Business as usual: A leader’s guide to launching new ventures

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ESSENTIALS FOR LEADERS AND THOSE THEY LEAD

Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities

There’s no way around it: starting a new business is risky, whether it’s a solo venture or a large corporate spin-off. An estimated 50 percent of small businesses fail within five years, and our research shows that even among corporate-backed ventures with more resources, only 24 percent of new businesses launched in the past ten years are viable large-scale enterprises today. Yet business building remains a powerful way for companies to grow: in times of uncertainty and disruption, it can help organizations “diversify, shore up, protect, and expand when others are contracting,” according to McKinsey experts. Here are some ways to accomplish those goals while mitigating the risks.

AN IDEA

Follow the rule of three

There’s no foolproof formula for building a business, but our study of more than 200 corporate new-business ventures reveals three major approaches that work—if the organization brings the right mindset, people, and processes to the project. For example, one strategy involves setting up an internal venture-capital-style incubator. In this model, teams within the organization pitch ideas to a board of internal and external experts who then select the most promising concepts for development. But this requires the parent company to have a plentiful supply of new ideas and a VC mindset—that is, quickly rejecting ideas without clear potential. “The business has to be vigilant to ensure that the start-up culture ‘sticks,’” caution the McKinsey researchers. “One way to do that is to assign an experienced business-building coach to each team to build up and nurture an agile test-and-learn culture.” McKinsey’s Philipp Hillenbrand , Dieter Kiewell , Ivan Ostojic, and Gisa Springer suggest creating a “growth engine”—a dedicated team assigned to manage new-business building from launch to scaling to maturity.

A BIG NUMBER

29%

That’s the percentage of total organizational revenues expected to come from new businesses developed in the next five years, according to respondents to a 2022 McKinsey Global Survey. To reach that number—more than double the share of revenues generated by new businesses launched in the previous five years—companies will need to go from building 1.5 businesses a year today to 3.5. For organizations with more than $1 billion in annual revenues, the bar is even higher: they’ll need to launch seven new businesses a year over the next five years to meet their revenue expectations.

A QUOTE

‘‘I’m very optimistic that you’ll see an explosion of start-ups all around the world.’’

That’s Sequoia Capital partner Roelof Botha in a McKinsey on Start-ups podcast on how global venture capitalists view the changing investment landscape. Some postpandemic trends—such as remote work—have changed the venture capital industry for the better, Botha points out. For one thing, innovation is no longer restricted to traditional hubs: “The truth is that there are just many more places in the world where people can build interesting companies.” But entrepreneurs who wish to raise capital should still focus on “substance versus form,” he says. “You need to be authentic. You need to just tell your business story, and explain what it is you do, and try not to make it performance art.”

A SPOTLIGHT INTERVIEW

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“Some assumptions that we have long held are . . . being turned upside down in terms of how you operate a business, sell products, and serve customers,” says McKinsey senior partner Ari Libarikian in this podcast on building a digital business quickly and effectively. Large organizations may be at a disadvantage because “building a new business requires an entrepreneurial mindset and a different way of working,” he notes. An online business may need to be up and running in weeks or even days, and this means balancing teams of incumbents and newcomers, instilling a start-up culture , borrowing the right assets from the parent company, and tracking milestones—all in the context of a mature organization with an established bureaucracy. “The nirvana here is leveraging the strength of the incumbent but with the flexibility and speed of a start-up,” Libarikian says.

GUT REACTION

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Your new corporate-backed venture is languishing, and to give it a boost, you bring in an experienced manager from the parent business to run it. This is a common mistake that incumbent companies often make, according to McKinsey senior partner Ralf Dreischmeier and colleagues. Internal recruits “often don’t have the right skills to succeed,” they say. “A great start-up CEO brings extraordinary drive, sales instinct, and a willingness to ‘break things’ as needed.” It’s also important for leaders to take a step back and figure out if they “have the stomach to scale”: not everyone has the guts to face the potential setbacks of scaling, such as product failures, bad hires, lack of autonomy, or the loss of investors and resources.

