Piet Colruyt is a Belgian independent 100% impact investor, and a board member at the family holding Korys, the majority shareholder of the Colruyt Group. He also founded Impact House in Brussels, a dynamic hub for change-makers.

In this introductory interview, Piet shares how impact investing has helped him grow as an individual.

How did you get into impact investing?
My grandfather started selling coffee and pralines in his father's bakery in 1928. Today, his legacy is Colruyt; the largest retailer in Belgium, with a turnover of 9 billion euros and more than 30,000 employees. It is a publicly listed company, with 100 family shareholders still holding the majority. As one of those shareholders, I started working in the family business in 2000, first as an architect, later on the shop floor and in the finance department. I focused on making the supermarkets more sustainable, but after working there for 10 years, I realized I could contribute on a much larger scale by putting my energy into investing. So I fully immersed myself in the field of impact investing and learned everything I could; I attended conferences and read extensively. From that moment on, there was no turning back, I became an impact investor. 

What was your biggest inspiration?
In 2009, Ashoka introduced me to "How to Change the World," a book by David Bornstein about social entrepreneurs. When I read their stories and saw how they never gave up on their ambitious missions, I was deeply inspired. That human spirit is the beginning of my journey into impact, but it is also what keeps me going. Over the years, I have discovered that dedicated people are the driving force behind everything. A bad plan with a good team is always better than a good plan with a bad team. It is a beautiful reminder that success is determined by people. 

What advice would you give to 'young' impact investors?
Don't be afraid to fail, and focus on change. Personally, I don't think it's that important to measure myself or my impact; I'm more concerned with making sure my model is integrated: that my revenue matches my impact. I believe it's very clear whether something is good or not, so trust yourself, start investing, and be just as open about your failures as your successes, so that everyone, including you, can learn and benefit. 

How do your role at Korys and your work as an independent investor come together?
As a board member at Korys, my context is quite indirect, but I feel it is very complementary to my work as an independent investor. In both capacities, I work on impact investing, just at different levels and with different focus points.

One of the things I am passionate about is securing biodiversity, and with that, reducing harmful monocultures. Investing in this can take various forms. As an independent, it can mean directly investing in a multicultural farm, enriching the land, the soil, and our diet. As a board member at Korys, it meant that Colruyt was introduced to Ashoka colleague Tobias Leenaert, a vegan strategist. Leenaert predicted a decline in meat consumption and a rise in meat-free products. As the largest butcher in Belgium, Colruyt, based on his advice, reduced their new meat factory by 35%. A great decision for the planet, but also for our supermarket, as it put us at the forefront of a growing industry of vegan products. For me, this shows that different arms working together, at different stages of risk, create a healthy ecosystem of impact investing.
This is why I founded Impact House; a network of change, based on shared skills, support, and contacts, and why I believe in philanthropy. Many innovative enterprises do not necessarily operate according to a traditional business model, but as the example above shows, they can have the power to change the entire sector indirectly, so our support is essential. 

How is impact defined in Belgium?
In Belgium, there is no uniform definition of impact. I would even say that there may be more differences between Wallonia and Flanders than between Flanders and the Netherlands. However, in both countries, I feel that development has been somewhat slowed down because we have a larger 'social safety net' than in places like the United Kingdom. I think this has led us to become more dependent on subsidies to solve problems, instead of using social enterprises. 

What are your thoughts on risk?
There is a big distinction between social investors and 'finance first' impact investors. Finance first impact investors look for market-rate returns and focus on growth. Social investors take greater financial risks, causing their financial results to fluctuate. The goal is different. I balance these two, investing for my family business and as an independent investor. As an institution, you can't take as much risk, but as an independent and ambitious impact investor, I can and want to. Fortunately, I don't have to choose between loyalty to my family and my heart. I do both. High risk, and the right risk. 

What is your ambition?
I want to change people's mindsets, especially other heirs of the next generation. I want to inspire them to experiment. To understand that doing good and doing well are two sides of the same coin. 

What should people invest in?
For me, it's not about what you invest in, but rather that you follow your passion. I think it should be personal. That's simpler than people think. I have money in my bank account. There are problems to solve. If you have the means, do something. For example, you can put money into ESCOs—companies that pay for energy-saving renovations and are repaid by the savings made in the future. We recently did this for 78 nursing homes and reduced emissions by 30%. It doesn't matter why you do it; whether it's out of guilt or because you feel responsible, we can and must use all the financial instruments at our disposal for positive change, from subsidies and taxes to investments and patronage. Whatever you choose to invest in, have intention.