This month, we attended and participated in “A Conversation on Conscious Capitalism” locally in downtown Hartford held in the collaborative and community based ReSet space.
Eric Thompson, Principal of BlueBack, and founding member of the Connecticut chapter said “Conscious Capitalism is something I really believe in, as it raises the bar for better business practices and improves human capital. Business leaders can incorporate the four main principles and join the movement to better business with a strong culture driven by thoughtful and ethical purpose.”
The open discussion provided valuable insight from Larry Bingaman, President of the South Central Connecticut Regional Water Authority and Chairman of Connecticut’s efforts to develop a statewide Conscious Capitalism chapter, and Darby Hobbs, founder of Social3, Paul Holzer, CEO of Achieve Hartford!, Jennifer Bernheim, CEO of martinb+company and Colleen McGuire, Director of the UCONN School of Business.
What is Conscious Capitalism based on?
Higher Purpose: Recognizing that every business has a purpose that includes, but is more than, making money. By focusing on its Higher Purpose, a business inspires, engages and energizes its stakeholders.
Stakeholder Orientation: Recognizing that the interdependent nature of life and the human foundations of business, a business needs to create value with and for its various stakeholders (customers, employees, vendors, investors, communities, etc.). Like the life forms in an ecosystem, healthy stakeholders lead to a healthy business system.
Conscious Leadership: Human social organizations are created and guided by leaders – people who see a path and inspire others to travel along the path. Conscious Leaders understand and embrace the Higher Purpose of business and focus on creating value for and harmonizing the interests of the business stakeholders. They recognize the integral role of culture and purposefully cultivate Conscious Culture.
Conscious Culture: This is the ethos – the values, principles, practices – underlying the social fabric of a business, which permeates the atmosphere of a business and connects the stakeholders to each other and to the purpose, people and processes that comprise the company.
“I strongly agree with the philosophy of Conscious Capitalism, which states that businesses should exist to elevate humanity. Conscious businesses should be the norm rather than exception,” Jennifer Bernheim, founder of martinb+company, said. “In serving as a founding member of Connecticut’s first Conscious Capitalism chapter, I hope to educate and inspire this movement as well as promote conscious business practices.”