Can Business Be a Force for Good? with Dr. Jay Jakub

08/19/24 • 66 min

1 Listener

Have you ever thought about how you can solve the world's problems with your ideas? Dr. Jay Jakub believes that businesses can better position itself to solve the bigger problem; whether it be social, or environmental.

He recounts the origins of the Economics of Mutuality (EOM) from his time as Senior Director for External Research at Mars, Inc., and how he learned first-hand that businesses can shift from profit-centric models to purpose-driven practices that leverage social, human, and natural capitals.

Join us as we explore the evolving landscape of stakeholder vs. shareholder capitalism, the challenges and opportunities of artificial intelligence (AI) and the vital role of business schools in fostering a broader, purpose-driven curriculum to drive folks to embrace a more conscious approach to business.

If you enjoy this podcast, would you consider leaving a review on Apple Podcasts/iTunes? It takes only a few seconds and greatly helps us get our podcast out to a wider audience.

Please subscribe on Apple Podcasts / Spotify / Stitcher, or wherever you get your podcasts.

For transcripts and show notes, please go to: https://www.theconsciouscapitalists.com

This show is presented by Conscious Capitalism, Inc. (https://www.consciouscapitalism.org/) and is produced by Rainbow Creative (https://www.rainbowcreative.co/) with Matthew Jones as Executive Producer, Rithu Jagannath as Lead Producer, and Nathan Wheatley as Editor.

Thank you for your support!

Timothy & Raj

Time Stamps

00:00 Merging Companies for Mutual Transformation

01:12 Meet Dr. Jay Jakub: A Leader in Economics of Mutuality

02:40 Understanding Economics of Mutuality

04:07 Core Elements of Economics of Mutuality

07:59 The Origins of Economics of Mutuality at Mars

10:50 Implementing Stakeholder Capitalism

18:55 Case Study: Novo Nordisk's Purpose Transformation

23:08 Mars' Application of Economics of Mutuality

26:29 Purpose-Driven Business Strategies

29:48 Healing Business Through Mutual Value Creation

32:12 Sponsor Message: 2024 Conscious Capitalism CEO Summit

33:02 Personal Journeys and Faith

34:32 Transition from Government to Business

35:35 Advice for CEOs on Conscious Capitalism

38:10 Challenges of Short-Term Market Focus

43:04 Private Equity and Purpose-Driven Investments

46:16 Navigating ESG and Compliance

49:48 Stakeholder Orientation and Decision-Making

52:33 Business Education and Conscious Capitalism

01:02:29 Impact of AI on Economics of Mutuality

01:05:24 Conclusion and Final Thoughts

If you enjoy this podcast, would you consider leaving a review on Apple Podcasts/iTunes? It takes only a few seconds and greatly helps us get our podcast out to a wider audience.

Please subscribe on Apple Podcasts / Spotify / Stitcher, or wherever you get your podcasts.

For transcripts and show notes, please go to: https://www.theconsciouscapitalists.com

Thank you for your support!

Timothy & Raj

Time Stamps

00:00 Merging Companies for Mutual Transformation

01:12 Meet Dr. Jay Jakub: A Leader in Economics of Mutuality

02:40 Understanding Economics of Mutuality

04:07 Core Elements of Economics of Mutuality

07:59 The Origins of Economics of Mutuality at Mars

10:50 Implementing Stakeholder Capitalism

18:55 Case Study: Novo Nordisk's Purpose Transformation

23:08 Mars' Application of Economics of Mutuality

26:29 Purpose-Driven Business Strategies

29:48 Healing Business Through Mutual Value Creation

32:12 Sponsor Message: 2024 Conscious Capitalism CEO Summit

33:02 Personal Journeys and Faith

34:32 Transition from Government to Business

35:35 Advice for CEOs on Conscious Capitalism

38:10 Challenges of Short-Term Market Focus

43:04 Private Equity and Purpose-Driven Investments

46:16 Navigating ESG and Compliance

49:48 Stakeholder Orientation and Decision-Making

52:33 Business Education and Conscious Capitalism

01:02:29 Impact of AI on Economics of Mutuality

01:05:24 Conclusion and Final Thoughts

Previous Episode

Episode #86: Ryan Heckman: The Blue-Collar PE guy

From Olympian to a backdoor entry into private equity, Ryan Heckman shares his story as a blue-collar PE executive aiming to elevate the industry. He began his career in private equity and, after nearly 20 years, transitioned to leading a successful startup. He later sold this business to a private equity firm.

