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People under the age of 40 are more negative about capitalism than their older counterparts, according to a recent survey from Fast Company. But these younger generations aren’t defined simply by a story of “just complete anti-capitalism,” argues Megan Holston-Alexander, a partner at Andreessen Horowitz. Rather, they’ll be more excited about the future if they feel like they’re included and have ownership in the companies they help to build and grow.
“We think participation in a capitalist culture as a consumer, an investor, or as talent is really important,” Holston-Alexander said Tuesday during a panel discussion hosted by Fast Company at the annual meeting of the World Economic Forum in Davos, Switzerland.
She heads up the firm’s cultural leadership fund, which is dedicated to creating Black wealth generation. Including different voices and points of view—and reimagining educational requirements to get in the door—will offer a competitive edge, she added.
But before a new group of leaders can transform the future of capitalism, today’s corporate leaders need to do a better job of building trust.
“There may be this fear of capitalism or distrust of capitalism, but I think part of that distrust and how we alleviate some of that distrust is by creating trust and creating credibility and creating openness,” said Rima Qureshi, the chief strategy officer of Verizon and the deputy chair of the Edison Alliance.
Communicating how companies are effective at solving problems also helps to engender trust, said Anthony Tan, the cofounder of Grab, a Singapore-based superapp that encompasses delivery and ride-hailing, along with financial services and mapping. That’s especially important in reaching younger generations—be it employees or customers—who are “high truth-seekers” and want information that’s clear, upfront, and honest, he added.
Finally, the future of capitalism depends on disruption—and both big business and entrepreneurs need to embrace change, noted Florian Hoffman, founder and CEO of The DO School.
“I think what really will change and needs to change is the question of what’s a valuable company? How do we talk about value when we talk about a company?” he asked. “We have to acknowledge that there isn’t a joint story and narrative anymore of what good looks like in the future and what capitalism means.”
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