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PURPOSE CAPITAL:THE NEXT WAVE OF CHANGE

By Scot Lowry

Presented by

©2014 THE PURPOSE CAPITAL. All rights reserved.

1 PURPOSECAPITALCLEVELAND.ORG

ABOUT THE PURPOSE CAPITAL

leveland is stepping up to help expand purpose-driven work nationally by prioritizing our relationships, impact

and personal growth, and in the process, changing the economy. We are also sharing the tools and

information that will help individuals and organizations discover more purpose in their daily work, regardless of their

profession, education or socioeconomic status. The Purpose Economy is a real emerging economy that is driven and

organized around the creation of purpose for people, not just information, goods and services.

C

@PurposeCapCLE

ARE YOU READY TO SURF THE NEXT WAVE OF CHANGE? 2

@PurposeCapCLE#PurposeEconomyCLE #WaveOfChange

TABLE OF CONTENTS

3THERE IS A WAVE OF CHANGE UNDERWAY IN CLEVELANDThere is a wave of change underway

that will fundamentally shift how we

as a society think about innovation,

investment, and leadership.

pg.

Let’s start with some context from our

friend Aaron Hurst.

3 THE PURPOSE

ECONOMY

There is evidence of these changes

everywhere. It shows that our desire to

connect, grow and serve is innate and

becoming our primary driver in all

domains.

7 ADDITIONAL PROOF

OF THE CHANGE UNDERWAY

Cleveland has a deep legacy of

entrepreneurship and philanthropy dating

back to the days of Clevelander John D.

Rockefeller.

10 CLEVELAND’S SPECIAL ROLE

AND OPPORTUNITY

13 CLEVELAND’S TOOLKIT TO

HELP YOU ENGAGE AND

THRIVE IN THIS NEW ERA

16pg.

CALL TO ACTION!

Are you ready to surf the most exciting wave

of change our economy has ever seen?

Design by Steve KozakDesign by Steve Kozak

3 PURPOSECAPITALCLEVELAND.ORG.

INTRODUCTION

here is a wave of change underway that

will fundamentally shift h will fundamentally shift how we as a

society think about innovation, investment, and

leadership in our cities and organizations. From

the time of the Industrial Economy through to

the Information Economy, every inch of how we

marketed, financed and connected drastically

changed. What’s next on the horizon? An even

bigger shift. bigger shift.

The opportunity to lead and thrive is upon us.

T et’s start with some context from our

friend Aaron Hurst. The following is from a

keynote where he explained this wave of change

and the fuel behind it.

THE PURPOSE ECONOMYBy Aaron Hurst, CEO of Imperative

FFounder of Taproot

I went to high school and

college just outside Detroit

in Ann Arbor, Michigan. It

was a very different Detroit

than the one my grandmother

knew when she arrived as a refugee from Nazi

Germany. She painted a picture of a city in its

heyheyday flush with lavish homes, energy and

optimism.

It was the global hub of the Industrial Economy…

(much more vibrant than it is today). After

college I moved to Silicon Valley and was struck

by how much it resembled my grandmother’s

description of the Detroit she knew. It was a

vibrant and innovative city with tremendous

wealth and opportunity. Silicon Valley had

replareplaced Detroit as the epicenter of the

economy when we moved from the

L

WILL YOU BE READY TO SURFTHIS NEXT WAVE OF CHANGE?

@PurposeCapCLE


the Industrial Age to the Information Age.

As we enter the fourth economic era, the Purpose Economy, Silicon Valley will likely be replaced as the

global hub of innovation just as it replaced Detroit during the rise of the Information Economy. This is a

historic opportunity for another city to lead and thrive.

WHAT IS THE PURPOSE ECONOMY?

OOver the years, I have been exploring the changes in our society that I first observed as the founder of the

Taproot Foundation. In the past several years, we have witnessed a powerful shift in public desire, which has

changed what we buy, how we buy, from whom we buy, and how much we consume.

We buy local food and share our cars and office space. New recruiting firms address workers’ hunger for

meaningful jobs. Companies from Etsy to Pepsi are integrating purpose with their bottom line.

TThe desire for purpose is a universal need. Purpose is not about finding a cause, like saving the rainforest or

ending animal cruelty; there are many people who have causes and yet have no purpose in their work or

lives. On the other hand, many people work without a “cause,” but have a deep sense of purpose. Nor is

purpose a luxury only for those with money and security. We find even people in challenging situations still

make it a priority. Purpose is not a revelation, a bolt of lightning from above that tells us our life’s calling.

The reality is that we discover meaning in small moments,

through our daily work and tasks.

PPurpose is created through relationships,

doing something greater than

ourselves and personal growth.

This will be the currency of the

new economy and will be core

to the design of the “Silicon Valley”

of the Purpose Economy.

