The passion economy is an economy built around “creators with a purpose”—people who are powerfully motivated to start a brand, business, or community, usually on digital platforms, around a shared passion. Today, there’s an ongoing demand for three things that the passion economy provides: expertise, experiences, and relationships.

In a way that wasn’t possible even a decade ago, the rise in new digital platforms—including those like Shopify for e-commerce and Mighty Networks for online courses and communities—has made it easier for individuals to build a fulfilling livelihood around their own passions.

These digital platforms overcome roadblocks of geography and timezones in a more agile way than the traditional economy, and—most importantly—allow people to connect and build the relationships that maintain and fuel the passion economy.

The passion economy has three main elements that all work in tandem together:

1. The creator, who are building a business around a unique skill, idea, topic, or passion.

2. The digital platform, which is key for supporting and growing the creator’s product or service.

3. The market, or who’s buying the good or service produced by the creator.

The term “passion economy” and its definition were coined in a  book called by Adam Davidson, a New Yorker staff writer and cofounder of the Planet Money podcast on NPR. He argues that in today’s economic setting, passion and profit, as well as business and art, aren’t opposites but elements that go hand-in-hand to building a successful business.

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