We’ve Been Wrong About Millennial Entitlement… and 4 Other Hot Takes from Diane Abruzzini ’17

This post was written by Kate Barry ’20 and Taran Catania ‘20

In a recent interview with Kathleen Burns Kingsbury in the Breaking Money Silence® podcast, Diane Abruzzini ‘17 gave us a handful of fresh insights on impact investing, millennial entitlement, recession-driven entrepreneurship, and how women do money and business differently. We’ve collected five of our most favorite “hot takes” below:

1. We’ve Been Wrong About Millennial Entitlement

Diane is quick to point out that the concept of “millennial entitlement” on its own is a half-baked concept: “It’s a funny thing to call anyone entitled because there’s more to that sentence — you’re entitled to something.” The stereotype of millennial entitlement to money is not actually engaging with who millennials are. “What might be a truer statement is that millennials are entitled, but they’re entitled to different things. They’re entitled to [the] ethos that we were raised with… of transparency, of equity, of equal access to resources.”

And as Diane puts it — what if this entitlement is a good thing? And what if it’s something businesses can use to help reach and engage millennials, and not simply to dismiss them (as the world makes continuous jokes about the things millennials have “killed”)? The truth is, millennials’ preferences are making big changes in the business world. “And if you want to be able to connect with millennials,” Diane notes, “you’re going to have to be able to reach them in helping them create the world that they want to live in.”

2. Recessions Produce Entrepreneurs

In light of recent events, we have our eyes on the job market and the economy at large as we prepare for our graduation in August. Diane graduated from college during the 2008 recession, which made landing a conventional post-graduation job for her and her peers more difficult than usual. Because of this, many, including herself, turned towards non-traditional and entrepreneurial ventures.

Because of this, Diane is not surprised that millennials are more entrepreneurial than past generations—we live in economically volatile times where flexibility and creativity are key for a savvy millennial. Diane claims, looking at the history books, those who often become entrepreneurs are “people who are usually boxed out of traditional well-paying sustaining jobs.” This list includes immigrants, women, and people who aren’t able to find what they are looking for because they don’t fit mainstream demographics. Millennials, women in particular, are simply doing what they have to out of necessity, to shape a world that works for them moving forward.

3. Female Entrepreneurs are Having a Moment

Historically, women-owned businesses have not been able to pull in venture capital funds at the same rates as their male-owned counterparts. However, as Diane notes, “anytime there’s a group of individuals that have been overlooked, there is untapped potential.”

Luckily, certain firms are catching on that women-owned businesses are offering products that the male-dominated financial world has missed. Diane gives the great example of Burlington-based Mamava – a women-led business that designs lactation suites for breastfeeding moms on the go. While this might sound like a simple idea, as Diane says, “it’s never been done before because no one has taken that design perspective for the young mother consumer.”

Simply put, because women are half the population, products made with them in mind resonate with a significant customer base (duh). So it’s long overdue (in our humble opinion) for Diane’s declaration: “female entrepreneurs are having a moment.”

4. Women Invest Differently

We’re glad Diane doesn’t shy away from this one: “The language in traditional financial services is super male.” Even the way investing is framed semantically is competitive (“outperform”) and individualistic (“winner-takes-all”). But generally speaking, women and millennials alike tend to look towards our own goals: we may not have a goal of a 9% return in the stock market, but we have a goal of paying off our student loans or saving up for a home. So as Diane explains, if millennials and women “can’t connect to the [financial] advice that’s been given to us, …then they’re not going to seek that out.”

Diane wants to change how people view the connection between their personal goals and their finances. “Being able to use your money and your power to fund what’s important to you… [is] really powerful. If more women, [regardless of generation], understood that you can invest according to your goals, there might be a little bit more excitement around investing and using financial power.”

5. Money is Power

Diane cites a shift in finance towards impact investment as her reason for pivoting her career. She, along with many others, see the power of the capital market to instill lasting, sustainable change, and the financial world is starting to shift accordingly. Diane says “The more we can divert capital and money into the future that we want to believe in, then the more emphasis and the more strength is going to be behind that movement.”

