I’ve spent years arguing that purpose is not an option but a strategic necessity. I still believe it. But it’s time to be honest: not all purpose is creating value — and now there’s evidence that tells us exactly when it does.
For years I have defended a simple idea: purpose is not an option, but a strategic necessity. Companies that understand their role in society — that balance profitability with social and environmental impact — are the ones that end up leading their sectors.
But I also believe it’s time to be honest. Because not all purpose is creating value.
A recent study, published in January 2026 in the Journal of Cleaner Production, analyses French companies with statutory purpose — the so-called sociétés à mission — between 2015 and 2021. And it introduces a conclusion that should make us uncomfortable: purpose only generates value when it activates innovation.
That changes the debate quite a lot.
France as the World’s Purpose Laboratory
During that period, France has been one of the most advanced laboratories in the world for integrating purpose into the enterprise. Dozens of companies have written social and environmental commitments into their bylaws, with governance and monitoring mechanisms attached.
The result? Purpose-driven companies show, on average: better financial performance than their sector peers; greater resilience in uncertain environments; and better perception among employees and investors.
So far, everything fits with what many of us defend. But there is a second, far more interesting level of analysis.
The Uncomfortable Finding
The study demonstrates that companies which adopt purpose but reduce their innovation effort lose that competitive advantage. In other words, purpose on its own does not transform the business.
This connects with something I see constantly in my work with companies. Many organisations have understood purpose as an exercise in communication: redefining values, launching campaigns, aligning with the SDGs, reinforcing the ESG narrative.
And that’s fine — but it doesn’t move the needle.
Value appears when purpose translates into concrete decisions: new products aligned with impact; a redesigned value chain; strategic alliances with social actors; and sustained investment in innovation.
Without that, purpose becomes a story. And a story, without action, creates no value. This is the difference between a genuine purpose-driven strategy and a decorative one.
Europe’s Enormous Challenge
Europe has a particular risk here. While the United States keeps its focus on innovation and Asia on execution, in Europe we risk getting stuck in regulation and discourse.
We have advanced ESG frameworks, growing regulatory requirements and a high degree of social sensitivity. But we remain far behind in productivity and innovation. And that can turn purpose into a trap.
Because a company that declares impact but does not transform its model doesn’t just lose competitiveness — it can erode its own credibility.
That is why, when I talk with CEOs, I increasingly try to steer the conversation onto more uncomfortable ground. I’m not interested in whether your company has purpose. I’m interested in whether your purpose is generating innovation.
Because that is the difference between the companies that will lead the future and those that will be left behind.
Purpose Is Strategy, Not Marketing
Purpose is not marketing. It is not philanthropy. It is not reputation.
It is strategy. And like all strategy, it requires investment, discipline and difficult decisions.
If this study teaches us anything, it is that the companies that truly grow with soul are not the ones that declare purpose — they are the ones that turn it into a systematic engine of innovation.
The rest, sooner or later, will fall behind.
Ángel Bonet is President and founder of ImpactCo, a global boutique consultancy specialised in the purpose economy and purpose-driven strategy, and author of “Empresas que crecen con alma.” If you want your purpose to become a real engine of innovation, let’s talk: tribu@impactco.es.