Purpose is createdthrough relationships [connect], doing

something greater than ourselves [serve]

and personal growth [grow].


FIVE KEY DRIVERS THATCONTRIBUTED TO THE RISEOF THE PURPOSE ECONOMY

We are starting to see a return to a personal scale enabled by

technology. The new generation is about delivering human-

scale solutions. The Internet has created a platform that makes it easy to find

peoplpeople, products and services beyond the limits of our geography or social class. We can find services

provided by people in our own neighborhood, read blogs by neighbors in our own community, and borrow

money from like-minded people rather than big banks. These new models make it possible to reconnect to

ourselves, each other and our communities by harnessing the power of relationships.

HUMAN SCALE TECHNOLOGY1

The Millennial generation (those born in the 1980s and 1990s) has become known as the purpose

generation. It is increasingly a generation of people known for their desire to make a difference, grow and

share their passions with the world. Millennial CEOs and founders from Reddit’s Alexis Ohanian to Good

Eggs’ Rob Spiro and Alon Salant are changing the way we engage. Millennials have blurred the line between

professional development and personal self-expression. They are entrepreneurial, ambitious and socially

oriented. They are more likely to be anchored by purposeful learning and

experience rather than one job or one company.

MILLENNIALS2

Millennials have blurred the line between professional development and personal self-expression. They are

entrepreneurial, ambitious and socially oriented.

“”

@PurposeCapCLE


The growing uncertainty in our society is moving people to find stability within themselves, to identify needs

and to develop empathy for those affected by turmoil. Natural and economic disasters over the last 15 years

have profoundly impacted our priorities. The economic downturn and housing crisis of 2008 forced many

people and companies to change their behavior as consumers and employers. It forced companies and cities

to explore innovative solutions; new models are being tested, hybrid styles of organization are being

invented, and capital from both the private sector and the government is being redirected to the Purpose

Economy.

ENVIRONMENTAL, ECONOMIC AND POLITICAL INSTABILITY3

Eighty-two percent of women in the United States now work, a 250 percent increase since the 1950s. This is

a radical change in our households and lives. Both parents in most families now work, and one of the many

consequences of this change is that we are hiring people in record numbers for the jobs highest in purpose

— caring for our kids and aging parents. Women have risen to higher-level roles in steadily increasing

numbers, and this has contributed to another core driver of the growth of the Purpose Economy.

THE CHANGING FAMILY5

The increase in life expectancy has resulted in a fundamental

shift in Americans’ changing views of retirement and what

it means to grow old. As they map out their next 30 years,

Baby Boomers are designing their second careers and again

prioritizing the purpose they sought in their youth. They see

their second careers as an opportunity to make some of their

momost important contributions to themselves, to their families

and to the world.

LONGEVITY4‘Encore’ Careers

As they map out their next 30

years, Baby Boomers are

designing their second careers

and again prioritizing the purpose

they sought in their youth.

“

”

Aaron Hurst is an entrepreneur and the author of “The Purpose Economy: How Your Desire for Impact,

Personal Growth and Community is Changing the World.” He is the CEO of Imperative, a career

development platform that empowers professionals to discover, connect and act on their purpose in

their work. He is also the founder and advisor to the Taproot Foundation, where he was the lead

architect in developing the $15 billion pro bono service market.

AARON HURSTCEO, IMPERATIVE | AUTHOR, “THE PURPOSE ECONOMY”


ADDITIONAL PROOF OF THE CHANGE UNDERWAY

The cities that inspire and support these changes will be well-positioned to lead in the next economic era.

There are dozens of cities around the world positioned to become the next Silicon Valley. The one that pulls

it off will require significant vision, courage and resilience, but will see rewards.

As a father, I am excited for my children. The Purpose Economy is going to make the adult world they enter

more human and sustainable. It couldn’t have happened a moment sooner.

here is evidence of these changes everywhere. It shows that our desire to connect, grow and serve is

innate and becoming our primary driver in all domains.

The most successful people and best-run organizations already know this and are proactively ensuring all of

these elements are present all day, everyday in all aspects of their lives, including their work life. They are not

satisfied to compartmentalize making a living and seeking purpose. It has to be FULLY integrated.

NoNote: We should all have a sense of urgency about our response to the changing times. The Agrarian era

lasted about 12,000 years. The Industrial era lasted about 200 years and the Information era that the

Purpose Economy is building from is only 64 years old (started in about 1950). Each era builds from and

complements the previous tackling problems and serving human needs in new ways. Clearly the economic

shifts are accelerating and we have to act now.

T

@PurposeCapCLE


Here is a brief sampling of additional evidence of what is driving the “purpose worker” that is evolving from the

“knowledge worker” as we rapidly enter the Purpose Economy.

