Good evening. My name is trevor fromhe boston book festival. Thank you so much for joining us this afternoons 2020 session, can business save the world. I would especiall like to think everyone including a donation en they register for this free event. It would like to purchase the book by todays presenters, were also suppoing independent bookstores in the bbf, which made it easy. Just cli by t book linkt the bottom of the screen. No i like to talk about them moderator, cofounder of fsg and the author of influential publicions on sharealue catalytic herapy, strategic evuations and impact insting. Thank you trevor and it is wonderful to be here and these ar two outstanding womanhood just written two books the long and a book shelf. Where used to thinking about business as being the source of so any problems in the world today. Its quite refreshing to he a panel that talks abo whether business can save the world and while that is a large and openended question. Trevor our two authors today have very specific and clear agendas for house under this business can actlly deliver a positive impact. So im really delighted to welcome my colleagues, rebecca, shes a University Professor at business school. And diversity prossorship is a rare distinction that is only the stone on about 25 out of thousands of the harvard university. Shes joined by rray and freedom very proud to say former stude of mine who after 15 year career as the head of social visn. She is now launched following up on her book and New Enterprise without automation. I would like to give each other to talk a little bit about the book and hopefully quit your appetiteo buy it. And we will join into the general discussion. So rebecca, sta with you. You can take about ten minutes and give a general idea in the book. Rebecca 288 pages, ten minutes. Market, thank you very much for the gerous introduction. Reimagine citalism in the world on fire. Why do we needo reimagine capitalism. Because it is not working f so any people. Its accelerating inequality, continued exclusion. In the continued failure to address measure environmental problems like Climate Change. Why reimagine it and throw other things out the window. I am a capitalist. I believe that free markets, genuinely in fair markets are one of the great inventions of the human rights. Ut that is not what we writes now. Markets market magic when the prices reflect this. The rules of the game are genuely free and fair freighted and las at the moment, that is not the case. Were failingo charge those polluters to admit fossil fuel. It could genuine cost that the damage that there creating. So everyone i trying to build a clea economy has to start from behind. To compete with fossil fuel who are heavily subsidized that are damaging the health and climate. And we have a lot of money into politi. For example the fossiluel companies can invest hundreds of millions of dollars into climate denial and pitical lobbying to makeure that our society does not address this matter and problem. So if that is t issue, what do we do. Most importantly, what can business do. Becauseasy answer, the textbook answer is the government to fix these problems. These are after all, plic goods problems. If you have issues in the course, shouldnt it be government that invest in education and health and make sure that we have appropriate things like minimum wage. Shouldnt it be government this us the guard rails for business. So this Greenhouse Gas leaks can be exposed. Well, yes. But, governments and so any places are weak partly because of the massive problems that we see. Accelerating inequality in the continuing flow of money into politics has led any americans to believe for example, in fact in february even before the pandemic, 70 percent of americans said the system was rigged against them. That the rich and powerful control society. In any are angry. The polarization of her politics reflect this deep anger. And so for years, any Business People enjoyed insane, we dont need government. You can, its not important, as all of the free market. But a free market object is dangerous. So we dont have the strong trance current accountable the intent government that we need to address these issues. Although we hope that that will change in future. But certainly dont have a globally. So what can business do and why should business do anything. Summa start with why business, because it is good business. Because leaving Climate Change unchecked is going to be seriously costly for the world economy. Its going to be hard to make money billions of angry people are migrating north because of the harvester self. It is not a world in which business is going to do well. So business i believe has a strong interest in addressing these problems. Similarly with inequality and Exclusion Party does not a group of consumers who have the money to buy products brightest people, they dont have the Education Health care they need to participate in our society, that the problem business. All our Research Shows that healthy societies rests on the free markets but also a strong democratic government and civil society. Its a business has a strong interest and rebalancing things. They might say that sounds like a collective interest. That sounds like public goods. Not for individuals