PURPOSE CAPITAL:THE NEXT WAVE OF CHANGE
By Scot Lowry
Presented by
©2014 THE PURPOSE CAPITAL. All rights reserved.
1 PURPOSECAPITALCLEVELAND.ORG
ABOUT THE PURPOSE CAPITAL
leveland is stepping up to help expand purpose-driven work nationally by prioritizing our relationships, impact
and personal growth, and in the process, changing the economy. We are also sharing the tools and
information that will help individuals and organizations discover more purpose in their daily work, regardless of their
profession, education or socioeconomic status. The Purpose Economy is a real emerging economy that is driven and
organized around the creation of purpose for people, not just information, goods and services.
C
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ARE YOU READY TO SURF THE NEXT WAVE OF CHANGE? 2
@PurposeCapCLE#PurposeEconomyCLE #WaveOfChange
TABLE OF CONTENTS
3THERE IS A WAVE OF CHANGE UNDERWAY IN CLEVELANDThere is a wave of change underway
that will fundamentally shift how we
as a society think about innovation,
investment, and leadership.
pg.
Let’s start with some context from our
friend Aaron Hurst.
3 THE PURPOSE
ECONOMY
There is evidence of these changes
everywhere. It shows that our desire to
connect, grow and serve is innate and
becoming our primary driver in all
domains.
7 ADDITIONAL PROOF
OF THE CHANGE UNDERWAY
Cleveland has a deep legacy of
entrepreneurship and philanthropy dating
back to the days of Clevelander John D.
Rockefeller.
10 CLEVELAND’S SPECIAL ROLE
AND OPPORTUNITY
13 CLEVELAND’S TOOLKIT TO
HELP YOU ENGAGE AND
THRIVE IN THIS NEW ERA
16pg.
CALL TO ACTION!
Are you ready to surf the most exciting wave
of change our economy has ever seen?
Design by Steve KozakDesign by Steve Kozak
3 PURPOSECAPITALCLEVELAND.ORG.
INTRODUCTION
here is a wave of change underway that
will fundamentally shift h will fundamentally shift how we as a
society think about innovation, investment, and
leadership in our cities and organizations. From
the time of the Industrial Economy through to
the Information Economy, every inch of how we
marketed, financed and connected drastically
changed. What’s next on the horizon? An even
bigger shift. bigger shift.
The opportunity to lead and thrive is upon us.
T et’s start with some context from our
friend Aaron Hurst. The following is from a
keynote where he explained this wave of change
and the fuel behind it.
THE PURPOSE ECONOMYBy Aaron Hurst, CEO of Imperative
FFounder of Taproot
I went to high school and
college just outside Detroit
in Ann Arbor, Michigan. It
was a very different Detroit
than the one my grandmother
knew when she arrived as a refugee from Nazi
Germany. She painted a picture of a city in its
heyheyday flush with lavish homes, energy and
optimism.
It was the global hub of the Industrial Economy…
(much more vibrant than it is today). After
college I moved to Silicon Valley and was struck
by how much it resembled my grandmother’s
description of the Detroit she knew. It was a
vibrant and innovative city with tremendous
wealth and opportunity. Silicon Valley had
replareplaced Detroit as the epicenter of the
economy when we moved from the
L
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ARE YOU READY TO SURF THE NEXT WAVE OF CHANGE? 4
the Industrial Age to the Information Age.
As we enter the fourth economic era, the Purpose Economy, Silicon Valley will likely be replaced as the
global hub of innovation just as it replaced Detroit during the rise of the Information Economy. This is a
historic opportunity for another city to lead and thrive.
WHAT IS THE PURPOSE ECONOMY?
OOver the years, I have been exploring the changes in our society that I first observed as the founder of the
Taproot Foundation. In the past several years, we have witnessed a powerful shift in public desire, which has
changed what we buy, how we buy, from whom we buy, and how much we consume.