Lead by building new businesses.

— Edited by Rama Ramaswami, senior editor, New York

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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 01:16 - 24 Apr 2023

An interconnected IoT ecosystem could create massive value. What would that take?

On Point

TODAY’S NEWS. TOMORROW’S INSIGHTS.
A daily newsletter from McKinsey & Company

Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities

Cybersecurity for the IoT

In the news

•

Industrial IoT risks. Automation, enhanced connectivity, and the Internet of Things (IoT) in industrials are improving manufacturers’ cost-effectiveness, efficiency, and productivity. But cutting-edge technologies also make the sector vulnerable to cyberattacks. Industrial IoT attacks are one of the biggest threats the manufacturing industry faces. For the second consecutive year, manufacturing topped the list of industries that cybercriminals were most likely to target, according to a 2023 IBM report. [WEF]

•

IoT and data privacy. A growing number of organizations are employing IoT to transform enterprise operations. However, the popularity of IoT devices also comes with rising data privacy risks. Online gadgets draw on cameras, sensors, and other connected gear to gather data. This data is often challenging to secure. Many IoT tools have limited processing capabilities that cannot integrate robust security applications. To protect IoT data, companies must use security measures such as limiting access and anonymizing data. [CEOWORLD]

If cybersecurity risk were adequately managed, executives would spend an average of 20 to 40% more, amounting to $100 billion to $200 billion, in aggregate, on the IoT.

On McKinsey.com

•

Securing the IoT. The Internet of Things poses dramatic possibilities for transforming work and everyday life. Connected devices can provide seamless experiences for both consumers and businesses. However, to maximize the value of IoT, providers may need to consolidate today’s fragmented IoT and cybersecurity ecosystem, share McKinsey senior partner Mark Patel and coauthors. Per a 2022 McKinsey survey of enterprise buyers, more than 30% of respondents cite cybersecurity risk as the top barrier to adopting IoT .

•

Integrating cybersecurity. The proliferation of connected devices generates opportunities for many organizations. But it also creates the risk of vulnerabilities that could have catastrophic consequences. Even as the threat of IoT-related cyberattacks grows, it’s often difficult to achieve a trusted level of IoT cybersecurity. Frequently, companies treat cybersecurity as a separate software category, adding bolt-on solutions rather than embedding security into IoT devices. Ponder a cyber-risk framework for the IoT.

Manage IoT security risks

— Edited by Belinda Yu, editor, Atlanta

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:51 - 24 Apr 2023

Getting executive transitions right

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Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities

McKinsey Classics | April 2023

Getting executive transitions right

As more corners of the corporate world increasingly become “table stakes,” executive transitions are about the biggest bet a company can make. Indeed, organizations whose leaders have successful transitions not only meet performance goals but also see less attrition, experience greater discretionary effort, and generate higher profits than average. Yet despite the high stakes, less than a third of global leaders feel fully supported in their new roles, and even more feel unprepared. It’s no wonder that nearly half of executives are considered to be failing within the first two years of stepping into their new roles.

To help ensure a successful transition, leaders can take stock and then take action across five key dimensions: the business function, the corporate culture, their teams, their stakeholders, and, of course, themselves. And while timing is important, it’s not everything: executives can forgo the famed “100 day” mantra—the evidence just doesn’t support it. As senior partner Scott Keller’s classic 2018 article “Successfully transitioning to new leadership roles” shows, focusing on these five areas, without a firm timeline, will do more to help make the transition a success.

— Drew Holzfeind, editor, Chicago

Focus on impact, not timing

Related Reading

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McKinsey Quarterly Five Fifty: “Mindsets for success: Lessons from top CEOs”

Carolyn Dewar, Scott Keller, Kevin Sneader, and Kurt Strovink, “The CEO moment: Leadership for a new era”

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Tera Allas and Bill Schaninger, “Four ways that organizations can help tomorrow’s leaders”

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Some systems and data are more important than others. Some are more exposed to risk, and some are more likely to be targeted by criminals.

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by "McKinsey & Company" <publishing@email.mckinsey.com> - 09:57 - 23 Apr 2023

The week in charts

The Week in Charts

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ALL THE WEEK’S DATA THAT’S FIT TO VISUALIZE

Our McKinsey Chart of the Day series offers a daily chart that helps explain a changing world—as we strive toward sustainable and inclusive growth. In case you missed them, this week’s graphics explored investment in climate tech, nuclear power’s role in the energy transition, plant-based dairy alternatives, private equity fundraising, and women’s representation in the healthcare workforce.

FEATURED CHART

Climate tech weathers the storm

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This week’s other select charts

Core to the energy transition

The cheese stands alone

Private equity slows its roll

Leveling up in healthcare

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by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:15 - 22 Apr 2023

Forward Thinking on people on the move and the technological progress and productivity they bring with Dany Bahar

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Forward Thinking on people on the move and the technological progress and productivity they bring with Dany Bahar

Why are some countries rich and some poor? A leading economist finds the answer in the interactions of economies with the rest of the world, through trade, capital flows, and—notably—migration. “I think that migration could be the key to economic development that we haven’t discovered yet,” he says.

Move forward

Prefer audio? Listen to the podcast, and explore past episodes of the Forward Thinking. Subscribe via Google Podcasts, Apple Podcasts, Spotify, Stitcher, and Amazon Music.

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Rekindling US productivity for a new era

Forward Thinking on working at the interface of the environment and business with Justin Adams

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by "McKinsey & Company" <publishing@email.mckinsey.com> - 04:03 - 21 Apr 2023

Are you experienced?

The Shortlist

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FOUR OF OUR BEST NEW IDEAS

Curated by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities

Twice monthly, we bring you four new insights out of the dozens we publish that we think are worth a second glance from any business leader in any geography. As spring unfolds in the Northern Hemisphere, we’re pleased to bring you three stories on growth—and one on how to manage the operational risks that are often a side effect of growth. Hey, we’re nothing if not balanced. We hope you enjoy the read.

—Liz and Homayoun

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What’s new

New growth means new customers, right? Wrong. Many companies are preoccupied with new customer acquisition and neglect their most powerful advantage: their existing customers. A distinctive experience can lead to improved customer satisfaction and better economics for the company at every stage: onboarding, cross-selling, upselling, service, and retention.

Our experts Victoria Bough, Oliver Ehrlich, Harald Fanderl, and Robert Schiff say you need to shut up and listen to your customers: they’re telling you something. Check out what else they’re saying in Experience-led growth: A new way to create value.

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What’s now

Just like the athletes it serves, Nike is obsessed with growth. Same as it ever was, says former Nike executive Christiana Shi. But today, Nike’s growth obsession is centered on one-to-one relationships with its customers as they move through their own growth as athletes. That’s a change journey that never ends—and it’s the secret to Nike’s success.

For more on Nike’s unique—and uniquely successful—approach to growth, check out Retail growth: The big sprint toward customer obsession, a conversation between McKinsey senior partner Brian Gregg and former Nike executives Christiana Shi and Stuart Hogue.

What’s next

Call it Murphy’s Law for corporates. Controls fail. Natural disasters strike. Products prove defective. It’s a well-worn story, and one that just won’t go away. These incidents carry a hefty price tag: more than $600 billion over five years, by one estimate. We analyzed nearly 500 events to find out more about operational risks: why they continue to materialize, despite the best-laid plans of risk managers, and what to do when one inevitably comes along.

Is operational risk a cost of doing business? We think not. To learn why, read Response and resilience in operational-risk events, by Olivia White and coauthors.

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What’s needed

You may have heard once or twice that innovation is critical for business growth. But when business leaders actually sit down to embrace the unknown, it can feel not just unfamiliar but downright scary. And fear can lead to failure: more than 85 percent of innovation practitioners report that fear often or always holds back innovation.

To learn how leading innovators make experimentation safe, read or listen to Taking fear out of innovation, a podcast featuring Laura Furstenthal, Alex Morris , and Erik Roth, leaders of McKinsey’s innovation service line.

We hope you find this synthesis helpful. See you in two weeks with four more ideas from McKinsey.

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by "McKinsey Shortlist" <publishing@email.mckinsey.com> - 03:46 - 21 Apr 2023

Gen Z’s workplace must-haves

On Point

TODAY’S NEWS. TOMORROW’S INSIGHTS.
A daily newsletter from McKinsey & Company

Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities

The download on Gen Z

In the news

•

Rethinking recruiting. HR professionals are increasingly tailoring their recruiting and retention efforts around Gen Z. Compensation matters to younger workers, but so does access to mental-health resources, an equitable workplace, and clear opportunities for growth. Employers can consider offering flexible policies that allow for remote work and atypical hours that accommodate working parents, both of which can help build a sense of autonomy and encourage work–life balance. Pay transparency, which has become a requirement in a few states, can also be an effective tool for attracting younger talent. [CNBC]

•

What’s your side hustle? Economic uncertainty, more flexible workplace arrangements, and digital savviness are among the factors that have led many Gen Zers to start a side business on top of their full-time jobs. Platforms including TikTok, Shopify, and Etsy have helped younger workers monetize passion projects and develop personal brands. Rather than resisting the trend, many employers are embracing it, with the thinking that side hustles can help with retention, skill building, and supporting an employee’s sense of purpose. [BBC]

Gen Zers will make up a quarter of the population of the Asia–Pacific region by 2025.

On McKinsey.com

•

It’s not easy being Z. Climate change, the COVID-19 pandemic, and fears of economic collapse have weighed on Gen Z, people born between 1996 and 2010. According to McKinsey partner Erica Coe and coauthors, US Gen Zers report the least positive outlook on their future and the highest prevalence of mental illness of any generation, while 58% of Gen Zers say they don’t have a basic social need met—the largest percentage of any generation. Despite all of this, Gen Z is also known for its idealism. Equity, inclusion, and sustainability are table stakes for many in their teens and 20s.

•

What makes them Tik. While Gen Z is not a monolith, there are trends and commonalities that can help organizations better understand this dynamic demographic. For example, Gen Zers would rather stand out than fit in. They put a premium on purpose and accountability. And they use TikTok as their source of cultural news—Gen Zers account for 60% of the app’s one billion-plus users. To read more about what makes Gen Z unique, what Gen Z values, and what younger shoppers want, check out our explainer.

Learn more about Gen Z

— Edited by Andrew Simon, senior editor, Seattle

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:24 - 21 Apr 2023

Meet us live | Be future ready with Adobe Creative Cloud

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In the last 3 years, industries, companies and individuals had to adapt to a new reality – with new ways and new tools. Now, the future is being accelerated with the power of AI, and creative processes and design is undergoing a huge disruption, allowing companies and creators all over the world to maximize the output of their work.

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On 27th April 2023, catch our Be future ready with Adobe Creative Cloud live webinar to hear how Creative Cloud for teams can support your creative process and help your organization:

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by "Adobe Creative Cloud for Business" <demand@info.adobe.com> - 11:01 - 20 Apr 2023

State of Software Quality 2023: API Trends and Tools to Craft your Vision

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State of Software Quality 2023:

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Hi Abul,

Registration is open for our May webinar: State of Software Quality 2023: API Trends and Tools to Craft your Vision!

Your peers have spoken! Hot of the press, this year’s State of Software Quality – API report is abundant with insights and benchmarks you and your team can utilize to support your API vision. Microservices continue to be a key driver of API growth while standardization to becoming increasingly important.

How did you stack up?

In this webinar, we are pleased to bring you the 2023 findings, presented by Frank and Noel, who will discuss:

Insights from our 2023 survey - including year on year trends
Discoveries into how the API industry continues to evolve
Factors contributing to its growth in the years ahead

We hope to see you there!

P.S. If you can’t make it, register anyway and we’ll send you a recording.

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Satellites are proliferating. By 2030, how many more could be circling the globe?

