What's the point of a business without a purpose?
James Reed, Chairman and CEO of Reed and author of Why You? 101 Interview Questions You'll Never Fear Again, is on a mission to reform capitalism. Corporations, he argues, are largely ignoring their employees, customers and wider community in the pursuit of short-term gain and profit, while charities suffer in the wake of the pandemic and cost-of-living crisis. However, there is an alternative.
In his most important business book to date, James sets out his vision to encourage a whole new generation of PhilCos – philanthropic minded businesses with at least 10 per cent of shares owned by a charitable foundation. Inspired by his own company's commitment to charity, James shares how PhilCos are more likely to:
- Stay in business for 40 or more years
- Foster shareholders that work toward a lasting legacy
- Retain and motivate colleagues
- Improve lives through charity work
Best of all, being a PhilCo isn't a different way of doing business. It is a different way of being a business. Based on his own experiences of running Reed as a PhilCo – and drawing on examples of other successes including IKEA, Lego and Rolex – James explains how to choose the right business model for your PhilCo, how to establish a charitable foundation and how to reinvest your profits to make the most impact in the shortest space of time.
Part-manifesto, part-guide, Karma Capitalism is a compelling and accessible introduction to the PhilCo movement, proving that it's good business to be a good business.