We buy local food and share our cars and office space. New recruiting firms address workers’ hunger for
meaningful jobs. Companies from Etsy to Pepsi are integrating purpose with their bottom line.
TThe desire for purpose is a universal need. Purpose is not about finding a cause, like saving the rainforest or
ending animal cruelty; there are many people who have causes and yet have no purpose in their work or
lives. On the other hand, many people work without a “cause,” but have a deep sense of purpose. Nor is
purpose a luxury only for those with money and security. We find even people in challenging situations still
make it a priority. Purpose is not a revelation, a bolt of lightning from above that tells us our life’s calling.
The reality is that we discover meaning in small moments,
through our daily work and tasks.
PPurpose is created through relationships,
doing something greater than
ourselves and personal growth.
This will be the currency of the
new economy and will be core
to the design of the “Silicon Valley”
of the Purpose Economy.
Purpose is createdthrough relationships [connect], doing
something greater than ourselves [serve]
and personal growth [grow].
5 PURPOSECAPITALCLEVELAND.ORG
FIVE KEY DRIVERS THATCONTRIBUTED TO THE RISEOF THE PURPOSE ECONOMY
We are starting to see a return to a personal scale enabled by
technology. The new generation is about delivering human-
scale solutions. The Internet has created a platform that makes it easy to find
peoplpeople, products and services beyond the limits of our geography or social class. We can find services
provided by people in our own neighborhood, read blogs by neighbors in our own community, and borrow
money from like-minded people rather than big banks. These new models make it possible to reconnect to
ourselves, each other and our communities by harnessing the power of relationships.
HUMAN SCALE TECHNOLOGY1
The Millennial generation (those born in the 1980s and 1990s) has become known as the purpose
generation. It is increasingly a generation of people known for their desire to make a difference, grow and
share their passions with the world. Millennial CEOs and founders from Reddit’s Alexis Ohanian to Good
Eggs’ Rob Spiro and Alon Salant are changing the way we engage. Millennials have blurred the line between
professional development and personal self-expression. They are entrepreneurial, ambitious and socially
oriented. They are more likely to be anchored by purposeful learning and
experience rather than one job or one company.
MILLENNIALS2
Millennials have blurred the line between professional development and personal self-expression. They are
entrepreneurial, ambitious and socially oriented.
“”
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The growing uncertainty in our society is moving people to find stability within themselves, to identify needs
and to develop empathy for those affected by turmoil. Natural and economic disasters over the last 15 years
have profoundly impacted our priorities. The economic downturn and housing crisis of 2008 forced many
people and companies to change their behavior as consumers and employers. It forced companies and cities
to explore innovative solutions; new models are being tested, hybrid styles of organization are being
invented, and capital from both the private sector and the government is being redirected to the Purpose
Economy.
ENVIRONMENTAL, ECONOMIC AND POLITICAL INSTABILITY3
Eighty-two percent of women in the United States now work, a 250 percent increase since the 1950s. This is
a radical change in our households and lives. Both parents in most families now work, and one of the many
consequences of this change is that we are hiring people in record numbers for the jobs highest in purpose
— caring for our kids and aging parents. Women have risen to higher-level roles in steadily increasing
numbers, and this has contributed to another core driver of the growth of the Purpose Economy.
THE CHANGING FAMILY5
The increase in life expectancy has resulted in a fundamental
shift in Americans’ changing views of retirement and what
it means to grow old. As they map out their next 30 years,
Baby Boomers are designing their second careers and again
prioritizing the purpose they sought in their youth. They see
their second careers as an opportunity to make some of their
momost important contributions to themselves, to their families
and to the world.
LONGEVITY4‘Encore’ Careers
As they map out their next 30
years, Baby Boomers are
designing their second careers
and again prioritizing the purpose
they sought in their youth.
