Elon Musk Is 'Pioneer' Of Purpose-Driven Brands, Says New Study

Whether or not you like Elon Musk, he's proven he knows how to establish a business with purpose.

By: EVANNEX

Jul 19, 2021 at 9:13am ET

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Posted on EVANNEX on July 19, 2021 by Matt Pressman

In the book Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future, author Ashlee Vance writes, "He’s the possessed genius on the grandest quest anyone has ever concocted. He’s less a C.E.O. chasing riches than a general marshaling troops to secure victory. Where Mark Zuckerberg wants to help you share baby photos, Musk wants to ... well ... save the human race from self-imposed or accidental annihilation.”

Above: Tesla and SpaceX CEO Elon Musk (Flickr: Steve Jurvetson)

In short, Elon Musk knows how to establish a business with purpose. And it's not just Musk's biographer who thinks so. Corporate reputation management company, RepTrak, surveyed some 6,500 respondents about 200+ brands for their 2021 Purpose Power Index in tandem with brand agency StrawberryFrog. And it turns out that Musk's companies made the top 10 list twice with SpaceX and Tesla claiming the No. 3 and No. 9 rankings.

According to Graham Winfrey at Inc., "When it comes to building purpose-driven brands, Elon Musk is something of a pioneer. Musk's electric car company, Tesla, and his aerospace manufacturing business, SpaceX, both ranked among the most purposeful brands in America, according to [this] new study."

RepTrak's global EVP of reputation intelligence, Stephen Hahn-Griffiths explains, "The integrity of purpose matters more than ever before and has a bigger impact." And, according to this study, it's clear Elon Musk's Tesla and SpaceX hit the mark.

So why were Musk's companies able to shine? Winfrey explains, "the study measured corporate brand purpose using an algorithm that looked at four main elements: standing for more than just making money; improving the lives of people and communities; benefiting society as a whole; and changing the world for the better."

To check out a comprehensive overview of the 2021 Purpose Power Index where the results of the "the largest study ever to measure perceptions of brand purpose" were announced along with a wide variety of guest speakers including those from RepTrak, StrawberryFrog, and Inc., check out the Purpose Power Summit 2021 (in full) below.