A decade ago, John Elkington told business that the traditional framework of financial accounting had to be expanded to encompass environmental and social performance measures to determine corporate health and success. In his book Cannibals with Forks: The Triple Bottom Line of 21st Century Business, Elkington argued that a company’s larger responsibility lies with stakeholders rather than shareholders, meaning anyone who is influenced, directly or indirectly, by the firm. This triple bottom line is made up of social, economic and environmental measures, or simply—people, profits and planet.

This thinking moved well beyond the 19th century notion of corporate largess through the sprinkling of philanthropic dollars or the support of social-serving organizations. It involved aligning corporate goals with customer, employee and community values and then operating in a manner that employs cradle-to-grave sustainability.

This thinking also is not without its critics. It stands in stark contrast to Milton Friedman’s contention that “There is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits,” or more famously: “The business of business is business.”

Flash forward to 2011, when social networks hold corporations instantly accountable and a 200-billion-dollar Google proclaims that it will first “do no evil,” and we can begin to gain some perspective at how shifting economic and social realities demand higher levels of business thinking, engagement and transparency.

Larger questions, larger answers

Of course, when the going gets tough, good intentions can go out the window. But a funny thing happened as United States (and Michigan) business began to emerge from the recent economic crisis. Businesses of all stripes have had to embrace innovation, and at its core, innovation is about how we can make the world a better place. Notions of corporate responsibility have shifted and broadened. As David Bent, head of business strategies at Forum for the Future, contends: “Corporate social responsibility asked the question: What is the impact of this business on the world? Sustainable business asks the question: What is the impact of the world on this business?” And the impacts, more often than not, are profound. In a 21st century interconnected and talent-driven economic system, where and how you do business become compelling drivers of growth, success and, yes, profit.

I grew up lucky in business—with employers and mentors that asked the right questions about the world and built successful businesses around the answers. That included businesses like Timberland—one of the first corporations to give their employees a full week off with pay to do community service in their neighborhoods. I now work for an organization dedicated to building stronger companies and stronger communities—an organization dedicated to transforming and enhancing our region to create success across political, social and business boundaries. And the shareholders in this enterprise freely acknowledge that our stakeholders include every citizen in the Greater Lansing area, and beyond it.

From social to civic responsibility

One thing the last 20 years have taught us is that the fundamental geographic unit of economic success is the region. Regions that understand their existing assets and build upon them to create stronger economies and communities have seen jobs and prosperity follow.

Cities such as Pittsburgh, Minneapolis, Raleigh—all stand as examples of businesses coming together for the greater good by employing strategies from placemaking and economic gardening to regional marketing and public policy advocacy. They have written success stories across their own triple bottom lines.

Three years ago, a group of business leaders came together to form the Lansing Economic Area Partnership (Leap). This group has grown to encompass scores of businesses, organizations, local governments, public authorities and higher education. Leap is built squarely on the proposition that our region can attract talent, can focus on places where businesses want to settle and grow, can nurture the entrepreneurial spark of creativity and innovation, and can do so with a broad regional focus that transcends local interests.

Leap can already measure success in new companies, growing companies and new jobs. It has also put forward a plan for regional development and growth, Greater Lansing Next, that is driving work in areas as varied as cultural economic development and entrepreneurial support services. Leap has demonstrated that together, business can help the region, and the regional business, succeed.

Reasons to believe

Great businesses thrive in great regions—areas that are attractive, livable, diverse and culturally rich. Greater Lansing has the assets to succeed: accessibility and location, strong higher education, robust infrastructure (from rivers and parks to public services), good quality of life, a skilled workforce and a diverse employment base. And we have more.

Last month at Ignite 4.0, a young IT professional stood in front of an audience of 500 and passionately counted through his “10 reasons I’d rather live in Lansing than New York City.” We have good reasons to believe.

For a growing list of businesses in our region, funding and participating in organizations like Leap are the right answer to the question: “What is the impact of the region on this business?” We know the impact is profound. We know that working together, we can transform our region and grow our businesses. And we know that for Greater Lansing, people, place and profits can be a healthy triple bottom line.

		Denyse Ferguson is the president and CEO of the Lansing Economic Area Partnership (Leap Inc.), the region’s leading economic development organization.