Dr. Seligman from the University of Pennsylvania has been studying what truly fulfills people for decades. He is

considered by many as the father of the “science of happiness”. His research identifies four key drivers that motivate

and fulfill us: 1) Perceived Control, 2) Perceived Progress (growth), 3) Connectedness (connect), and 4) Vision /

Meaning (serving something bigger than our self).

Dan Pink, author of Drive, The Surprising Truth About What Motivates Us draws

similar similar conclusions. He makes a very strong case that 1) Autonomy, 2) Mastery

(learning and growth) and 3) Purpose are what truly motivates and fully

engages us much more so than money or position. Here is a great video

that sums up the book in 10 minutes http://youtu.be/u6XAPnuFjJc.

Patricia Aburdene, author of Megatrends 2010, The Rise of Conscious Capitalism,

Seven New Trends That Will Transform How You Work, Live and Invest predicted

the shift fthe shift from an industrial to an informational economy, the booming 1990s and the power of High Tech/ high touch.

As corporate scandals, the tech bubble and a mistrustful public compel business to demonstrate ethics, trust and

integrity, a grassroots movement of CEOs, investors, consumers and "ordinary" managers are leveraging more

connection, growth and service.

Tony HsiehAAfter graduating from Harvard and selling his first company to Microsoft for $265M

in 1999, found himself empty. How could this be after he arguably crushed the

pursuit of the American Dream? He realized that his primary focus on wealth

creation resulted in a company devoid of an attractive culture and he no longer

liked going to work at his own company. This led him to create an entire company

dedicated to culture and “creating happiness through wow” for all of Zappos’

stakeholders (employees, investors, customers and community). The success of

Zappos is a Zappos is a strong testimony to the value of building a company from the ground

up with Purpose as the primary driver.

Ethan Miller/Getty Images

Photo by Richard Drew/ AP

Photo by Richard Drew/ AP


John Mackey, CEO of Whole Foods, is showing

that even a large, publically-traded company can

compete with a purpose-rich culture. In his book,

Conscious Capitalism, Liberating the Heroic Spirit

of Business, he describes how the best-run

companies in The Purpose Economy will operate.

Unlike traditional firms in the 20th Century that

focused on “maximizing shafocused on “maximizing shareholder value”

above all else, conscious companies serve all their

stakeholders with equal commitment. Companies

that thrive in the Purpose Economy will seek to

create value for all its stakeholders, including

employees, clients, owners, community and the

environment.

We are not talking about creating quasi non-profit

companies that don’t thrive financially. We are not

talking about “impact investing” in ventures that are

created specifically to serve a social need. We are

talking about how all organizations and careers are

managed in this new economy. The most successful

across all domains will embrace the principles of the

Purpose Purpose Economy: they will seek to serve all its

stakeholders and will have cultures and cities

full of connection, growth and service.

Companies that thrive in the

Purpose Economy will seek

to create value for all its

stakeholders, including

employees, clients, owners,

community and the

environment.

“

“

Purpose …

will be core to the design of the “Silicon Valley” of the Purpose Economy.“ “

@PurposeCapCLE


CLEVELAND’S SPECIAL ROLE AND OPPORTUNITY

leveland has a deep legacy of entrepreneurship and philanthropy going back to the days of

Clevelander John D. Rockefeller. The spirit of this legacy is alive and well in Cleveland today. From

our 60-plus young professional organizations to the world’s first community trust, the 100-year-old

Cleveland Foundation, it’s clear that integrating purpose in everything we do is in our DNA as a

community.

TThe plethora of young professional organizations is a strong testament to the energy Cleveland’s

Millennials have for civic engagement. Umbrella organizations like the 20/30 Club and Engage! Cleveland

help connect these groups together. Our Millennials are stepping up to serve the community and interact

with peers and businesses seeking to expand impact and purpose like no other generation before them.

TThe Cleveland Foundation was our country’s first community trust. It was designed to pool the charitable

resources of Cleveland’s philanthropists - living and dead - into a single, great and permanent endowment

for the betterment of the city. The Cleveland Foundation’s example paved the way for more than 700

community foundations in the United States today that collectively manage

more than $48 billion in assets and distribute some $4.5 billion a year

to community needs.

C


Businesses and community planners seeking to attract top talent and future leaders know that to sell your

companies, you have to sell your city as well. Three out of four Millennials will pick a city before picking a job,

making it critical for Cleveland to continue to invest in and expose all that it has to offer.

