1. Condition for stakeholder capitalism; 2. Investment for SDGs; 3. Innovation
The World Economic Forum called its fiftieth annual conference “The Great Reset.” Public and private leaders came together in 2020 to discuss how to rebuild our society and economy. Three focuses were identified (Schwab, 2020): 1. Creating the condition for a “stakeholder economy,” which is about new policies, tax reforms, trade arrangements, and more to boost public-private partnerships and increase collaboration across businesses. 2. Investments to advance shared goals, such as equality and sustainability. 3. Harnessing the innovations of the fourth industrial revolution, social and health challenges being the priorities. In this new model, collaboration is enhanced, not just for unlocking innovations but also for supporting the well-being and safety of workers, customers, and local communities. These three pillars for the reset will unlock millions of dollars worldwide and boost what I call the startup and multistakeholder economy, driven by entrepreneurial minds. A great example of this new model is the collaboration we’ve seen during the COVID-19 crisis to launch a new vaccine in a record time. “Companies, universities, and others have joined forces to develop diagnostics, therapeutics, and possible vaccines; establish testing centers; create mechanisms for tracing infections; and deliver telemedicine. Imagine what could be possible if similar concerted efforts were made in every sector”
Schwab, Klaus. “Now Is the Time for a ‘Great Reset.’” World Economic Forum. Last modified June 3, 2020.
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