September 28, 2017
Read original article in Medium
The internet is abuzz today with the latest in what seems like a never-ending stream of stories about silly Bay Area start-ups.
Bodega hopes to replace brick and mortar neighborhood stores with wired vending machines but upon announcing itself to the world drew swift condemnation from those who like their neighborhood bodega and the people who work at it (often hard-working and entrepreneurial immigrants who would no longer be needed if their business succeeds).
This comes on the heels of the Juicero debacle — the wifi enabled juicer which I wrote about in April and which went out of business two weeks ago while its founder partied at Burning Man.
What do Bodega and Juicero have in common?
Their founders sought profit without purpose.
Here’s a prediction…
The most celebrated entrepreneurs of the next ten years will be those who found companies which solve the world’s biggest problems.
There are plenty to choose from; energy, water, housing, human rights, education…the list goes on and on.
At i(x) we call this “Profit With Purpose” and our focus is on investing in companies which address the most pressing areas of global need.
We need the greatest minds of our age addressing the greatest problems we face. Enough with the juicers. Leave the guy with the neighborhood bodega alone.
It’s time for entrepreneurs to build companies that solve the problems that matter.