“I’m still a capitalist,” says Ashif Mawji. 

“I want to make money, but also we want to have an impact on the world, whether it’s environmental, education, healthcare.”

Mawji is not interested in choosing between purpose and profit. As managing director of the ScaleGood Fund, a venture capital firm based in Canada, he is focused on proving you don’t have to.

“If you give [investors] a choice, saying, I can give you the same return in fund A, which doesn’t really focus on impact, or fund B, same metrics, but I’ll add an impact. Which one would you pick? Well, obviously you pick B,” says Mawji.

In conversation at Inventures 2025 in Calgary, Mawji discussed how he is challenging assumptions about what impact investing really means. His approach is grounded in metrics, not idealism, with a vision for innovation in Canada that ties financial incentives to broader goals around equity, education, and environmental outcomes. 

At a time when innovation strategies are increasingly scrutinized for tangible results, Mawji’s perspective offers a model that aligns purpose with scale.

By focusing on diverse teams, mission-driven companies, and global markets, the ScaleGood Fund is betting on a new formula for economic and social value — one that could influence how Canadian innovation ecosystems grow in the years ahead.

[Watch the interview in full in the video below]

Financial rigour meets social return

ScaleGood Fund launched in 2022 with a clear mandate: invest in for-profit ventures that align with at least one of the United Nations Sustainable Development Goals. Unlike many funds labelled as “impact,” Mawji draws a firm line.

“We don’t invest in not-for-profits. We don’t do that. It’s a for-profit venture but has to have an impact,” he says

“We all know we can make money, but can we make money and do good?”

This distinction is central to how the fund evaluates opportunities. Companies must meet financial performance metrics and demonstrate their social impact with rigour. While there’s no global standard for measuring this yet, Mawji insists on evidence-based accountability.

“We grill them,” he explains, making sure to ask about metrics and exactly how they’re measured. “We do look for quarterly reporting, both on the financial and the ESG and social impact metrics.”

For Mawji, this dual focus isn’t just about values, it’s about returns. He points to portfolio companies attracting stronger talent and cultivating stronger customer relationships as evidence that purpose can be a business advantage.

“You’d rather buy a pair of shoes when you know that a second pair of shoes is being donated,” he says. “Those companies have stickier customers and a higher loyalty level. Those companies have the best talent, because the best talent has a choice of where they can work, and they’ll pick companies of impact.”

A generational shift in investor mindset

While the thesis of impact investing is gaining traction, Mawji acknowledges the road to adoption has been uneven. Legacy investors are often sceptical, assuming that purpose-oriented funds deliver weaker financial results. He sees his work as part of an education process.

“We just all need to do a better job of… communicating to investors and to entrepreneurs.”

One surprise, he says, is how that mindset is changing even among traditionally conservative investors. He recalls an Edmonton investor with a background in real estate and oil who recently approached him wanting to invest in his fund, despite it being closed.

“To me, that’s refreshing. [It] really, really made me happy,” he says.

Mawji attributes much of this change to younger generations of founders and funders who are looking beyond traditional returns. This shift is also shaping how companies present themselves to global markets, especially when trying to raise capital outside Canada.

“If you want American VCs coming in, you have to have bold goals,” says Mawji. “Doubling your revenue every year is not going to cut it.”

[Watch the interview in full in the video below]

Redefining ambition in Canadian innovation

When asked about Canada’s innovation culture, Mawji doesn’t mince words. He believes Canadian entrepreneurs are getting more ambitious, but there’s still work to do.

“There’s this thing that Canadian entrepreneurs are satisfied easier than American entrepreneurs,” he says. “If you’ve got 20 customers, you’re happy, whereas an American company, they’ll want 2000.”

Part of the solution, he argues, lies in changing how we talk about impact and innovation. Companies need to learn to be louder about their successes without falling into hype.

“A lot of their American competitors might not have the best product, but they sure make it seem like they do,” he says. “Sometimes there is a marketing thing that you have to do, too.”

On the policy front, Mawji sees room for governments to better support purpose-driven entrepreneurship. He advocates for tax incentives to encourage more impact-driven investment across Canada.

“Give the investors a tax credit if they’re investing in an Impact Fund,” he says. “Lower the taxes for impact funds… make it so that it’s financially lucrative at the end of the day.”

A model to scale

With over 40 companies in its current portfolio and limited partners that include TELUS, ScaleGood Fund is beginning to show that Canadian-led impact investing can compete globally. But Mawji is thinking long term.

“That’s the goal: to show more investors,” he says. “I’d love, when we’re at the point of exits, to show that yeah, we’re making great returns.”

As Canadian policymakers, entrepreneurs, and investors debate the future of innovation, Mawji’s model offers a clear takeaway: impact and scale are not mutually exclusive. With the right structure and ambition, they may be inseparable.

Watch the interview: