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Redesigning Ownership - Presentation at Intersections 2019 in Lisbon

Design thinking can be applied to many things other than products and services. One of the things we design are organizations and how we own them. Are current models of ownership fit for purpose? What are the goals

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Redesigning Ownership - Presentation at Intersections 2019 in Lisbon

  1. 1. 1 I Ibbaka © 2019 Redesigning ownership A test case from Vancouver September 17, 2019 steven@ibbaka.com Intersections 2019 Lisbon Portugal
  2. 2. Current models of company ownership are failing us. They have contributed to massive wealth inequalities, they are damaging the urban environment and environmental health, and they are failing to deliver the kinds of careers people are looking for as working patterns change. How can we change this? At the Vancouver BC firm Ibbaka a model of collaborative ownership is being explored. Having operated under this model for three years, one of the founders and designers of the model is ready to share the lessons learned. Other emerging ownership models from the co-op space and from crowd funding will also be explored. A design thinking based approach to rethinking company ownership will be proposed. 2 I Ibbaka © 2019 Context
  3. 3. The Silicon Valley model for economic innovation is broken. 3 I Ibbaka © 2019
  4. 4. The Silicon Valley model for economic innovation is broken. It contributes to • Homelessness • Concentration of wealth • Externalization of social costs, privatization of profits 4 I Ibbaka © 2019
  5. 5. 5 I Ibbaka © 2018 Homelessness is surging in San Francisco
  6. 6. 6 I Ibbaka © 2018 Homelessness is surging in San Francisco
  7. 7. 7 I Ibbaka © 2018 Other cities like Vancouver BC are also struggling
  8. 8. 8 I Ibbaka © 2018 Other cities like Vancouver BC are also struggling
  9. 9. 9 I Ibbaka © 2018 Other countries (World Bank Data) United States (2016) 42 China (2015) 39 Portugal (2015) 36 India (2011) 36 Canada (2013) 34 Germany (2015) 32 Japan (2008) 32 Inequality is getting worse
  10. 10. 10 I Ibbaka © 2019 Possible Futures The New Aristocracy Shared Success Stagnation and Segregation Shared Poverty Wealth DistributedWealth Concentrated Wealthier Poorer
  11. 11. 11 I Ibbaka © 2019 Possible Futures The New Aristocracy Shared Success Stagnation and Segregation Shared Poverty Wealth DistributedWealth Concentrated Wealthier Poorer
  12. 12. Why do we have companies? 12 I Ibbaka © 2019
  13. 13. Why do we have companies? Firms are a response to the high cost of using markets. It is often cheaper to direct tasks by fiat than to negotiate and enforce separate contracts for every last transaction. Such “exchange costs” are low in markets for uniform goods, wrote Coase, but are high in other instances. Ronald Coase 13 I Ibbaka © 2019
  14. 14. Understand Differentiation Build Capability Communicate Value Evolve Capture Value Company Founder (Ibbaka + TeamFit) Affiliated companies now being combined as Ibbaka to help Individuals and organizations Reach their full potential 14 I Ibbaka © 2019 My Background
  15. 15. Company Founder (Ibbaka + TeamFit) 15 I Ibbaka © 2019 My Background +
  16. 16. Company Founder (Ibbaka + TeamFit) Angel Investor 16 I Ibbaka © 2019 My Background
  17. 17. Company Founder (Ibbaka + TeamFit) Angel Investor Company Advisor 17 I Ibbaka © 2019 My Background
  18. 18. Founded 2016 - Goal was to provide a platform to explore ideas that enchanted the six partners David Botta, Ph.D. – Art & Math Steven Forth – Business & Innovation N-Q Chang – Design Lee Iverson, Ph.D. – Collaboration, AI, Semantic Engineering Karen Chiang – Business & Innovation Warren Taylor – Coding 18 I Ibbaka © 2019
  19. 19. 20 I Ibbaka © 2019 Why do we really have companies? Company • Work together (pool resources) • Share risk • Attract capital
  20. 20. 21 I Ibbaka © 2019 Why do we really have companies? Company • Work together (pool resources) • Share risk • Attract capital Investors • Deploy capital to get a risk adjusted return on investment • Support an industry, sector, or team