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TODAY’S NEWS. TOMORROW’S INSIGHTS.
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Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities

Rocketing into space

In the news

•

Noisy rockets. Archival footage of crewed rocket launches from the 1960s and 1970s shows throngs of spectators watching from a distance of more than three miles. The thrust required to boost spacecraft into orbit is incredibly noisy. At 203 decibels of sound, the rocket responsible for first propelling humans to the surface of the moon was about as loud as 10,000 aircraft engines, according to Brigham Young University scientists. The biggest and most powerful rocket on record creates more than twice the thrust of those early moon rockets. [BBC]

•

Lower launch costs. Artificial intelligence, blockchain, 3-D printing, and other technologies supporting the Fourth Industrial Revolution are powering innovation in the space economy. Carbon fiber and other cutting-edge materials are making rockets lighter and more fuel-efficient, significantly lowering launch costs. Smaller, more powerful satellites are burgeoning as a result, representing roughly 94% of total spacecraft launches. From 2017 to 2021, the number of small satellite launches grew from 53 to 1,743. [Brookings]

McKinsey analysis suggests that in the short term, the most likely scenario is a shortfall in launch capacity, but in the longer term, the biggest risk is oversupply.

On McKinsey.com

•

Varied forecasts. To serve an expanding space economy, nearly 7,500 active satellites orbit Earth and about 50 on average are launched each week. Rising space exploration, commercial space stations, and even tourism could further increase demand for launch capacity in the future. With new companies constantly entering the market, forecasts for the number of satellite constellations (and therefore required launch capabilities) vary widely, explain McKinsey partner Ilan Rozenkopf and coauthors .

•

More satellites. To gauge the space industry’s potential growth up to 2030, McKinsey modeled three scenarios that show a wide range of possibilities for satellite launch volumes up to 2030. In the base case, we anticipate 27,000 active satellites in orbit by the end of 2030, almost a fourfold increase from today. In a high-demand scenario, we would expect to see more than 65,000 satellites, including many heavier ones, on orbit by 2030. Consider why launch providers may need to make tricky decisions on how to ramp up capacity.

See launch volumes in 2030

— Edited by Belinda Yu, editor, Atlanta

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:55 - 20 Apr 2023

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Global economic indicators are looking up, but inflation remains

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Downs and ups

In the news

•

Save now, spend later. That sigh of relief you hear? That may just be European consumers reacting to plunging oil and natural gas prices. A barrel of oil today costs about a third less than it did in the middle of last year, and Europe’s natural gas bill is down about 90% since last summer. In the US, lower gas prices are having a similar pocket-refilling effect on households. All this upside may have a downside, however: more money in people’s wallets can lead to more consumer spending, which can lead to inflation, signaling a need for more interest rate hikes. [WSJ]

•

No landing? There’s more to cheer in the global economy than there was a few months ago, due to China’s reopening, Europe’s oil and gas crisis easing, and US consumers turning the spending spigot back on. So why are markets looking so glum? Some investors fear that persistent inflation—and accompanying central bank rate hikes—mean that a soft landing isn’t what’s in store. Instead, there may be a “no landing” scenario, whereby inflation and rate hikes continue depriving investors of a good reason to take on equity or bond risk. [Reuters]

While some economic data run counter to predictions of recession made at the end of 2022, stop-and-go financial markets and corporate belt-tightening attest to CEO and investor uncertainty.

On McKinsey.com

•

Blasting the furnace. Senior partner Sven Smit and his fellow authors report that the global services sector is heating up. In the US, positive retail sales totals and strong job growth suggest a stronger business environment in early 2023. In China, after the lifting of “zero COVID” closures, the nonmanufacturing purchasing managers’ index (PMI) rose to 56.3 on higher services and construction activity. And over in the eurozone, services growth pushed the PMI for manufacturing and services to 52.6 in February, the highest mark recorded since May 2022. Other strong economic indicators include China’s PMI for manufacturing, which reached 52.6 in February, the highest reading in more than a decade. Globally, equity indexes in the developed economies—especially Europe—have been gradually recovering in the new year .