Cleveland’s growing list of assets (historical and new) are making our city increasingly attractive to the

Millennials who are going to be a key group leading us into the Purpose Economy. Some of the evidence to

support the changes in Cleveland include:

98% occupancy downtown (plenty of young professionals working and living downtown)

68% increase in the number of 25- to 34-year-old college graduates from 2006 to 2012

$5.5 billion of public and private investment in downtown is planned or online

Revitalized Public Square, The Flats, Stadiums, Convention Center, Lakefront

Growing support for young entrepreneurs: JumpStart, Bizdom, FlashStarts, LaunchHouse

10th Most Walkable City in the US

As a result of historical investments, we have many other

assets and bright spots that make our city attractive to

ttop talent and future leaders, including our:

World Class Theatre District (Playhouse Square),

second only to New York City’s Broadway

World-class hospitals and the first Global Center

for Health Innovation

National charter school leader status

One of the best housing stocks and cost of living in the country

“Eme“Emerald Necklace” MetroParks system

Amazing people whose creative and giving spirit is second to none!

@PurposeCapCLE


We have numerous organizations like Cleveland Social Venture Partners, Social Entrepreneur Acclerator SEA Change,

BVU, Engage! Cleveland, 20/30 Club, and leading institutions like The Weatherhead School of Management at Case

Western Reserve University that are providing forums and resources to accelerate Cleveland’s leadership role as a role

model and hub of the Purpose Economy.

Note: The iconic Peter B. Lewis Building at The Weatherhead School of Management has been

selected as the honorary “Capitol of the Purpose Economy.” The inaugural Purpose Economy

summit was held there on April 8, 2014 with Aaron Hurst. At the summit, a group of committed

co-creators set out to reveal Cleveland as a leader and hub of learning and growth in the Purpose

Economy. We are capturing the historic opportunity for Cleveland to build on its leadership and

thrive in the Purpose Economy. To reference the tag line from a young purpose-rich company in

Cleveland (www.Hotcards.com), these co-creators are helping Cleveland “become known” as the

Purpose leader Purpose leader of its legacy.

The Peter B. Lewis Building at the Case Western Reserve University School of Management


CLEVELAND’S TOOLKITto Help You Engage and Thrive

in This New Era

group of co-creators in Cleveland

partnered with Aaron Hurst and

Imperative to launch the first full-blown,

national “City of Purpose” initiative. Several

tools have been created, modeled after the

effort Imperative is piloting in Atlanta to engage

the community in the Purpose Economy

discudiscussion and inspire action.

A

The tools developed help Clevelanders:

ENGAGE

directly in the conversation to

accelerate understanding of what’s to

come

ACCESS

rresources that will move them through

the transformation necessary to thrive

EXPAND

the conversation and action with their

immediate community of stakeholders

@PurposeCapCLE


A structured dinner modeled after how Thomas Jefferson engaged the community of thought leaders who

created our nation. This is a proven community engagement tool that will help stakeholders connect, learn

and get into action. A complete host manual is provided so that anyone can engage their community

directly in the discussion and accelerate action.

JEFFERSONIAN DINNERS1

People can visit this site to organize Jeffersonian dinners and RSVP to

attend one. The site also acts as a directory of resources stakeholders

can access to help expand purpose. Finally, the site highlights bright

spot stories about how people and organizations are adapting and

leveraging the changes that are occurring in our economy.

PURPOSECAPITALCLEVELAND.ORG2

Whether you are a business, non-profit, millennial, encore professional, university or government, these tools will help

you tap into the “currency of the new economy.” Organizations and individuals that are most prepared to seek work

and environments rich in connected relationships, serving something greater than themselves and committed to

personal growth, will thrive.

Individuals Individuals committed to leading with purpose will be in high demand. Non-profits will be able to provide an outlet for

people and companies seeking to serve while engaging supporters at a much higher level. Universities have the

opportunity to be thought leaders and forums providing key resources to purpose communities. Companies that have

jobs with purpose are going to differentiate in the competition for top talent. Cities committed to supporting

individuals and organizations seeking purpose will attract and retain the best-run companies and most talented

“purpose workers” crucial to their long term success.

There are five primary tools that will help you

surf the surf the Purpose Economy Wave:

The citiesthat inspire and support these changes will be well positioned to lead in the next economic era.

““


This is the annual honor role of people and organizations in Cleveland who are “playing all out on purpose.”

Highlighting this group of early adopters will help accelerate the expansion of purpose in our region as

others follow their lead.

PURPOSE CAPITAL 993

This highly interactive event will bring together national purpose economy thought leaders. The second

annual summit in the spring of 2015 will include a keynote by Aaron Hurst. Speakers, panels and interactive

sessions will bring Cleveland purpose leaders together with representatives from other city of purpose

initiatives to share our experiences and accelerate learning and action for everyone.

ANNUAL PURPOSE CAPITAL SUMMIT4

Professionals can visit this personalized website to manage a career with purpose and a revolutionary way

for employers to propel their people forward. Check out this short video on “the case for purpose at work”

from the Imperative site: http://www.imperative.com/employers.

IMPERATIVE.COM5

@PurposeCapCLE

DON’T MISS THE WAVE - HANG 10, CLEVELAND!

ACALL TO ACTION!

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