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September 18, 2025Open Access

Impact Entrepreneurship: Reimagining Entrepreneurial Purpose and Research for Driving Societal Impact

Key Points

Impact entrepreneurship aims to align profit generation with broader social change, addressing critical societal challenges.
The need for new approaches to measuring impact reflects a shift from traditional metrics to holistic assessments of entrepreneurial contributions.
Researchers are called to redefine their roles, actively participating in knowledge translation and shaping inclusive practices within entrepreneurial ecosystems.
Engagement in impact-oriented education and practices is essential for evolving entrepreneurship research towards sustainability and equity.

Abstract

Abstract As societies increasingly face societal and ecological grand challenges, entrepreneurs are urged to contribute to socially and ecologically sustainable futures—that is, engage in impact entrepreneurship . An impact-oriented approach strives for entrepreneurial ventures to not only generate profit but also drive positive societal change, maintaining and protecting existing beneficial conditions, or reducing ongoing societal and ecological harms. The notion of impact in entrepreneurship therefore emphasizes the critical need to understand and evaluate business activities beyond financial outcomes, considering their broader social, ecological, and economic effects. Understanding and advancing the meaning and implications of impact entrepreneurship is crucial, since it requires rethinking the role of entrepreneurs in society—positioning them as agents of systemic change who align profit with considerations and actions of broader social and ecological purpose. This curated discussion develops two key avenues to advance scholarship on and practice of impact entrepreneurship. First, shifting from profit to impact in entrepreneurship requires rethinking value creation, moving beyond market opportunities to addressing societal and ecological grand challenges. This shift involves embracing complexity, developing new approaches to impact measurement, fostering impact-oriented education, and scaling beyond economic growth in entrepreneurial ecosystems. Second, the role of research and researchers is redefined in this context. Contributing to impact entrepreneurship demands both methodological rigor and active engagement. Researchers must not only evaluate impact but also participate in shaping inclusive, collaborative practices, and translating knowledge into action. Together, the essays in this curated discussion highlight how entrepreneurship research, education, and ecosystems can evolve to support a more equitable, sustainable future through purpose-driven innovation.

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