Ep. 97: Rebecca Henderson – Harvard Business School Professor & Author
For episode 97 we welcome Professor and author Rebecca Henderson. Henderson is the John & Natty McArthur University Professor at Harvard University, where she has a joint appointment at the Harvard Business School in the General Management and Strategy units. Professor Henderson is also a research fellow at the National Bureau of Economic Research. She spent the first 21 years of her career at MIT, much of it as the Eastman Kodak Professor of Management. Additionally, she teaches ‘Reimagining Capitalism’ in the HBS MBA Program and sits on the boards of Amgen and of IDEXX Labs.
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For today’s show we focus the discussion on the engine of environmental change – the economy. Professor Henderson has recently released the book “Reimagining Capitalism – In a World on Fire” – which borrows from the name of a course she teaches at Harvard Business School. As she explains, “I am convinced that we have a secret weapon. I spent twenty years of my life working with firms that were trying to transform themselves. I learned that having the right strategy was important, and that redesigning the organization was also critical. But mostly I learned that these were necessary but not sufficient conditions. The firms that mastered change were those that had a reason to do so: the ones that had a purpose greater than simply maximizing profits. People who believe that their work has a meaning beyond themselves can accomplish amazing things, and we have the opportunity to mobilize shared purpose at a global scale.”
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In our 45 minute discussion we cover stakeholder value vs. shareholder value. We learn about the role that companies and executives will have in environmental action and social responsibility in the near future. Additionally, we discuss food systems, regenerative natural resource management and how politics gets woven into this recipe of change. For those fans of water and environmental service marketplaces out there, hear Professor Henderson’s recommendation for sending a new price signal through the novel notion of ’embodied water’, and gain a deeper understanding for how markets will evolve to integrate more of these values into buy decisions.
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Joining as co-host for the conversation is Dutch-American Agricultural Economist, Renée Vassilos. Vassilos has spent over fifteen years in the production agriculture space. Her work experience includes time spent with the USDA, she’s started her own consultancy to help investors and Agtech companies, and she spent nearly a decade with John Deere; with much of that time in Beijing. Last year, Renée joined The Nature Conservancy as their Agriculture Innovation Director. She manages TNC’s investments in early stage agtech companies that will support regenerative agriculture production at scale.
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We all seek new mechanisms to coax values through the supply chain of food and its production. Tune in to ep. 97 to hear from an expert about engaging with diverse stakeholders to partake in a new economic system; a reimagined economic system that takes into account a true cost of production by reaping the benefits for product differentiation and decommoditization of these values.
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Through regenerative food production and forestry management; through hunting excursions and land stewardship initiatives; through a royal bed & breakfast and restaurant – Bösel offers patrons a unique experience dedicated to capturing and sharing the vitality found in nature’s systems. Since Benedikt has taken the reins of this 7500 acre estate located 1 hour east of Berlin – it’s become an Agtech innovation hot-bed, and an epicenter for testing / implementing Regenerative Natural Resource Management at scale.
In our 45 minute conversation we discuss the ins and outs of investing in regional and sustainable food systems of the Northeast and beyond. CEI is a mission-driven lender and investor specializing in rural business development and financing. In Maine, and throughout the U.S., CEI helps to create economically and environmentally healthy communities in which all people, especially those with low incomes, can reach their full potential. CEI is unique with its dossier of offerings which include business loans, micro-loans, new market tax credits, sub-debt loans, SBA 504 loans, business plans, marketing plans, business advising, financial advising, and public policy leadership.
It’s Agriculture Capitals mission to grow access to healthy, sustainable food. “We’ve assembled experienced professionals from finance, farming, processing, marketing, and sustainability to bring innovative thinking to managing successful food enterprises.” described the firm’s website. Turner has over 20 years of experience in corporate sustainability, environmental management, and consumer engagement. Most recently, he was on the executive team at organic yogurt pioneer Stonyfield Farm as the company’s VP Sustainability Innovation. Prior to that, he was founding executive director of Climate Counts, an international NGO focused on measuring and scoring the world’s largest consumer companies on their concrete, enterprise-level responses to climate change. Wood has consulted to brands, elected officials, and public agencies on mobilizing the public around ideas that improve the environment and build community.
In our 35 minute conversation we discuss a variety of topics throughout the value chain of food, and throughout a circular economy. Warren begins episode by shares interesting anecdotes and details on a few of their portfolio companies. He describes the criteria Bain Double Impact uses to assess and invest in these different companies. Warren also shares how he got into the impact space; how through both personal motivation to improve his wellbeing and to cast a leading light for his family – they’ve defined a tip-of-the-spear approach in private equity which could till new ground for an industry looking to better connect with millennial investors set to inherit $40 trillion in the next decade.
In our 35 minute conversation with World Water Czar Henk Ovink we learn about the many intensifying issues that need to be addressed with fresh and sea water. More importantly, we learn not just of the problems but of the solutions found today that will scale to build resilience and stability by “embracing” our realities of water. From Climate and water refugees in the developing world, and Social & Political unrest in the developed – our actions have forced this staple of life to wage war on a new world order that will inevitably disrupt a shrinking world of 7 Billion.