•

Blasting the air conditioning. At February meetings, the US Federal Reserve raised its rate to 4.5–4.75%, the European Central Bank to 2.5–3.0%, the Bank of England to 4.0%, and the Reserve Bank of India to 6.5%. In some countries, the figures are far starker: Brazil’s policy interest rate is 13.75%, and its inflation target is 3.75%. Further hikes in 2023 are expected for many of these economies. Yet consumer and producer price inflation remains high, leading to corporate belt-tightening and jerky financial markets. See McKinsey’s “Global Economics Intelligence executive summary, February 2023” for a deeper dive into the world’s economic panorama.

Examine global economics

— Edited by Katy McLaughlin, senior editor, Southern California

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:13 - 18 Apr 2023

Webinar | Creating "wow" experiences — in conversation with Cotton On

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by "Adobe Creative Cloud for Business" <demand@info.adobe.com> - 09:06 - 18 Apr 2023

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EV manufacturing and sales are on the rise. Here’s what automotive suppliers need to know about scaling production.

On Point

TODAY’S NEWS. TOMORROW’S INSIGHTS.
A daily newsletter from McKinsey & Company

Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities

Shifting gears for electrification

In the news

•

EV sales warm, ICE sales cool. While overall car sales are down in the wake of inflation and component shortages, one in seven cars sold globally in 2022 was an electric vehicle (EV), compared with one in 70 in 2017, according to a new IEA report. External factors such as increased production and rising oil prices may deter consumers from purchasing internal-combustion-engine (ICE) cars, sales of which were down by a quarter in the past five years. As global sales for electric cars surpassed ten million for the first time, China, the EU, and the US lead the way in sales. [Quartz]

•

The price is right. Thanks to scaling production and government-backed incentives, electric vehicles may finally become more affordable to more consumers. In some cases, EVs may cost the same or less than ICE cars before the end of 2023—three to five years earlier than expected. US tax credits included in new legislation, which applies to both new and used cars sold under a certain price, have helped encourage purchases. Meanwhile, subsidies for battery manufacturers and falling prices for lithium and other materials mean cost savings for the car companies, too. [NYT]

By 2035, battery electric vehicles will likely represent more than 65% of all new light-vehicle sales across the global automotive market.

On McKinsey.com

•

Buckle up. The rapid electrification of the automotive industry has long-term implications for powertrain suppliers, which generally have a harder time passing on costs than manufacturers, reducing supplier margins. That, combined with manufacturers’ make-versus-buy decisions, as well as other factors, will lead to the consolidation of suppliers, McKinsey partner Patrick Schaufuss and coauthors explain.

•

A new road to value. Tier-one suppliers pledged more than $11 billion in electric drive unit investments, which helped them to build capabilities to support the battery electric vehicle market. Now, manufacturers are doing the same. The increased competition in the market will create pressure on suppliers to fine-tune their offerings. Read the full report to learn which actions suppliers can take to be an electrification winner.

Understand the e-vehicle race

— Edited by Gwyn Herbein, editor, Atlanta

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:20 - 18 Apr 2023

Are you for real? A leader’s guide to being authentic

Harmony Internal - McKinsey

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ESSENTIALS FOR LEADERS AND THOSE THEY LEAD

Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities

Many of today’s leaders will at some point need to consider the growing demands for authenticity in the workplace. In particular, younger employees expect authenticity in the brands they buy, the people with whom they interact, and the organizations for which they work, our research shows. But authenticity can be a tricky concept to define. Psychologists view it as matching one’s actions with one’s true self, but in practice, the concept varies across different contexts: the attributes of authenticity in a company’s brand may not be the same as those in a work of art, for example. And for business leaders, bringing their authentic selves to work may not always be a good idea. Here are some dos and don’ts when it comes to authenticity.

