Can even venture capitalists have Purpose? The answer will surprise you

Published: Feb. 3, 2021, 8 a.m.

b'Does Purpose help the bottom line? It\\u2019s a fair question, surely\\u2014maybe, ultimately, the best question we can really ask ourselves in business as the idea of a move away from purely shareholder capitalism to stakeholder capitalism takes off. And while we do need to ask CEOs of Purpose-driven companies that question, perhaps the ideal community to seek a hard-nosed answer here is the VC (venture capitalist) world, for whom the conditio sine qua non of an investment has to be that it will pay back, at multiples. Luckily for us on Season 7 and all our now fast-interlocking conversations on our central question of \\u2018Is Purpose Working?\\u2019 is that today, we have the definitive answer: yes\\u2014in fact, it\\u2019s actually only the companies that have Purpose that end up with strong cultures and stronger outcomes. There\\u2019s a lot to take in to see why our guest, Deborah Quazzo, Managing Partner at GSV Ventures, an early stage venture capital fund investing in education and workforce technology entrepreneurs, is so convinced of that fact, but we hope we have intrigued you enough to listen in to see her logic and proof\\u2026 but it\\u2019s also just such a pleasure to listen to the fusion of a deeply ethical mindset and razor-sharp thinking Deborah brings to her job. Just one example among many: her rhetorical question about why she does what she does: Is it more fun to go call on a company making breakfast cereal, or on a company that\\u2019s really trying to change people\\u2019s lives meaningfully? Deborah and her team have been active for many years disrupting the $6 trillion education technology sector, having helped amazing names like ClassDojo, Degreed, and RaiseMe, among many others, get out of the lab. Equally important to her, as you\\u2019re about to hear, is her work on the annual ASU GSV Summit: now in its 11th year, the Summit celebrates innovations and innovators across the global \\u201cpreK to Gray\\u201d learning and talent landscape and this COVID, virtual year attracted a quite staggering 33,000 online attendees. So tune in now to hear how this predominantly Chicago-based ed tech sector investment ninja has been putting \\u2018Purpose\\u2019 as one of the \\u20185 Ps\\u2019 a startup has to have before she even looks at them. Before we get started, two callouts are needed: one, to our on-going Season 7 partners, Dani and Stacia over at Purpose-driven HR advisory group RedThread Research, and most especially to our Season sponsors, ed tech luminaries NovoEd, who are just as keen as we are to find an answer to \\u2018Is Purpose Working?\\u2019 Don\\u2019t forget that in early 2021, the issues Deborah raises today will be under the microscope in our planned special live, online gated experience, where we will debate all the Learnings from Season 7. If you doubt that Purpose is good for capitalism, then make sure you can get in your two cents about it by locking-in your free place at the webinar. How can I do that, Chris? I hear you say. It\\u2019s easy: click on over to the special NovoEd microsite supporting the project, www.novoed.com/purpose. All done? Great\\u2014so let\\u2019s hear about VC money, Purpose, diversity and what a VC does, as well as: how Deborah sees a coming together of all parts of Education and workplace training; the emergence of knowledge as a \\u2018currency\\u2019; why what GSV does is not the same as what an impact fund tries to do; that significant 2019 Business Round Table statement\\u2026 are we actually seeing enough action by companies? How Learning is starting (at last?) to be seen as an important weapon by corporate leaders to improve overall outcomes; her conviction that exponential growth in an ed tech company will come not just through great technology, but through diverse teams; what inspired her to get into the ed tech area; and much more.'