By 2050, $40 trillion will change hands in North America alone – the largest intergenerational wealth transfer in history – and the effects will transform the world as we know it.
This is Joel Solomon’s opening gambit as he launches his passionate and persuasive primer on The Clean Money Revolution: Reinventing Power, Purpose, and Capitalism, published this month (New Society Press, co-authored by Tyee Bridge).
The book explores the growing effects of sustainable investments and business, profiling innovative entrepreneurs who are rewiring the financial grid while reframing the model for ROI on social equity. Solomon weaves together his personal journey and business learning as someone engaged with money from the start through a family inheritance.
Solomon is Chair of Renewal Funds, a $98 million, mission-based venture capital firm in Vancouver, Canada. During his career, he has invested in more than 100 early-stage companies that have returned above market value and driven positive change. He is a founding member of the Social Venture Network, Business for Social Responsibility and Tides Canada, and is Board Chair of Hollyhock.
Sustainable Brands spoke with Solomon about key concepts in the revolution he is seeding.
You use the term “money for the commons” and cite the need for a change to a whole system view. Specifically for brands and businesses, what’s the motivation for changing eons of practice geared towards profit and traditional business ROI?
Solomon: The biggest money-making opportunity in history is in reinventing the economy. [Everything] from energy to transportation, the built environment, food systems, waste reduction, clean-up of our industrial messes and infusing a strong commons, while investing in the overhaul of outdated industries and systems, can provide more profits than we really need.
It’s akin to the rise of the information technology…