The Age of Elevated Economics: A Shift to Purpose-Driven Business Model with Richard Steel

Richard Steel is One of Inc Magazine's fastest-growing company CEOs, he has run both private and public companies and advised the White House Business Council. He is an alumnus of Harvard Business School where he serves on the Alumni Board. He chairs a philanthropic fund and is the author of the best-selling book, Elevated Economics. 

Key Highlights: 

[00:01 - 15:21] Capitalism is in a transitional period

• What is Environmental, Social, Governance (ESG)
• Capitalism is in a period of change; peaking globalization, capitalism, inequality, and the great wealth transfer occurring at the same time.
• Richard’s Book discusses the theory that shareholders as the primary focus of a company have been replaced by a stakeholder-centric focus for business.  
• This change is referred to as “the day the shareholders died”.
• Corporate information is becoming more accessible, which pressures business leaders to change their ways.

[15:21 - 23:43] The Age of Elevated Economics Is Here

• Shifting to a purpose-driven business model can have many benefits such as; Attracting and retaining talent, replacing executive-level talent quickly, and increasing consumer willingness to pay for goods and services.
• Millennials focused on nonfinancial factors when making decisions about how to invest their money. 
• Sustainability strategies and practices will likely be more rewarded by this generation.

[23:43 - 31:22] The $5 Tomato: Why Business Leaders Should Sell to Believers

• Capitalism is no longer a single bottom-line business
• There is a shift away from how we view the shareholder-only ecosystem
• It's okay to charge accordingly for what is valuable to customers
• It's an optimistic time and there are opportunities for business leaders

[37:58 - 40:04] Closing Segment

Connect with Richard through LinkedIn 

Resources Mentioned:

Elevated Economics: How Conscious Consumers Will Fuel the Future of Business 

Key Quotes:

“All the studies show that millennials and the next generation are more, focused on supporting firms that can articulate and define a purpose and tell a compelling story.” - Richard Steel

“It's very exciting to be living in this time when business is undergoing such a fundamental change, and we have the power to be able to shape that. We've had that power the whole time, but now we're really having an opportunity to exercise it.” - Richard Steel

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