“
”
Aaron Hurst is an entrepreneur and the author of “The Purpose Economy: How Your Desire for Impact,
Personal Growth and Community is Changing the World.” He is the CEO of Imperative, a career
development platform that empowers professionals to discover, connect and act on their purpose in
their work. He is also the founder and advisor to the Taproot Foundation, where he was the lead
architect in developing the $15 billion pro bono service market.
AARON HURSTCEO, IMPERATIVE | AUTHOR, “THE PURPOSE ECONOMY”
7 PURPOSECAPITALCLEVELAND.ORG
ADDITIONAL PROOF OF THE CHANGE UNDERWAY
The cities that inspire and support these changes will be well-positioned to lead in the next economic era.
There are dozens of cities around the world positioned to become the next Silicon Valley. The one that pulls
it off will require significant vision, courage and resilience, but will see rewards.
As a father, I am excited for my children. The Purpose Economy is going to make the adult world they enter
more human and sustainable. It couldn’t have happened a moment sooner.
here is evidence of these changes everywhere. It shows that our desire to connect, grow and serve is
innate and becoming our primary driver in all domains.
The most successful people and best-run organizations already know this and are proactively ensuring all of
these elements are present all day, everyday in all aspects of their lives, including their work life. They are not
satisfied to compartmentalize making a living and seeking purpose. It has to be FULLY integrated.
NoNote: We should all have a sense of urgency about our response to the changing times. The Agrarian era
lasted about 12,000 years. The Industrial era lasted about 200 years and the Information era that the
Purpose Economy is building from is only 64 years old (started in about 1950). Each era builds from and
complements the previous tackling problems and serving human needs in new ways. Clearly the economic
shifts are accelerating and we have to act now.
T
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Here is a brief sampling of additional evidence of what is driving the “purpose worker” that is evolving from the
“knowledge worker” as we rapidly enter the Purpose Economy.
Dr. Seligman from the University of Pennsylvania has been studying what truly fulfills people for decades. He is
considered by many as the father of the “science of happiness”. His research identifies four key drivers that motivate
and fulfill us: 1) Perceived Control, 2) Perceived Progress (growth), 3) Connectedness (connect), and 4) Vision /
Meaning (serving something bigger than our self).
Dan Pink, author of Drive, The Surprising Truth About What Motivates Us draws
similar similar conclusions. He makes a very strong case that 1) Autonomy, 2) Mastery
(learning and growth) and 3) Purpose are what truly motivates and fully
engages us much more so than money or position. Here is a great video
that sums up the book in 10 minutes http://youtu.be/u6XAPnuFjJc.
Patricia Aburdene, author of Megatrends 2010, The Rise of Conscious Capitalism,
Seven New Trends That Will Transform How You Work, Live and Invest predicted
the shift fthe shift from an industrial to an informational economy, the booming 1990s and the power of High Tech/ high touch.
As corporate scandals, the tech bubble and a mistrustful public compel business to demonstrate ethics, trust and
integrity, a grassroots movement of CEOs, investors, consumers and "ordinary" managers are leveraging more
connection, growth and service.
Tony HsiehAAfter graduating from Harvard and selling his first company to Microsoft for $265M
in 1999, found himself empty. How could this be after he arguably crushed the
pursuit of the American Dream? He realized that his primary focus on wealth
creation resulted in a company devoid of an attractive culture and he no longer
liked going to work at his own company. This led him to create an entire company
dedicated to culture and “creating happiness through wow” for all of Zappos’
stakeholders (employees, investors, customers and community). The success of
Zappos is a Zappos is a strong testimony to the value of building a company from the ground
up with Purpose as the primary driver.
Ethan Miller/Getty Images
Photo by Richard Drew/ AP
Photo by Richard Drew/ AP
9 PURPOSECAPITALCLEVELAND.ORG
John Mackey, CEO of Whole Foods, is showing
that even a large, publically-traded company can
compete with a purpose-rich culture. In his book,
Conscious Capitalism, Liberating the Heroic Spirit
of Business, he describes how the best-run
companies in The Purpose Economy will operate.
