An Extraordinary Decade
The Upcoming Singularity of Business
Technological singularity is the result of an accelerating rate of progress that is so rapid, it transforms life as we know it within a short period of time. Mobile phones have been around since 1946 but it took nearly forty years for the technology to become commercially available and another twenty five years to evolve into smart phones. Now think about how smart phones have transformed our lives in just the past six years. This is the onset of singularity for mobile technology.
The concept of singularity has more to do with the stage of ramp-up rate than technology in and of itself. From that perspective, there is also a singularity happening in business. Care for society by the business community had been evident for centuries but it was not until the 1950’s that the idea of Corporate Social Responsibility (CSR) took root. As with mobile technology, the idea evolved slowly through to the 90’s and it’s only in the past four years or so, that terms like social impact, shared value, ethical consumerism, sustainability and conscious capitalism have entered the mainstream lexicon.
There is an interesting correlation in the evolution, prominence and acceptance of CSR and climate change. The impact of globalization and industrialization first became a topic of discussion after Roger Revelle published a scientific paper in 1957 noting that an increase of CO2 from human activity was changing our climate. But it’s not until the 90’s that his ideas started getting significant attention, eventually being popularized in Al Gore’s 2006 documentary An Inconvenient Truth. Over the past five years, what took decades of slow, growing awareness has now reached critical mass and consensus.
Is singularity good?
There are a few conclusions that can be drawn about the singularity:
- it’s inevitable and unstoppable
- it’s neither utopian or dystopian
- it will likely happen faster than any of us can predict
- it will transform every aspect of our lives and therefore, life itself
- what we collectively do today will determine what the singularity looks like, how it impacts our lives, and the lives of future generations
There are a number of groups that believe the best way to bring people together and direct the singularity of business is through entrepreneurship and the actions of small and medium sized enterprises. Led by Richard Branson, The B Team is focused on engaging social entrepreneurs; Sustainable Brands is focused on sharing trends about sustainability in business, Institute B is incubating social entrepreneurs, B Corporation is certifying businesses making a positive difference and Renewal Funds is funding progressive businesses.
The common denominator among these groups is the desire to redefine the meaning of business success as the sustainability ideal: the pursuit of economic and social prosperity without compromising our environmental legacy. Social media has been a powerful driver of this change by exponentially amplifying awareness about the societal and environmental challenges we face. Generations X, Y and Z in particular are far more connected and savvy about cultural issues than previous generations. Generally confident about the future, they increasingly question whether the products and services they buy are part of the problem or the solution.
The next decade…
The growing awareness of important issues by influential generations, the need for businesses to respond to these cultural shifts and the coming together of groups to catalyze these changes point to the decade between 2015 and 2025 as one marked by exponential and positive change. It points to an era of consumers increasingly aligning themselves with brands on the basis of shared values and of the old definition of capitalism — to maximize profit — shifting to include social and environmental dimensions.
A tiny sample of businesses redefining business success:
- Lyft — Car-sharing is making it easier, more fun and more affordable than ever to get around without owning a car, helping reduce emissions and demand for the production of cars.
- Rocky Mountain Flatbread Co. — A carbon-neutral restaurant that uses local, organic ingredients to make artisan pizzas. They use biodegradable takeout boxes and teach 1,000 students/yr how to grow their own food.
- Ziptrek— Ziplining promotes time in nature. They focus part of their tour on teaching guests about the environment and sustainable living. They use solar and wind energy to run the majority of their operations.
- Nicole Bridger — A fashion label using ethically sourced fabrics from renewable sources and low-impact dyes to produce locally-made designs. They also give back to charity and donate use of their retail space for community events, seminars and fundraisers.
Now imagine what the world will look like in a few years when most businesses operate from a triple-bottom-line perspective…
Disclaimer: Rocky Mountain Flatbread Co., Ziptrek Ecotours and Nicole Bridger are clients.
Want to join the conversation about the singularity of business? Send me a tweet @julienfruchier. Interested how my team and I are participating in it? Check out Republic of Change.