businesses. What do they do. After all, live business person i have make payroll party, going have time to save the world. Salome tell you just 20 minutes into my story how might at least help save the world. Let me tell you about my friend who left a cushy job in order to become ceo of garbage company. It might saw out like a slightly off move. Want to make a difference in changing the way we handle trash can reduce emissions by hundreds of thousands of tons. And he ran into a major problem. It turned out industry was corrupt. That everyone was disposing of garbage and the regulations were poorly enforced in the violations were tiny. And eric decided that he wanted to do the right thing. He wanted to run clean. And he was willing to raise taxes to cover the cost of doing so. Any of his senior people im spicy. So i quit. Soon any of his customers. His competitors denounced him for bringing industry into this because he went public with what he had found. Once he stood up, any people were keen to help. Any discovered all kinds of ways to cut costs. He was able to persuade any of his competitors to join him and refusing to dispose of the garbage into the lake indians persuaded his investors that investing for longterm might really pay off. How he moved forward, got harder for part of regulations to stand sidelines. He was able to transform the entire industry. And in doing so, he had a built a large and successful business parties now one of the largest recycling companies. These are the four pillars of change, build a Purpose Driven Company that creates shared value, that can cover the cost of doing the right thing and still see profitable. And encourager be competitors do the same thing so the nobody is at the disadvantage for holding the line on doing what is right. Remind your investors that they have a strong interest in building a clean and just future. Unless but not least, call the regulators in full them in. For the government ten. Rebuild the government institutions so that often features cannot survive. Im not saying this is easy and quick. Im not saying its a done deal. But i think it is possible. [inaudible]. We have a business case, all we need to do is decide to do it. Trevor there is a terrific story and Traffic Summary and leaving the book is filled with stories like that are an inspiring and educational and really sort of give you an example of what the Harvard BusinessSchool Teaching method is really about. And now it is my pleasure to turn to a macroscopic view of capitalism. So specific views about not just specific companies but even with these companies, what specific brand was can do to both strengthen the brand and to achieve really powerful impacts. So marian if i can give you another ten minutes to summarize here from his will. If. Thank you very much. 234 pages, and it seems like a short time bellamy try to maybe share my passion with you. Myriah funding for anybody who is working, can see that my name, with thousands of others. [inaudible]. I have spent 20 years dreaming of ways to get people to wash their hands with soap. Is a more costeffective Health Prevention there is. We know for a long time in handwashing and thinking about this. I joined and say more about my story about how i actually managed to do some of the works. But really just to get people to listen. Handwashing with soap is the best line of defense against covid19. Even after we discover a vaccine. It the most rewarding businesses there are. And the years that i have spent working with this, i have focused maiman entered mainly in health and wellbeing. I concluded the any examples, we can change for the good. But i would like to talk to you with my book a bit more about how you can make the groupthink. Have wellbeing obviously from handwashing, to general hygiene, to Malaria Prevention to better nutrition, practicing best efforts. I would go further into even racism is a problem. It has to be treated with the same level of consuming energy thats required. And you can look at the things in u. S. , the main is even more apparent. As deep throat of centuries of inequality. And ive actually come out very clearly in saying that they need guiding new ways to address health and wellbeing. And what the commercial brands can do. The brand this the static, i call them vision. And they can come out of this by the way. If you look at what is happening in the streets of america. Especially it takes years of policeman and education. [inaudible]. They can speak with confidence on americans reality because the Civil Rights Movement has actually been moved. That needs work on racial equality on summary fronts. In teens, incoming equality and other things. And also respected. And also support the work among the vision of americans to financially and visually for the expert for example. They work with them and extended the support of the health insurance. The fact is that this was happening way before. [inaudible]. Network is being rewarded. It along elaborate statement and how this is pulling to be used. A new ice cream favorite in the middle of this. And they welcome to this with open arms. So i believe that all the brands need to be somehow on one vision. No one left behind. But i want to do, what might book tries to do is to distinguish the real mission firm mayor