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