And we couldn’t agree more. This is what makes us so excited to take part in the shift to impact investing for VENTURE.co with our practicum project this summer. The private equity market is uniquely positioned to allow investors to make direct impact by supporting growth-stage businesses with social and environmental missions. And the research from our practicum project will do just that for VENTURE.co and its clients.

And one final thought…

If you like the sound of our VENTURE.co practicum project, you can read more about it (and check out all this year’s Sustainable Innovation MBA practicum projects) here.

The Value of Soft Skills in an Increasingly Automated Workforce

This post was written by Kate Barry ’20. Connect with her on LinkedIn.

How do you stay competitive in a job market that is becoming increasingly more automated? This is a question on many people’s minds in all areas of the workforce today. Tiger Tyagarjan attempts to answer this daunting question in his article from the Harvard Business Review, “To Prepare for Automation, Stay Curious and Don’t Stop Learning.”  Tyagarajan cites a number of possibilities for workers to stay ahead of the curve when faced with an increasing automated workforce, a concept we have talked about in depth in our Sustainable Brand Marketing class this module.

When first faced with the uncertainty of job security in the future, one may have a knee-jerk reaction to fight against the development of artificial intelligence, or maybe try to out-smart it, by developing more highly-technical skills. Both of these options, I believe, will eventually be losing battles as technological advancement will roar on whether or not we are fully ready for it. Perhaps, as Tyagarjan suggests in his piece, instead of fighting the advancement of artificial intelligence, humans can differentiate themselves by embracing their “humanness” through the development of soft skills.

Soft skills are the tools someone uses to interact with others in an effective manner, a concept entirely dependent on self-awareness. They include one’s emotional intelligence, their level of empathy, ability to work in a team, etc. These are the skills that will differentiate humans from artificial intelligence in the workforce moving forward.

Thus far in The Sustainable Innovation MBA program, there has been a large emphasis on the development of soft-skills between our Teamwork for Sustained Innovation class, The Leadership Seminar, and copious amounts of group work. Some of the hesitation in regard to entering into a non-traditional MBA is the larger mix of skills learned beyond the traditional aspects of a business education.  While I have gained a great deal of value and personal development through our work so far, it’s hard to know what the business world is looking for when hiring. It is reassuring to see that the business community values the importance of soft skills, and their many applications in the workplace.

So, how do you stay competitive in a job market that is constantly becoming more automated? Lean into your humanness, strengthen your self and other-awareness, and in the words of Joe Fusco, “have a love affair with the truth.”

Photo by Owen Beard on Unsplash

An Innovation Story? Bear With Us…

We found this story of a beekeeper and his wonderful attitude toward turning a big problem into an innovation — and a business advantage — just delightful. How can you think differently about problems, and opportunities, as foundations of innovation?

Beekeeper turns honey stealing bears into taste testers

Beekeeper Ibrahim Sedef

Sustainable Innovation in Review

 An occasional curation of sustainable innovation and business transformation news, postings, et cetera…

Greener companies outperforming their peers?

Companies sourcing renewable electricity outperform their rivals financially, according to a new report released Tuesday from RE100, the initiative from the Climate Group that encourages firms to commit to using 100 percent renewable power.

Virgin Atlantic flies the first ever commercial flight using sustainable jet fuel

Over at the Virgin blog, Richard Branson informs us that Virgin Atlantic has completed the first ever commercial flight using LanzaTech’s innovative new sustainable aviation fuel.

Appalachian Ohio could get a giant solar farm, if regulators approve

Appalachian Ohio, a region hurt by the decline of coal, may become home to one of the largest solar projects east of the Rockies.

How tech is turbocharging corporate sustainability

At the recent Global Climate Action Summit (GCAS) in San Francisco, 21 companies, including Bloomberg, Cisco, Hewlett Packard, Lyft and Salesforce, announced the launch of the “Step Up Declaration,” a new alliance dedicated to harnessing the power of emerging technologies to help reduce greenhouse gas emissions across all economic sectors.

The State of Sustainable Business 2018

BSR and GlobeScan have released “The State of Sustainable Business 2018,” an interesting insight into the world of sustainable business and identified common perceptions and practices of corporate sustainability professionals.

In addition to measuring shifting priorities and challenges in corporate sustainability, this year’s survey presented a unique opportunity to understand how business is responding to the changing social landscape.