purpose of washing are the windowdressing. And that is asking to be critical. Most people are either a listening to this politicians. And maybe theyre just curious about this that we are talking about. Youre asking yourself, is it really possible to transform businesses. And the best example of how this is actually possible. What this book exactly is trying to do is to take some of these ideals in ways in which we can do good. [inaudible]. Twentyfour children have died to just since i started speaking two minutes ago. I think that is fundamentally wrong. Its not just the attention. My nutrition including for example, affects one in three people. Around disease is the number one reasons why Food Allergies also just think about any of these issues. They can be changed habits and attitude. And healthcare costs. So if you think about knowing that people should be wearing condoms if you have hiv. And we should brush her teeth. And we should eat better. And we often dont believe those things. We know what is good for us. Philippe often act otherwise. So i think we disconnect. Because of the desirable behaviors. And daytoday, any of the world faces these health challenges. And this is where right is wrong. They can make consumptions a lot more pretentious. An approved society as a whole in the individuals behavior. So weve all been talking about a new drug of the century. Were talking about the bigger strong people in the purpose of a corporation. [inaudible]. There asking these companies to invest. The question however is how do you transition this purpose into a Meaningful Mission that is actionable, intense to really be measured. I know that theyre becoming large enough to do this. Of the key questions remain credited how you make a real business problem and with real suffering. What did they do to help. [inaudible]. If you think about where having a purpose for the car brand but there has to be action prior to the visions of marketing, and these companies have to have the rising of the Heart Disease print if you think about it, corporations arguably are responsible for the more serious emerging problems that people face. People believe that they are alone. But we have a global power to change that. What im trying to show in this book is that in my journey in which you doing good is still profitable. And if we do follow that path, we could change that dynamic. I think this is what the purpose journey is about. And obviously for me, and he talked a lot about this in my book. I joined the private sector coming from Public Health. I joined because i felt that talking about it felt extremely limiting. Kind of like the work that i wanted to do. There was only looking at this rural woman in as a victim or somebody you actually needed to do something with the free money. [inaudible]. I spent most of my career in feeling like the entire company was spending all their time and energy and brainpower with the same kind of woman with the same kind of dignity because she had money in her pocket she wanted to get the best things that could work for her. What would kind of fragrance would make her want to wash her hand a party look into packaging. This is how i have spent my career. Fifteen years in a company trying to drive the Worlds Largest handwashing program. Handwashing and any with handwashing. And others with covid19 we shouldve seen it coming. But basically, were very well prepared and the company to be able to respond to the current challenge of trying to drive handwashing for insignificant doubly prove the brands in which i spent 15 years has gone from 250 million to over 1 million in lesson years. Just to let you know, how we actually make, drive your business as well. Youll find a lot of this in the book. And if i love stories and how difficult it is to be able to drive a purpose and omission and a marketing company. In the agendas between the two different worlds. But the one thing is sure as it is possible and i am the clear proof of that. And just last week i was honored by being called a professor and practice in internal medicine and Public Health. In my tenure in the private sector. [inaudible]. There is an element there and that we should show these sectors to do the best of what they can do and somehow find a way to allow us to be able to drive though good. Mark thank you and it is a terrific book. And a has a real impact and these companies can do this. Only the best lessons is we think it is so important to give people things for free. When they are low income and yet giving things to people for free often is not actually result in changing behavior. It does not actually result in people valuing what were doing. And not always lead us to give them what they actually need. And when we treat them as consumers, we actually solve those problems. Any of them. One of the things thats a result of the book that it has in common is the idea that actually delivering the social benefits whether it is addressing decarbonization. Or whether persuading people to wash their hands including sanitation party to these things actually lead to greater profits and sales and revenue. And yet it seems as though they resist making these changes. That seems like a paradigm. Decades of experience working with Major Companies around the world. How do you