Unlike traditional firms in the 20th Century that
focused on “maximizing shafocused on “maximizing shareholder value”
above all else, conscious companies serve all their
stakeholders with equal commitment. Companies
that thrive in the Purpose Economy will seek to
create value for all its stakeholders, including
employees, clients, owners, community and the
environment.
We are not talking about creating quasi non-profit
companies that don’t thrive financially. We are not
talking about “impact investing” in ventures that are
created specifically to serve a social need. We are
talking about how all organizations and careers are
managed in this new economy. The most successful
across all domains will embrace the principles of the
Purpose Purpose Economy: they will seek to serve all its
stakeholders and will have cultures and cities
full of connection, growth and service.
Companies that thrive in the
Purpose Economy will seek
to create value for all its
stakeholders, including
employees, clients, owners,
community and the
environment.
“
“
Purpose …
will be core to the design of the “Silicon Valley” of the Purpose Economy.“ “
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CLEVELAND’S SPECIAL ROLE AND OPPORTUNITY
leveland has a deep legacy of entrepreneurship and philanthropy going back to the days of
Clevelander John D. Rockefeller. The spirit of this legacy is alive and well in Cleveland today. From
our 60-plus young professional organizations to the world’s first community trust, the 100-year-old
Cleveland Foundation, it’s clear that integrating purpose in everything we do is in our DNA as a
community.
TThe plethora of young professional organizations is a strong testament to the energy Cleveland’s
Millennials have for civic engagement. Umbrella organizations like the 20/30 Club and Engage! Cleveland
help connect these groups together. Our Millennials are stepping up to serve the community and interact
with peers and businesses seeking to expand impact and purpose like no other generation before them.
TThe Cleveland Foundation was our country’s first community trust. It was designed to pool the charitable
resources of Cleveland’s philanthropists - living and dead - into a single, great and permanent endowment
for the betterment of the city. The Cleveland Foundation’s example paved the way for more than 700
community foundations in the United States today that collectively manage
more than $48 billion in assets and distribute some $4.5 billion a year
to community needs.
C
11 PURPOSECAPITALCLEVELAND.ORG
Businesses and community planners seeking to attract top talent and future leaders know that to sell your
companies, you have to sell your city as well. Three out of four Millennials will pick a city before picking a job,
making it critical for Cleveland to continue to invest in and expose all that it has to offer.
Cleveland’s growing list of assets (historical and new) are making our city increasingly attractive to the
Millennials who are going to be a key group leading us into the Purpose Economy. Some of the evidence to
support the changes in Cleveland include:
98% occupancy downtown (plenty of young professionals working and living downtown)
68% increase in the number of 25- to 34-year-old college graduates from 2006 to 2012
$5.5 billion of public and private investment in downtown is planned or online
Revitalized Public Square, The Flats, Stadiums, Convention Center, Lakefront
Growing support for young entrepreneurs: JumpStart, Bizdom, FlashStarts, LaunchHouse
10th Most Walkable City in the US
As a result of historical investments, we have many other
assets and bright spots that make our city attractive to
ttop talent and future leaders, including our:
World Class Theatre District (Playhouse Square),
second only to New York City’s Broadway
World-class hospitals and the first Global Center
for Health Innovation
National charter school leader status
One of the best housing stocks and cost of living in the country
“Eme“Emerald Necklace” MetroParks system
Amazing people whose creative and giving spirit is second to none!
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We have numerous organizations like Cleveland Social Venture Partners, Social Entrepreneur Acclerator SEA Change,
BVU, Engage! Cleveland, 20/30 Club, and leading institutions like The Weatherhead School of Management at Case
Western Reserve University that are providing forums and resources to accelerate Cleveland’s leadership role as a role
model and hub of the Purpose Economy.