Now, as a co-founder of the groundbreaking private equity firm Rallyday, Ryan describes how they began by identifying everything wrong with the private equity world and then developing innovative approaches to address these issues. At Rallyday, they focus on being business builders rather than just investors. They view founders as their core customers, providing them with the love and support they need to build thriving businesses for the long term.

Meet Ryan Heckman, a conscious leader who advocates for “Monster" leaders who are aggressively humble.

If you enjoy this podcast, would you consider leaving a review on Apple Podcasts/iTunes? It takes only a few seconds and greatly helps us get our podcast out to a wider audience.

Please subscribe on Apple Podcasts / Spotify / Stitcher, or wherever you get your podcasts.

For transcripts and show notes, please go to: https://www.theconsciouscapitalists.com

Thank you for your support!

Timothy & Raj

Time Stamps

00:44 Introduction to the Conscious Capitalists

01:03 Meet Ryan Heckman: A Journey in Private Equity

03:02 From Athlete to Private Equity Executive

05:33 Building and Selling a Business

08:06 Founding Rally Day Partners

09:27 Innovations in Private Equity

15:46 Employee Ownership and Development

20:18 Challenges and Opportunities in Private Equity

25:15 Exiting Investments with Purpose

27:31 Preparing for the Sale: Early Work and Employee Retention

27:54 Ensuring Continuity of Purpose and Values Post-Sale

29:24 Sponsorship Announcement: 2024 Conscious Capitalism CEO Summit

30:14 Redefining Greatness: From Good to Great to Goodness

32:16 The Importance of Courage in Leadership

32:56 Lessons from an Olympic Athlete: Embracing Failure and Thriving

36:57 The Concept of Thriving in Business and Community

39:33 Stewardship and the Infinite Game

42:11 Monster Leaders and Aggressive Humility

47:08 Conscious Leadership and Community Development

52:54 Closing Remarks and Gratitude

Next Episode

Why Victor Cho Believes AI-Driven Companies Need a Human Touch

Do you think about how AI is going to shape our future in business?

Victor Cho might have the answer! As a longtime member of the Conscious Capitalist community, he is a CEO/Advisor and Board Member (best known for his work with Emovid) with a deep passion for building online customers experiences that truly delight (Net Promoter 80+) and define markets.

Victor's philosophy of considering society as a crucial fourth stakeholder in business, alongside employees, customers, and shareholder is grounded in his emphasis on transperancy, empathy, diversity and integrity.

In this episode, he explains his operational framework for maximizing positive societal impacts, minimizing negative ones, and fostering transparency as well as the transformative potential of AI in business.

If you enjoy this podcast, would you consider leaving a review on Apple Podcasts/iTunes? It takes only a few seconds and greatly helps us get our podcast out to a wider audience.

Please subscribe on Apple Podcasts / Spotify / Stitcher, or wherever you get your podcasts.

For transcripts and show notes, please go to: https://www.theconsciouscapitalists.com

Thank you for your support!

Timothy & Raj

Time Stamps

00:00 Welcome to The Conscious Capitalists

00:23 Introducing Victor Cho

01:44 Victor's Journey to the Fourth Stakeholder Philosophy

04:05 Operationalizing Societal Impact

06:09 Frameworks for Positive Business Impact

14:15 The Role of Data and Collaboration

19:29 AI and Social Responsibility