explain this resistance to the good advice that you have given. Myriah it is completely normal. I spent the 3120 years of my career at mit. In this what i did parted i worked with firms like nokia and kodak. Hopefully some people on this call will have heard of nokia, the height they were selling and millions of week. I tried to persuade them that apple was the real threat they should really respond. And very politely said, no. Why. The mechanisms of denial, and everywhere. Everyone, it is not happening. Number two. We want to make any money from it. Number three, was business. We cant manage an organization will change. That was what we are seeing right now. If one way to think about why there are business cases lying around. As in our world is profoundly changing. The this inclusion and addressing social justice and solve the environmental problems is really a shift in how you think about the organizations and the entire economy. And with the customers moving, we see employees moving. We see investors moving. We also see the same old response. The hud my watch. I willive it another couple of yes and it will go away. I wont have to deal with it. This resistance is normal a what is so exciting about our current moment is wha i think i learned from my research is the best way to overcome this kind of resistance is shared purpose. And the fact that is what we need rig now and what s any people are discoring is goi to be refueled tt enables us to get through this moment discontiity or destruction freighted to really embrace needing t do things in a new way. Mark thank you. Any of a whole section of your book on how you persuade within the corporation, the Senior Leaders. To bieve in this idea thoroughly to cmit not to just sayi that the brand cares but tually doing things that the brand can do to influence behavior what are the lessons there. Myriah i think brands do new ways to show that the need for this can be actually addresses. Because there is way which we should speako them. I think a lot of compani and brand this have a potential value but i think this is where rketeers particularly hav trouble with the shared Value Concept party because i know that this something that they can tap into and generate sales. And your customers and your people really want to buy into a brd. But the reality is this is where the brand it does come in. It also have say, you have to be within 50 feet and we have to keep you accountle. So talk about brand and to be able to say, it is not enough to counicate about how well your intention is but how do we keep you accountable. And its driving this impact. In her at a certain level of your bnd marketing is actually going to this. So for ts extended marketing is actuallyriving this. I think this ishere we can really see the vue of transformation that is normal. In health and wellbeing. Thats my level of expertise. In white social impact. I think for example, this isn amazing framework in which businesses can frame their siness models. The going throughhe instigations and ts becomes now. [inaudible]. Obviously a framework in which we now can t to get these things going for it to talk about this in my book targeted leaving the ship, becomes absolutelyritical. This cannot be just one part of the company and the other part of the company is not following it. I think this is where having great leaders is absolutely critical. To really having the entire company involved. And with extnal communications is theoal. Because this requires an entire team and a change of mindset where youre not just being measured. On the multi sales comments about actually, this is over one month or two months. This is a longterm journey. And i you actively see this for a couple of years. This is when your brand becomes richer this is when computers are going to buy because they see you as a leader. Mark wonderful. Thank you. And a lot of the other commonalities of those books is an emphasis on the need to work and cross sector collarations. This is a key dimension of the solution. But is not the only solution. And yet they talk about how difficult it i to actually work effectively across sectors. So what advice you have for people trying to build and manage cross sector coalitions. Myriah the collaboraons in order for us to see the changes. And behind to be here, its bacally a visual in which my entire focus is. s a trio. That somehow it has lived for over thousands of years. It represent, and i believe if you nurture it, then you can actual have lbs that will extend the test of time and test of whether for examp. Issues that can be solved in isolation. Its about the best of different sectors togetr and being able to address the issue holistically and not in isolation. So if i take, for example, the issue of the facthat nsumers are not washing their hands and not wear masks and not practicing the behaviors you want them to do, can you addre with marketing . We note that people are not shing hands because they dont ha access to handwashing facilities in the se place they need to wash hand. So should we be done early if you could get government, private sector, and ndo and collaboration to get the best of philanthropy and whout this you went be able to get real change mch book is gout giving guidance to brands to say you can now define new