Changing of the Guard
If there’s one remarkably consistent thing about Silicon Valley, it’s that inevitably Silicon Valley reaches an inflection point where there’s a changing of the guard. Fast-moving challenger brands become the slow-growth incumbent, and a new breed of challenger brands emerge with each next generation building on the lessons of the companies before it.
In tech, each emerging market as it matures tends to be dominated by one to two players before they become quasi-monopolies and utility-like and ultimately cede their leadership to the next generation of competitors. In the 70s and 80s, it was Sony and music. In the 80s and 90s, it was Intel and PCs. In the 90s and 2000s, it was Qualcomm and mobile, and Cisco and networking. Today, it’s Facebook and social networks, and Apple and handsets.
What’s different this time is that tech is now under attack for lacking empathy, critical self-reflection or consideration for the impact of the technology that it unleashes on the world. Like the tobacco industry in the 1960s, critics argue that Silicon Valley doesn’t account for the unintended consequences of their products and their technology.
One of the hottest categories today — artificial intelligence — has been demonized for its ability to kill jobs or for its bias against certain segments of society.
Tech, too, — like Hollywood, industry, and politics — is also facing judgment day for an overly “bro” sexist culture.
It’s been a wakeup call for entrepreneurs, VCs, policy makers, and institutional investors who all share a single question: how do we fix Silicon Valley?
In just the past few weeks, the chorus has grown louder that Silicon Valley — and all of Corporate America — needs to change. Blackrock, which manages approximately $6 trillion worldwide, recently argued, “Society is demanding that companies, both public and private, serve a social purpose.”
Blackrock is not alone. Jana Partners LLC and the California State Teachers’ Retirement System warned: “There is a developing consensus around the world including Silicon Valley that the potential long-term consequences of new technologies need to be factored in at the outset, and no company can outsource that responsibility.”
In 2018, Silicon Valley has reached yet another inflection point where a new generation of companies — like One Concern — will be built upon four core foundations — social purpose; diversity of talent; trust in the way data is handled and in the predictive power of technology; and AI as an augmentation of human knowledge, not as a replacement for human talents. It’s why I’m personally drawn toward purpose-led businesses with deep social impact versus ones founded simply to sell more stuff.
“Benevolence” will be a driving theme as young companies seek to drive purpose and profits. A new category around benevolent AI will emerge as companies seek to augment human knowledge with machine learning to solve the world’s biggest challenges. Diversity will be the fundamental building block for all the right reasons — namely, a stronger orientation toward empathy and multiple points of view so that inclusion is a business strategy, not a platitude. Our digital anthropologists will ensure that the data that we collect at a very local level creates shared value with the communities we engage.
As a company, we want to be judged by our actions and the degree to which we embody the values of a socially responsible enterprise. We are a company of doers that come to work every day focused on driving deep social impact through the power of our benevolent AI and collective intelligence technologies. This is our mission and we measure our success in terms of how well we empower our clients to save lives and livelihoods, but we also recognize that the way we present ourselves reinforces the values that comprise our DNA. This is why we are so excited to unveil our new brand, the first realization of which can be found at www.oneconcern.com
A changing of the guard is underway in Silicon Valley, and we intend to lead the charge. Founded in Palo Alto, born in nearly all four corners of the world, we are One Concern.
~ Joe Paluska
Head of Marketing and Communications, One Concern
