. Initiatives such as knowledge sharing and strategic partnerships can even increase the power of large organisations, transferring risk to stakeholders in the Global South without the strategic, operational, or financial independence to manage it. To overcome this, it is critically important that international actors relinquish their ‘old power’ as gatekeepers of the humanitarian club and learn new ways of working. 1 Define localisation Localisation should be defined and pursued as a transformative shift from existing norms. Generic definitions that highlight broadly positive outcomes, such as “increasing international investment and respect for local actors”, fall short because they do not acknowledge the legacy of colonialism in aid.
Make purposeful connections through the WBS Sustainability Professional Network.
Discover Michelle’s insights from leading a panel discussion at COP30 in Brazil.
responsibility by Yuval Millo
Sustainable Development Goals
Sustainable Development Goals
project’ offers a solution for only
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CONTRIBUTORS We believe that business should be used as a power for good. Our faculty of research and teaching academics is constantly striving for excellence in everything it does, from the latest groundbreaking research impacting on society, to inspiring our students. Contributors to Core include research-active academics, who produce cutting- edge theories with real-world impact, and Professors of Practice, who bring their knowledge gained from successful senior business and industry experience.
17 SUSTAINABLE DEVELOPMENT GOALS TO TRANSFORM OUR WORLD
KEVIN MOLE Associate Professor of Enterprise Entrepreneurship and Innovation Kevin.Mole@wbs.ac.uk
ISABEL FISCHER Reader of Responsible Digital Innovation and Education Isabel.Fischer@wbs.ac.uk
JESSICA RASMUSSEN WBS alum and CEO of Two Magnolias Venture Capital
JOE NANDHAKUMAR Professor of Information Systems Joe.Nandhakumar@wbs.ac.uk
The leadership podcast from Warwick Business School Where academia meets industry. Join the conversation. W wbs.ac.uk/go/???????????? Join the conversation. Watch and listen now
HAMID FOROUGHI Associate Professor in Responsible Management Hamid.Foroughi@wbs.ac.uk
ÖZGÜN ATASOY Associate Professor of Marketing Ozgun.Atasoy@wbs.ac.uk
MICHAEL BRADSHAW Professor of Global Energy Michael.Bradshaw@wbs.ac.uk
MICHELLE SARTORIO WBS alum and CEO of Aue Natural Limited
IRINA SURDU Professor of International Business and Strategy Irina.Surdu@wbs.ac.uk
PHILIPP LAQUÉ WBS alum and Managing Director of Revenue Management Solutions
SANGHO CHAE Associate Professor of Operations Management sangho.chae@wbs.ac.uk
KATHARINA DITTRICH Associate Professor of Organisation Studies Katharina.Dittrich@wbs.ac.uk
The 17 Sustainable Development Goals (SDGs), represented by the icons above, lie at the heart of the United Nations’ (UN’s) Agenda for Sustainable Development. They were adopted by all UN member states in 2015, creating a blueprint for a global partnership to provide peace and prosperity for all. They recognise that ending poverty and other deprivations must go hand in hand with strategies that improve health and education, reduce inequality and spur economic growth – all while tackling climate change and preserving our oceans and forests. WBS is committed to embedding the SDGs in its research, teaching and day-to-day operations. This includes striving to improve equality, diversity, and inclusion for under- represented and under-privileged groups. Alongside each article in Core , you will see one or more of the 17 SDG icons to show with which goals the associated research is aligned. We all have a role to play in building the better world we want to see.
JEONGSUN PARK PhD student and research assistant Jeong-Sun.Park@warwick.ac.uk
HALEY BEER Associate Professor of Operations Management Haley.Beer@wbs.ac.uk
HENDRIK VOLLMER Professor of Accounting Hendrik.Vollmer@wbs.ac.uk
GHADAFI RAZAK Houlden Fellow Ghadafi-Muhmar.Razak@ warwick.ac.uk
HUGH WILSON Professor of Marketing Hugh.Wilson@wbs.ac.uk
HOSSAM ZEITOUN Reader of Strategy and Behavioural Science Hossam.Zeitoun@wbs.ac.uk
FREDERIK DAHLMANN Associate Professor of Strategy and Sustainability Frederik.Dahlmann@wbs.ac.uk
YUVAL MILLO Professor of Accounting Yuval.Millo@wbs.ac.uk
Download past editions of Core magazine for more insights from Warwick Business School. Read more now
ROSINA WATSON Associate Professor of Sustainability and WBS Teaching Associate
JOCHEM HUMMEL Associate Professor of Information Systems Management and Analytics Jochem.Hummel@wbs.ac.uk
MARIA WISHART Research Fellow, Enterprise Research Centre
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