partnerships not just but philanthropy but giving depth andcale to your Business Model you would never have on your own. Hank you, and please in the audience fin thinking about your questions and well invite questions. Rebecca, what are your thoughts on this importance about crossector collaboration . That its really important and very hard to do. I think this flows into a theme trust that we haven specifically highlighted. Fo many years, business said, and sometimes aed, often acted, asf the only important thing was immediate profits; that share hole at the value was the whole game and the purpose of business was never just maximizingrofits it was abo building pros apa and free tom but many firsts starting act inning in egregious shortterm ways and when day tried to build partnerships, a lot of partners look at business and good really, business . What am i not heangment you must have an angle cant be you want the common good so what i he or served and i hesitate t say this, but my observations that it takes time. You have to show your trustworthy, youve will invest in the partnership, you will follow through even when its not convenient, and w have some very powerful examples. One of my favorites is e beef and soy coalitions where the big food buyers in the west said we will not buy soy or beef that come fws anily deforested amazon union lands and they said thats what our customers want put the agreement was only possible, only worked, and did work forks seval years, because they we in partnership with the bzilian government. But the brazilian governmt was measuring to williams point, was enforcing when necessary, and it was that tight partnership that really paused tee t deforestation forears but that cooperion has bren down. In talking to the people who worked there it was pout time a understanding and really putting yourself in your other in your partners shoes and that is not something that can be done easily but my goodness, we need to do it at a global level, regency by region, and industry by industry. We often talk as we work, that they move at the speed of trust. And each of the sectors really distrust thether two sectors, and yet building that trust, helping them understand each other understand the different incentivesnd language and jarringon thatach sector uses is critil to making the crosssector partnership worm anits experience that the system county problems cannot be solved withoutrosssector llaboration. Myrian you mentioned what is going in the United States in a reawakening in andreater awareness of inequalities that have been there all along. And part of that discussion today is about how we shift power, and i firmly believe that we can have a form of capitalism that is much more constructive, that does indeed make the world a bette place, for people of all rac and all backgrounds. These companies are largely opened by welty white shareholders and largely based in at the developed countries in north. When we come in and say companieshould provide the solutions to problems and particularly to issues of Racial Equity arente falling int the trap of the white savior sin dome and the notion this ice ben ben ben benevolent colonialism . How many hours . Youre asking an african woman, professor, who has been sitting in the private sector for 15 years, when shepeaks abo systemic racism and decoloniizing the private sector, hmm. Let just say i have few thoughts. Sorry. Look, i think we need toalk the talk. I think a lot of companies are talking about diversity and Tech Companies talking about black lives matter, companies came out reay supportiveut i thought a little bit pout this when i was talking about ben and jerrs,less you can really show that and youre also creating real environments where youre creang an environment where diverse talents ill call it diverse talent. Not just black lives matter. Its the differences you bring to t table and the richness it brings. I dont think i say that with all my heart would have where we got to in terms of handwashing asoap had i not been there i am a for of Pentagon Health for a long time. That richness onl gets us all better and of course i would haveever brought back to the Public Health worldhe rich unless i speak of theehicles for real driving change. So it is but interchanging but it comes back to what rebecca was talking about, its trust. Its really being creating trust by being transparent and also by creating an requirement environment the which you allow diverse talents to strivend microaggression are not permitted, where you are rlly creating an environment in which these differences are respected and understood, and unfortunately, sometimes in the global headquarters, the fficulty that it takes to drive these grassrootses level partnehips that areeally making difference to the rural african woman arent completely understood on so many levels and that is where it matters and it isnt but about black talent. Its groominghem internally and really seeing whether you can bring them to aevel of seniority that will make a difference, not tom the rural but in terms of really driving genuine impact. So i think we can continue this over a glass of wine but invited to join us for that glass of wine. Rebecca any quick thoughts in. Yes, i too. I think theres also a political issue