To hone in on actions of companies within the sustainable business community, this year’s data draws from the responses of one sustainability practitioner at each of 152 BSR member companies who participated.

The survey results can be viewed and downloaded here.

Vermont Business Accelerator Launched for Climate Change-Focused Entrepreneurs

A new business accelerator program, aimed at supporting entrepreneurs and startups focused on technology, services, and products addressing climate change challenges — particularly in the area of energy — has been launched in Vermont following the recent national Catalysts of the Climate Economy Summit held here in early September.

Accel-VT is inviting startup or seed stage ventures from across North America interested in solving one of the most pressing electric grid issues facing the U.S.—integration of distributed renewable energy, efficiency, and storage technologies with the grid — to apply. Participants will be selected based on their ability to help solve the challenges related to the monitoring and control of distributed energy (e.g., storage, electric vehicles, solar, community scale wind, combined heat and power) to improve their value while providing safe, reliable, and affordable electric service to all customers.

“We’re building a cluster of climate innovation companies and we offer an entrepreneurial support system that includes access to business planning services, networks, and growth capital—in a state known for its high quality of life in an idyllic and recreational setting in the Green Mountains,” says Geoff Robertson of Accel-VT.

Read the full press release. Or, learn more about Accel-VT.

Time to Tie CEO Compensation to Sustainability?

With more and more studies suggesting a strong link between a firm’s commitment to sustainability and its performance, this Harvard Business Review blog article makes a case for compensating senior leaders using sustainability metrics.

Read more here:

From the Web: Government isn’t enough. Will Business step up?

Businesses can make up for inaction on climate by government by investing in energy and fuel efficiency.

With President Trump’s announcement to pull the United States out of the Paris Agreement, many other countries around the world — and cities and states within the U.S. — are stepping up their commitments to address climate change.

But one thing is clear: Even if all the remaining participating nations do their part, governments alone can’t substantially reduce the risk of catastrophic climate change.

We’ve studied the role of the private sector in addressing climate change, and we’re convinced that the next stage is going to require more than just political agreement. What is needed is a concerted effort to mobilize private action — not just corporations but also religious and civic organizations, colleges and universities, investors and households — to help narrow the gap that remains after the Paris Agreement.

Learn more (via SALON) >>

From the Web: The World’s First Multi-Turbine Tidal Energy Field

Tidal Energy Company Atlantis is the largest of its kind in Europe. And right now it is focusing on completing a four phased MeyGen Tidal Energy Project in coasts of Scotland. The project is one of a kind Multi Turbine Tidal Energy field that will be powering nearly 175,000 Scotland houses after its completion. Right now the project is in the first phase of its development but it has already received a funding of €37 million from EU for its second phase.

Learn more (via Green Diary) >>

From the Web: No more business as usual: the corporates stepping up to save the planet

When the US president, Donald Trump, announced his intention to withdraw from the Paris climate agreement, one might have anticipated a hearty cheer from industry around the world relieved that business as usual could continue.

Instead the opposite has happened. Across the United States, the business community is taking it upon itself to implement the measures needed to address climate change. And in Australia an increasing number of major companies are publicly stating their commitment to addressing climate change, even as the federal government drags its heels on implementing policies to address the crisis. Companies around the world – from small family-run enterprises to Fortune 500 firms – are not only calling for action on climate change but also putting their money where their mouth is.

Lou Leonard, the senior vice president of climate change and energy at WWF, says companies are coming to understand the impact of climate change on their businesses.

“If you’re a company that either grows food in the heartland of the United States or ships it down the Mississippi and out to other countries, or you’re a company that builds the components of wind turbines and solar panels, or you’re a company that has a big retail footprint all over the world, climate change has come to you already,” he says. “I think that the understanding of those impacts has led those companies to again take action to begin to green their own footprint, and their supply chains.”

This understanding has also led to initiatives such as We Are Still In, an open declaration of continued support of climate action to meet the Paris agreement. The letter has now been signed by 1,565 companies and investors, including giants such as Apple, Walmart, Microsoft, Adidas, Facebook and Google, as well as leaders from 208 cities and counties, nine US states and 309 colleges and universities.

Learn more (via The Guardian) >>