What's the definition of impact startup
There is no one-fit-all definition that represents an impact startup… So what did we do? We asked ChatGPT to help us, so we would come up with a description that hopefully means widely impact startups. Here you go: “An impact startup seeks to create positive social or environmental change alongside financial success. They aim to tackle a specific problem in society or the environment, and their business model is designed to generate economic and social value. This often involves creating products or services that address a pressing need, such as reducing waste, promoting sustainability, improving access to healthcare, or addressing inequalities.”
How big is the impact market
According to a study from Dealroom.co, in 2022, impact companies are now worth over $2.3 trillion globally. Among these companies, impact startups raised a record high of $68B in 2021, down to $35B in 2022. UK startups account for £2bn investment in the space and have created 35,000-45,000 jobs since 2020. In an article published by UKTN in Nov 2021, Luisa Alemany, a professor at a prestigious London business school, said, “Impact investing had come a long way since its start in the late 90s when it was considered more of a philanthropic endeavour until investors realised these investments could deliver not only a social benefit but also a financial return.”
Our impact startups selection
Listing the best impact startups in the UK can vary based on several factors, such as the industry, the impact they aim to make, and their success so far. However, some of the most successful and well-known impact startups in the Tech for Good space include:
- Bulb - A renewable energy scaleup that aims to provide affordable, renewable energy to households.
- Skipper - A company that provides an electric vehicle (EV) charging network, helping to increase the uptake of EVs and reduce carbon emissions.
- YJCollective- A collective that regroups skilled freelancers, coaching them and offering them access to impact projects
- Cercula- A startup that provides a life assessment, costing and embodied carbon reporting for building projects. Building data into the decision space.
- Toast Ale - A startup that makes beer from surplus bread and aims to reduce food waste.
- The Ocean Cleanup - A non-profit organisation that designs and develops advanced technologies to rid the world's oceans of plastic.
- Remedee Labs - A health-tech startup that develops wearable devices to help people manage chronic pain.
It's important to note that these startups are making a significant impact in their respective industries and are working towards a better future for us all.