New Power Vs Old Power in a COVID-19 World
At a time when power structures, climate and economies are rapidly changing, business is well-placed to act and adapt with speed and scale. As the most prominent purpose-led business event in the region, the 2020 Shared Value Summit Asia Pacific presents an invaluable opportunity to consider these new power structures and how business can build long-term resilience as we respond to COVID-19 and the effects of climate change.
Jeremy Heimans is one of the leaders set to speak at the 2020 Shared Value Summit Asia Pacific. His book New Power: How Power Works in Our Hyperconnected World- and How To Make It Work For You has been described by Richard Branson as the book to understand, ‘how the world is changing, what’s really happening and how we can all find our way.’
What is ‘new power’ and how does it relate to the business concept of shared value?
New power is held by the many – it is like a current; most powerful when many people are contributing and channeling it. Old power works like a currency, is held by the few.
Heiman’s message is not to reject old power and welcome the new with open arms – but rather, to know when and how to use both kinds of power; to navigate old power institutions and harness the swell of collective new power.
Shared value and new power are participatory, innovative and inclusive
Finding solutions to social issues, collaborating across sectors and innovating for new business models are fundamental both to shared value strategy and new power movements.
Shared value and old power are working within a capitalist framework
Shared value seeks to leverage the capitalist framework and see the business sector benefit all stakeholders, as redefined at last years’ Business Roundtable Convention. This means working within the current system and harnessing the resources of institutions to address social issues profitably.
Shared value as a tool for coupling old and new
The lesson from Heimans is to be ‘bilingual,’ that is, to learn to work the old system and retain what’s valuable, while ushering in the strengths of new power systems. Working for the interests of many, while navigating an established capitalist system, shared value is an effective framework that incorporates the values of both old and new power.
Jeremy Heimans will explore this topic further at the 2020 Shared Value Summit plenary day on Wednesday 10 June.
2020 has delivered some of the most challenging crises business has ever faced. Through addressing the pandemic and resurrecting conversations around climate change, the 2020 Summit is action-oriented; it will leave you with a sense of both urgency and optimism as we capitalise on this climate for change.