Intended consequences : how to build market-leading companies with responsible innovation

WALL STREET JOURNAL BESTSELLER A pioneering venture capitalist provides an actionable framework for founders and executives to create innovative, enduring companies built for growth and for societal good. The Milton Friedman philosophy that companies exist only to increase shareholder value is dead and buried. The old Silicon Valley tenets of "move fast and break things," minimum viable products, and hyper engagement at any cost must be replaced with new principles for an era of responsible innovation. We can no longer manage businesses solely for growth. With innovation comes responsibility: to generate returns beyond profits and to recenter technology as a force for good in the world. This requires a shift in the way organizations approach and value work. A company's mindset —its intent to do good, avoid harmful consequences, and innovate responsibly—is not enough. That mindset must be supported by a business model, a mechanism that leaders must intentionally and proactively build along with the company from the ground up, one that incentivizes and rewards the organization for fulfilling its intentions. Companies need a new set of KCIs, or key consequence indicators, that measure factors such as its impact on customers' energy consumption, whether its product is being used equally across socioeconomic groups, or if it is actually solving the social problem it is addressing. Not only is this the right thing to do—increasingly, it is what customers, employees, and shareholders demand of business. In this inspiring, practical, and actionable guide, Hemant Taneja: lays out the argument for why a new model of company building and leadership is necessary—and how it can lead to better performance explores why social-good businesses are some of the greatest opportunities today, detailing examples of billion-dollar startups that are addressing inequality, climate change, systemic societal problems, and chronic disease—all while generating profit and positive shareholder returns presents a topic-by-topic road map that addresses business models, artificial intelligence, ethical growth, culture, governance, and good citizenship Intended Consequences is designed as the ultimate playbook for founders, entrepreneurs, leadership teams, and investors on how to build and maintain a responsible innovation company. "The old Milton Friedman philosophy that companies exist only to increase shareholder value is dying. The most successful companies will increase the value of life on this planet. ESG (environmental, social, and corporate governance) are measurements. But how do you build a company so that it ranks high in ESG, adheres to those ideals, and performs better than companies that don't? In The End of Unintended Consequences, Hemant Taneja: lays out the argument for why a new model of company building is necessary-and how it can lead to better performance vs. operating in less-aware ways explores why social-good businesses are some of the greatest opportunities today, detailing examples of billion-dollar startups that are addressing inequality, climate change, systemic societal problems, and chronic individual problems provides a topic-by-topic guide that addresses business models, artificial intelligence, ethical growth, culture, governance, and good citizenship. A company's mindset-its intent to do good, avoid harmful consequences, and innovate responsibly-is not enough. The mindset must be supported by a mechanism, a business model that rewards the company for sticking to its mindset. Otherwise, pressure to financially perform will threaten the mindset. Companies need a new set of KCIs, or key consequence indicators that measure factors such as its impact on others' energy use, whether its product is being used equally across socioeconomic groups, or if the social problem it is solving is actually getting solved. To avoid biases or other consequences of AI, companies must also build "algorithmic canaries" that can monitor its own AI and watch for signs of misuse. The old tenets that used to drive the tech industry-move fast and break things, minimum viable products, engagement, hypergrowth-need to be replaced with new tenets for an era of responsible innovation that will fuel the companies that will succeed in the future. The End of Unintended Consequences is designed as the ultimate guide for founders, entrepreneurs, leadership teams, and investors on how to build and maintain a responsible innovation company"-- Provided by publisher