Do you want to be the world’s best?
I had my shot. When I was 19, I swam against Matt Biondi and Tom Jaeger—the best sprinters of my era.
Swimmers up. Take your mark. Beep!
Image by Mauricio Genta, licensed under Creative Commons license 4.0.
That race was awesome. The whitewater. The adrenaline.
When I finished, Matt and Tom were done. They’d already congratulated the other racers, and Matt was on the pool deck signing autographs while Tom was in the locker room showering.
I wasn’t shabby: I was an All American swimmer in college. But Matt and Tom were in a different league. I remember looking at Matt before the race, this spectacular tree trunk of a man, and already knowing the race’s outcome.
In most industries, a handful of companies play the indomitable role Matt and Tom did in swimming. Forbes[1] says almost two-thirds of Americans use Amazon’s prime service.[2] Approximately 80% of airplane seats are sold by 4 airlines.[3] And four companies account for between 75% and 90% of the global grain trade.[4] Princeton economist Alan Krueger says, [digital technology supports] a winner-takes-all economy.[5]
What should we do with such dominance?
- Enjoy. I cheered for Matt and Tom at the Olympics. Such dominant competitors are our new royalty. Grab the popcorn and enjoy the show.
- Recognize such leaders’ humanity. Most leading-firm workers care about others. People in the food industry love the concept of healthful foods, for example.
- Challenge myths. Business leaders act basis what they believe. In food, too many believe consumers don’t care about health. Yet, a friend at a food pantry finds his poorest clients, many with modest education, eat better when provided a simple primer on healthy eating. We care, but that caring does not drive enough decision-making today.
Dispelling such myths uncovers opportunity. Better-nourished consumers would be healthier and happier. Such value creation tantalizes business leaders with promises of unrealized profit. Yet, we cannot just stick healthful food in front of people and expect it to sell. The successful strategy must drive improved decision-making – and use more scalable tools than food primers. I’ll share the solution I developed with Steve Omohundro, featuring both competition and collaboration next week.
In the meantime, consider the benefit of just a few (business) leaders driving society: fewer people to convince that fundamental change is needed.
Share your thoughts in the comments or by sending me an email: info@RodWallacePhD.Com.
Our society cannot just survive. For the sake of our children, it must thrive.
Rod
Dr. Rod Wallace is an economist, consultant, and speaker who helps businesses make more money by solving society’s problems. A Fulbright Fellow, he has led multi-organization billion-dollar initiatives worldwide and partnered with a Silicon Valley pioneer to explore the impact of Artificial Intelligence on society.
Rod speaks about how to integrate social responsibility into business to maximize profit and purpose. He highlights digital technology’s impact on society and the strategies and tools with which business can solve our big, systemic problems.
Contact Rod at info@RodWallacePhD.com.
[1]https://www.forbes.com/sites/shephyken/2017/06/17/sixty-four-percent-of-u-s-households-have-amazon-prime/#7cf077554586
[2]https://www.cnn.com/election/2016/results/president
[3]http://airlines.org/blog/the-nature-and-status-of-u-s-airline-competition-beyond-the-80-percent-rhetoric/
[4]https://www.oxfam.org/sites/www.oxfam.org/files/rr-cereal-secrets-grain-traders-agriculture-30082012-en.pdf
[5]https://www.reuters.com/article/us-column-freeland/column-the-rise-of-the-winner-take-all-economy-idUSBRE95J0WL20130620