A nation’s economic development occurs when there is an increase in the growth of physical capital goods, labour force, technological development, and human capital. However, not all the things that lead to economic growth are sustainable.
Practicing and ensuring sustainable economic growth will enable the nation to meet its citizen’s needs without depleting the finite natural resources.
Hedvig Alexander is an entrepreneur who understands the true essence of sustainable growth and has taken it to a global scale.
One way to ensure sustainable economic development is to provide small businesses and small-batch makers with opportunities to grow their businesses.
Hedvig Alexander identified the importance of empowering communities that are often neglected and underserved. She also noticed how much of an impact they can create on the nation’s sustainable growth and development when they are given a chance.
Powered by People - An Initiative by Hedvig Alexander
Hedvig Alexander’s initiative, Powered by People, is a B2B digital wholesale marketplace that enables international retailers to discover small businesses. It enables them to source high-quality products from small businesses that are distributed in 50 different countries on 5 continents.
The core values practiced by Powered by People are sustainability, ethical business practices, and respect for human rights. The company brings entirely new and unique brands into the global marketplace.
Here are some ways it helps in the sustainable economic growth of the nation:
1. Empowering communities that are underserved:
By reducing the complexity of doing business for local businesses as well as retail buyers, Hedvig Alexander’s initiative empowers underserved communities. It improves equity on a global scale and supports sustainable economic growth.
2. Providing a platform for Women Entrepreneurship:
Many local businesses are owned and run by women. A B2B platform like Powered By People enables these businesses to grow and expand their business with ease. As a result, aiming for sustainable economic development helps in the growth of women entrepreneurship in the long run.
3. Enabling artist entrepreneurs to level up their business:
Many local communities consist of people who practice an art that’s unique only to their community. Oftentimes, these unique arts are undiscovered on a global scale. Hedvig Alexander’s initiative enables artist entrepreneurs to get their art discovered by international retailers. As a result, these artist entrepreneurs can level up their business.
4. Letting small businesses make international connections:
By exposing small businesses and communities to a global platform, Powered By People enables them to make connections that would be usually difficult to make. It enables them to expand their worldview and create new innovations in their products that would suit the global market.
5. Driving more innovations for sustainable growth:
When larger organizations give small businesses a space to grow, it results in innovations even on a smaller scale. It enables the world to move towards a sustainable future collectively and makes sustainable growth more achievable.
How is Northmist contributing to sustainable economic development?
As an organization that focuses on making sustainable fashion easier for the people, Northmist aims to contribute to the sustainable growth and development of the nation. From sourcing to distribution, we ensure to keep the entire process sustainable.
The manufacturing process is designed to save natural resources by reducing their consumption. It has been optimized to make the quality of the final products better without any compromise.
Our raw materials are sourced from local farmers who cultivate cotton organically. We believe in ethical sourcing and understand that the foundation of sustainable fashion is built on the backs of the farmers.
Making the transition to organic farming practices can be financially taxing for the farmers. Therefore, to encourage them to sustain the practice of organic farming in the long term, we came up with an initiative called #OneToFarm.
More on #OneToFarm
Under the #OneToFarm initiative, Northmist shares 1% of the revenue to provide farmers with a financial incentive. It supports the farmers to make the switch to organic farming practices easier.
Taking Charge of Sustainable Economic Growth
When great minds come together and create a platform for small businesses, farmers, and communities to grow, it makes it possible to take the nation towards a sustainable future. It takes a little innovation combined with the intention to bring a change that’s sustainable.
On an individual level, people can drive sustainable economic growth through conscious consumption. Taking charge on both individual and organizational levels is crucial for sustainable growth.
Conclusion:
Supporting the local communities who do small business is crucial for sustainable economic development. It ensures that the nation grows from its roots and all the citizens move forward. When large corporations start sourcing from local communities, it creates space for conscious consumption and global equity. As a result, the nation and humanity move forward collectively towards a better and sustainable future.
