BNP Paribas uses cookies on this website. By continuing to use our website you accept the use of these cookies. Please see our cookies policy for more information and to learn how to block cookies from your computer. Blocking cookies may mean you experience reduced functionality or be prevented from using the website completely.

#Entrepreneurs — 18.04.2017

Serialpreneurs: The Good Samaritans

Entrepreneurs have various motivations, whether it be fame, freedom or fortune, however those who have founded multiple companies are much more driven to improve society.

Serial entrepreneurs are twice as likely to rank making a positive impact on society as a primary motivator than entrepreneurs who have narrower business interests, according to a groundbreaking new study.

Of course, having such a mindset is perhaps a luxury that the wealthy and successful can more easily afford compared to entrepreneurs who are still in the start-up phase. In any case, the data from BNP Paribas Wealth Management’s 2017 Global Entrepreneur Report is nonetheless striking.

As part of this study, the European bank interviewed 2,650 Elite Entrepreneurs, whose average net worth was $14.9 million. Of these, 800 were serial entrepreneurs, or “Serialpreneurs”, who have co-founded an average of 7.5 companies versus 1.7 businesses for other respondents.

“Given these multiple business interests, Serialpreneurs typically manage their companies in more of a ‘portfolio style’ – the scale means that they deploy capital and wisdom across a wider range of businesses,” BNP Paribas Wealth Management wrote.

“Serialpreneurs are twice as likely to rate having a societal impact as a primary motivator than those with less than four businesses.”

 

A change of heart

This figure rings true for father-of-three Pascal Lorne, 44, a tech entrepreneur who has returned to his native France following a successful stint in the US that made his fortune. He is now CEO and founder of gojob.com, a recruitment website that aims to empower blue-collar workers.

“Before I turned 40, I was pretty much focused on profit and success, but over the last five years, I slowly realised that my roots were in Europe and there were many things that didn’t work very well in Europe, but work pretty well in the US. I thought, ‘Okay. How can we change that?’” said Lorne.

Lorne has committed to dedicate at least a third of his existing and future capital and operational gains to his own philanthropic foundation and is involved in several other non-profit organisations. 

“It no longer makes sense for me to build a company just for profits because I am wealthy enough to stop working… One of the best reasons to wake up every morning is to see how we can help each other build a world with more love, empathy and peace.”

In the second part of this article, we will explore how Serialpreneurs believe pursuing multiple business interests gives them more of a chance to make the positive impact they desire.

USD 14.9 million  

The average net worth of the 2,650 Elite Entrepreneurs in BNP Paribas’ 2017 Global Entrepreneur Report