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On the 18th of May, The Future Economy Network (FEN) and Future Leap hosted its first hybrid event since the pandemic, sponsored by The Good Stream. The event was titled “Purpose-Led Business Governance: The Roots of Positive Change”. Before the event began, the attendees enjoyed some pre-sessional networking both online in breakout rooms, and in person over coffee.
Lauren Fields, Business Community Coordinator at Future Leap, welcomed attendees online and in person from the FEN events space. Lauren highlighted the benefits of joining the network and ran through plans for the Festival of Sustainable Business, in light of new Government guidance towards COVID-19. Speakers included:
· Matt Tipping Founder, The Good Stream
· Chris Budd Founder, The Eternal Business
· Nina Davies Co-founder, Byrd Run Club
The speakers shared their experience with different organizational and governance structures, to create a purpose led business, challenging traditional methodologies
Matt, as the events sponsor, kicked of the presentations by sharing how a company’s purpose should influence the whole business, and the importance of good governance in this goal. “Good governance is everything you do in your business. People and their accountability to social and environmental impacts, policies, processes, operational systems – EVERYTHING. A fundamental mindset change”. Matt shared his knowledge on creating circular organizational structures, instead of the traditional triangle, and how the transition causes a creative explosion! Finishing with a surprising analogy featuring Matts legs, he encouraged businesses to think outside traditional boundaries in-order to lead with purpose.
Chris’s presentation focused on Employee Ownership Trusts (EOTs) and how he believes they are a powerful model that have the ability to save humanity. The traditional business model is problematic as it has a short-term focus and is governed by self-interest. Chris argues that self interest is a part of the human condition and rather than focusing on eradicating it, we can use EOTs to harness its power.
EOTs create a different governance structure with full accountability and ownership throughout the company. As the trustees must act in the best interests of the employees, both current and future, the business can never really be sold which leads to a long-term focus for sustainable growth.
Nina has recently aligned her passion for running with her experience in business to create Byrd Run Club. Byrd is committed to including consumers in the company’s purpose in order to ‘close the gap’; bringing together the team, product, business and all the people whose lives the company aims to impact. To achieve this, concepts such as using metrics that matter, interacting not transacting, the use of advisory boards, empowering communities through ‘superfans’ and making coaching more accessible were all explored as key to creating a purpose focused business.
60 Second Pitches
To encourage networking, multiple attendees made use of the 60 second pitch opportunity, including Claric Legal and Business on Purpose.
Close
Lauren closed the event after another opportunity for networking, thanking the events sponsor The Good Stream and all the speakers and attendees, which without our events calendar would not be possible.
Event Notes by Kelly-ann Luckhurst, MSc Environmental Consultancy, University of the West of England.