here, too, which that those same white ric investors need to speak out when gornments harness racism in the service of getting elected just as most ceos in the u. S. , will speak out when their state governmentlongs as though atrium nateing discriminating against lgbtq x people so businesseader show peek out when we see voter suppression, gerrymandering, systemic pitical efforts to reinforce structural racm and in the u. S. In particular theres been an unfortunately alliance between some elements of business and some elements of white identy politics and thats one reason we have the depth of racial anger in the u. S. We do, and so i believe at least this is a place where siness people need to get political. I say they need to focus on civics, a real democracy, where everybody is heard and everyone is iluded. I think that would be better for business and is vital to our society. Thank you. And know we only have the multiples left. We have a question from nancy, king how canusiness been educators shape leaders who understand its possible to do good d whi doing well and the rst answer is assign these two books to your course, but rebecca what else . Experience mba students are hungry for conversations in these areas and giving students concrete exales of the way at firms have pulled together these seemingly disparate icons, doing the rht thing and making moneyt billion dollar scale, i teach a course cl reimagining capitalism, business and the big problem, and the students start e course by going, really . Convince me. And its onl when we have done 22 cases and brought in the Senior Leaders it is showing its possible. This is one of the reasons that it mr. Ians book is so powerful. She gives us a level of detail thats not just a happy story. Shes not sayinghis is super easy. She is giving us ccrete examples what it means to work this through, andy own case im tryingo show the students how does thats add up to systemic change . How if you get all the firms moving in the same direction does that begin to open up the possible for, quote, larger change you have to show and not tell. Thats at the key. Iv been teaching a course on purpose in profit and we have almost two dozen Harvard BusinessSchool Teaching cases that a really rig louse examples of rigorous examples of companies gaining competitive advantage and more profitable and successful because of the positive impact in the world. We only have a couple minutes left and want to give you each a minute to say what is the nal thought you want to leave with our audience . Obviously its go buy the boo and i highly recommend them. Theyre really ver conete and actionable a insping books that can help anyon at any position and across all sectors undetand how to work with busiss and how to work in business. Tochieve greater success both for the company and for the wod. And so ill that wille me final thought. Myrian . In order to really make it as big as possible you need to go the speier section of your personal inteection of your business and the potential vehicle that is a private sector in driving that and one could geto these two element where you can really s the full value of what the private sector can drive but i really have seen this is why to me it matters to create thi discipline im calling marketing for publicealth, a subsection of value in purpose and profit and seeing this discipline of marking and testify dismachine of Public Health, if you infuse it with a little bit of Public Health ethics how much more power can you g . Find that personal purpose of yours and then mak sure you link it with a vehicle that is the private sector, whether its friended or a cpany and with that youll find the outcome will be absolutely powerful, and this is what i have lived and i truly believe as well. So, good luck with your purpose and findinghe vehicle to drive it. Thank you. Rebecca . Final thoughts as we have a minute . It i so easy to despair. This is a very difficult momt. So many of us feel isolated, many people have lost family or friends, businesses, live live hoods. Its easy to dessparate put there is no need. We hav the technology and resources to solve the problem wed fate, humans are infinitely resourceful and you can help. We need a avalanche of business, political, cultural and socl ange and avalanches are started by pebblesle you are on employ, work at your firm. You are a customer, think where you buy. U are a neighbo make sure your own life reflects your beliefs and lastly, youre a citizen. We need to change the rules. Vote. But we really can all make a difference if we do nothing, nothing will happen. If we act, we truly can move the world. Well, you see what inspiring authors we have. So, thank you so much for being with us. Please go out and buy these books clicks the button and tror let me turn it back to you. Thank you, mark. And thanks to all so much for joining us today. If you want to buy their books you he can click buy the books button below. We hope you will join is for another great secon on blast voters. And before you good help the boston book festil celebrate the power of words by checking the donate button at the bottom of the screen. We hope to see you again soon. I want to thank everybody who included a donation when it registered for this free event and thank gbh for b