  21. 21. 22 I Ibbaka © 2019 Why do we really have companies? Investors • Deploy capital to get a risk adjusted return on investment • Support an industry, sector, or team Society Provide jobs Support Communities Deliver goods and services Drive innovation
  22. 22. Design Thinking The application of patterns and processes commonly used in design disciplines (architecture, experience design, service design, learning design, software design, etc.) to broader problem sets. 23 I Ibbaka © 2019
  23. 23. Design Thinking Process 24 I Ibbaka © 2019
  24. 24. 25 I Ibbaka © 2018 Empathize Built mind maps of our career goals Looked for patterns on how they connect
  25. 25. 26 I Ibbaka © 2018 Define Flexible work environment Develop and implement new ideas Work that will make a difference Have a social impact Create wealth
  26. 26. 27 I Ibbaka © 2018 Ideate Organization Patterns Loose Collection of Collaborators Non Profit Co-ops - Worker owned - Supplier owned - Consumer (buyer owned) Formal Partnership Private Limited Liability Corporation Private Limited Liability Corporation with Investors Business Unit of Larger Corporation Publicly Traded Corporation
  27. 27. 28 I Ibbaka © 2018 Ideate Formal Partnership Private Limited Liability Corporation • Shared Ownership • Freedom of Association • Freedom to work
  28. 28. 29 I Ibbaka © 2018 Ideate Formal Partnership Private Limited Liability Corporation • Shared Ownership • Freedom of Association • Freedom to work Wealth Creation Choose who to work with Choose projects with social impact
  29. 29. 30 I Ibbaka © 2018 Prototype Run for three years and reassess See if we can build a sustainable business See if the business is a place we want to work Can we have an impact?
  30. 30. 31 I Ibbaka © 2018 Prototype • One non-transferable share per person • Anyone can invest up to 50% of their time into approved projects • Major decisions by consensus • Can take up to two years off without pay • Agreed formula for measuring value
  31. 31. 32 I Ibbaka © 2018 Test • Revenue growth running at 3X PA over three years, profitable • Developed IP on use of social network analysis for market segmentation and application of design patterns to pricing design • Projects with Non Profits contributed to social good
  32. 32. 33 I Ibbaka © 2018 What worked As a Team • Built deep trust • Able to support varying life styles and life stages • Developed IP • Created wealth for partners
  33. 33. 34 I Ibbaka © 2018 What did not work Company • Work together (pool resources) • Share risk • Attract capital W As a Team • Built deep trust • Able to support varying lifestyles and life stages • Developed IP • Created wealth for partners For the Team • Hard to bring in new people as partners • Different levels of risk tolerance • Different needs on when to realize wealth • Complex (slow) decision making
  34. 34. Understand Differentiation Build Capability Communicate Value Capture Value Evolve 35 I Ibbaka © 2018 What is nextW • Combining with TeamFit (a company that Ibbaka and its partners are the majority shareholders) • Provide equity to all people contributing • Provide a path to liquidity to people who want to exit • Develop a joint value proposition for strategic innovation • Raise money (but in what form?)
  35. 35. 37 I Ibbaka © 2018 The key questions for the innovation economy 1. How do we finance innovation? Are VC and PE the only or the best way? 2. How do we balance risk and reward? For people who work in early stage innovation, for investors, for the public 3. How do we ensure that costs are not socialized while profits are privatized? Look at the impact of the ‘sharing economy’
  36. 36. 38 From Opportunity to Execution We understand innovation because we live it Our passion is to help individuals and organizations realize their full potential, in the market and with their people We understand how market opportunities and people combine to Deliver sustainable growth Twitter LinkedInWebsite Steven Forth Managing Partner steven@ibbaka.com +1 604 763 7397 Karen Chiang Managing Partner karen@ibbaka.com +1 778 628 4085

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