Spiritual Wellness and Startup Opportunity: Michael Ward, Adviser
For 8 Dimension Ventures Adviser Michael Ward, there is huge potential for businesses that address the Social and Spiritual aspects of wellness.
Many non-profit organisations focus on Spiritual needs, but Ward believes that start-ups can also tap into this area – and make a profit at the same time.
“The 8 Dimensions of Wellness are inextricably linked to our ability to be higher-functioning human beings,” he says. “As a business person, I see there is great opportunity to improve the Social Dimension by finding more effective ways to communicate across differences.”
“On the Spiritual side, there are large transformative opportunities to nurture our inner lives and to help support the inner lives of others.”
Spiritual wellness is often thought to be about religion - and for some it is. However, it also encompasses self-reflection, mindfulness and gratitude. It can be closely tied with Environmental wellness, with a passion for nature and the outdoors.
Ward believes the time is ripe for start-ups that meet the most basic needs of consumers. Companies that can address the 8 Dimensions of Wellness, both in their products and marketing, are well-positioned to generate revenues and be profitable.
He is in touch with a lot of start-ups in his capacity as Operating Partner with Impact Venture Capital. Many are addressing the 8 Dimensions of Wellness.
With people around the world worried about the pandemic and the impact of climate change, Spiritual wellness is more important than ever.
“This is a great time for a holistic approach to invest in truly human-facing business opportunities,” Ward says. “Sustainability and wellness are truly required in these challenging times.”
