Rediscovering a Sense of Purpose in Tech

In 1975, my family was evacuated from Saigon just 72 hours before the city fell to the communists. My father had fought alongside the Americans; if we wanted to avoid being imprisoned, we had to hurry, and we had to leave everything behind.

I was two years old. My mom, who was only 20, carried my six month-old sister on her back. We were flown to a refugee camp in the Philippines, where we stayed for six months before being transferred to a refugee camp in Arkansas. Eventually we settled into a small town in rural Pennsylvania. My dad got a job as a civil engineer. My mom started as a seamstress and eventually became a successful business owner and real estate investor. I was the first in my family to attend college.

My family got to live the American dream because David Scully, a man we never met, and his family, sponsored us. They allowed us to live with them for a few months and helped us get on our feet. Years later I realized what the Scullys did for us, and a little bit of why: They lived a purpose-driven life. Purpose is something you do for other people, not just yourself. It’s bigger than just you. It’s building a legacy and making it possible for others to do the same.

The Scully family had no ties to us. They didn’t know who we were or what we were capable of. All they knew is that we needed help and they wanted to make a difference. 

As I grew up, I started to understand that not everyone is as lucky as was my family. I saw that many other families were struggling. They grew up hearing that America was the land of opportunity but it didn’t feel that way to them. They felt isolated and disconnected. Lots of people lost hope.

In 2000, I discovered eBay. Its mission is to “empower people and give them economic opportunity.” That mission resonated with me because I could relate to the people we were trying to help. I was excited to go to work, and everyone around me felt the same. eBay made it possible for people to become entrepreneurs and earn meaningful incomes selling things on their terms. eBay gave us something to believe in.

Looking at Silicon Valley today, one might think the industry has lost its way. But technology still can change the world for the better. I’ve seen it first-hand working at purpose-driven companies: eBay, Stella & Dot and Omidyar Network. I feel it in the work I do today at Spero Ventures—investing in entrepreneurs building a future for everyone.

If tech can be a powerful force for good in the world, why aren’t more founders starting companies that are purpose-driven? I think it’s because many people still believe they must choose between impact and returns—that you can be purpose-driven or profit-driven, but you can’t be both. 

That’s simply not true. Purpose fuels profit. By fulfilling a purpose, eBay grew from $50M to $5B in revenues during my time there. Stella & Dot grew from $30M to $300M in revenue during my tenure. Both companies were profitable from its very earliest days, while positively impacting the lives of millions of users.

The data suggest this, too: Purpose-driven companies have more loyal employees, more delighted customers and higher stock prices.

A recent Harvard Business Review study found that employees who derive meaning from their work report nearly twice the job satisfaction, and are 3x more likely to stay with their organization. Some 91% of consumers would switch brands if a different one was purpose-driven; 71% percent of consumers would help a brand promote its products/services if it was purpose-driven. In the book Corporate Culture And Performance, HBS professors John Kotter and James Heskett show that over a decade-long period, purposeful, values-driven companies outperform their counterparts in stock price by a factor of 12.  

Some of the best companies of our generation are proving you can pursue purpose and profit.

At Spero Ventures, we invest in entrepreneurs solving the problems that can make or break a life: well-being; work & purpose; and human connection. A few examples: SafeTraces, a DNA-based traceability system that ensures the food we eat is healthy and safe; Skillshare, an online community that provides universal access to high-quality learning and helps close the professional skills gap; and Koko, an emotional intelligence layer that works with social networks and community platforms to create a kinder, more empathetic internet.

I started building products in this industry because I believe in the promise of technology. I still believe it today because I see it in many of the people I meet. At Spero Ventures, we're building a community around this idea and it’s growing every day. If you want to build or work for a company like that, I hope you’ll reach out: ha@spero.vc