Note: The iconic Peter B. Lewis Building at The Weatherhead School of Management has been
selected as the honorary “Capitol of the Purpose Economy.” The inaugural Purpose Economy
summit was held there on April 8, 2014 with Aaron Hurst. At the summit, a group of committed
co-creators set out to reveal Cleveland as a leader and hub of learning and growth in the Purpose
Economy. We are capturing the historic opportunity for Cleveland to build on its leadership and
thrive in the Purpose Economy. To reference the tag line from a young purpose-rich company in
Cleveland (www.Hotcards.com), these co-creators are helping Cleveland “become known” as the
Purpose leader Purpose leader of its legacy.
The Peter B. Lewis Building at the Case Western Reserve University School of Management
13 PURPOSECAPITALCLEVELAND.ORG
CLEVELAND’S TOOLKITto Help You Engage and Thrive
in This New Era
group of co-creators in Cleveland
partnered with Aaron Hurst and
Imperative to launch the first full-blown,
national “City of Purpose” initiative. Several
tools have been created, modeled after the
effort Imperative is piloting in Atlanta to engage
the community in the Purpose Economy
discudiscussion and inspire action.
A
The tools developed help Clevelanders:
ENGAGE
directly in the conversation to
accelerate understanding of what’s to
come
ACCESS
rresources that will move them through
the transformation necessary to thrive
EXPAND
the conversation and action with their
immediate community of stakeholders
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A structured dinner modeled after how Thomas Jefferson engaged the community of thought leaders who
created our nation. This is a proven community engagement tool that will help stakeholders connect, learn
and get into action. A complete host manual is provided so that anyone can engage their community
directly in the discussion and accelerate action.
JEFFERSONIAN DINNERS1
People can visit this site to organize Jeffersonian dinners and RSVP to
attend one. The site also acts as a directory of resources stakeholders
can access to help expand purpose. Finally, the site highlights bright
spot stories about how people and organizations are adapting and
leveraging the changes that are occurring in our economy.
PURPOSECAPITALCLEVELAND.ORG2
Whether you are a business, non-profit, millennial, encore professional, university or government, these tools will help
you tap into the “currency of the new economy.” Organizations and individuals that are most prepared to seek work
and environments rich in connected relationships, serving something greater than themselves and committed to
personal growth, will thrive.
Individuals Individuals committed to leading with purpose will be in high demand. Non-profits will be able to provide an outlet for
people and companies seeking to serve while engaging supporters at a much higher level. Universities have the
opportunity to be thought leaders and forums providing key resources to purpose communities. Companies that have
jobs with purpose are going to differentiate in the competition for top talent. Cities committed to supporting
individuals and organizations seeking purpose will attract and retain the best-run companies and most talented
“purpose workers” crucial to their long term success.
There are five primary tools that will help you
surf the surf the Purpose Economy Wave:
The citiesthat inspire and support these changes will be well positioned to lead in the next economic era.
““
15 PURPOSECAPITALCLEVELAND.ORG
This is the annual honor role of people and organizations in Cleveland who are “playing all out on purpose.”
Highlighting this group of early adopters will help accelerate the expansion of purpose in our region as
others follow their lead.
PURPOSE CAPITAL 993
This highly interactive event will bring together national purpose economy thought leaders. The second
annual summit in the spring of 2015 will include a keynote by Aaron Hurst. Speakers, panels and interactive
sessions will bring Cleveland purpose leaders together with representatives from other city of purpose
initiatives to share our experiences and accelerate learning and action for everyone.
ANNUAL PURPOSE CAPITAL SUMMIT4
Professionals can visit this personalized website to manage a career with purpose and a revolutionary way
for employers to propel their people forward. Check out this short video on “the case for purpose at work”
from the Imperative site: http://www.imperative.com/employers.
IMPERATIVE.COM5
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DON’T MISS THE WAVE - HANG 10, CLEVELAND!
ACALL TO ACTION!
PURPOSE CAPITAL: THE NEXT WAVE OF CHANGE
www.PurposeCapitalCleveland.org
@PurposeCapCLE
©2014 THE PURPOSE CAPITAL. All rights reserved.
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