AN IDEA

Give them the truth

For younger consumers, “the main spur to consumption is the search for truth, in both a personal and a communal form,” according to McKinsey chief marketing officer and senior partner Tracy Francis and partner Fernanda Hoefel. “A company’s actions must match its ideals, and those ideals must permeate the entire stakeholder system.” Leaders face great pressure to be authentic in their messaging to customers and in the products and services they deliver while also demonstrating authenticity to their employees by building a collaborative and transparent culture that highly values trust. The pandemic brought home the importance of showing vulnerability and empathy in leading through a crisis, and it is critical for leaders to continue building on those qualities: “Authenticity is paramount, lest the organization pick up on the dissonance between leaders’ words and their feelings and tune out,” note McKinsey senior partner Gemma D’Auria and colleagues.

A BIG NUMBER

5

That’s the number of tips that researchers at Northwestern University’s Kellogg School of Management offer for becoming an authentic leader. An important one is to not focus on shareholder value alone, says management professor Brooke Vuckovic. “Is recognition important? Is having a fun-loving culture important? The clearer you are about what motivates you and those around you, the more authentic and effective you will be as a leader.” But Vokovic also stresses the importance of not sharing too much: “Being an authentic leader doesn’t mean revealing inappropriate personal details, talking about yourself incessantly, or telling people how you feel all the time.”

A SPOTLIGHT INTERVIEW

Photo of Harvard Business School professor and former Medtronic CEO Bill George

“I’m pleased to see corporations around the world are shifting to authentic leaders and moving away from the power-based command-and-control-type leaders,” says Harvard Business School professor and former Medtronic CEO Bill George in this discussion with McKinsey senior partner Carolyn Dewar . In the revised edition of his classic book, True North: Discover Your Authentic Leadership, which focuses on emerging leaders, George describes leadership styles appropriate for younger generations, such as adopting a coaching rather than a director model, organizing around a “sweet spot” that comprises a group of strengths, and aligning on purpose and values. “You may also have to change yourself,” he advises. “Many people want everyone else to change, but they also have to adapt. With all the crises we have, one of the keys to being an authentic leader is being adaptable to constant change.”

A QUOTE

‘‘I certainly had no idea that being your authentic self could get you as rich as I have become. If I’d known that, I’d have tried it a lot earlier.’’

Media personality Oprah Winfrey is said to have made that remark in jest, but “for most people, ‘be yourself’ is actually terrible advice,” says psychologist and author Adam Grant. “Nobody wants to see your true self. We all have thoughts and feelings that we believe are fundamental to our lives but that are better left unspoken.” Excessive candor isn’t necessarily a desirable trait ; research shows that a full-disclosure, nonconformist style of management can cost leaders credibility and trust. Rather, focus on developing sincerity, suggests Grant, channeling the literary critic Lionel Trilling. “Pay attention to how we present ourselves to others,” says Grant, “and then strive to be the people we claim to be.”

FAKING IT

Should you berate your employees because you’re short-tempered by nature? Should you scoff at a client’s presentation because you think it’s asinine? If being authentic means insulting colleagues or clients, perhaps it’s best not to be , argues author Michael Schrage in this Harvard Business Review article. And there are times when authenticity can be downright harmful—for example, if executives reveal confidential company information. As the authors of this McKinsey article put it, “Smart leaders need to know when to share and when to keep things back.”

Lead authentically.

— Edited by Rama Ramaswami, senior editor, New York

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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 03:22 - 17 Apr 2023

Black Americans are underserved in multiple ways. Here’s our guide to impact investing.

On Point

TODAY’S NEWS. TOMORROW’S INSIGHTS.
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Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities

Building up the Black community

In the news

•

Healing the system from inside. While 12% of the US population identifies as Black or African American, only 5.7% of doctors do. Improving access to science education in the pre-college years and mentorship during medical school could help those numbers go up. The Black community has historically been underrepresented in medicine, which has negatively affected the patient experience. However, when patients see doctors who look like them, research shows that health outcomes—especially in cardiac health, HIV, and infant mortality—improve. [CNN]

•

Lessons from the past. Many historians consider the period from 1900 to 1930 to be the golden age of Black entrepreneurship. Adapting strategies from businesses that were successful during that time can help reduce economic inequality. Increasing diversity in VC funding—Black American founders received just 1% of VC funds in 2022—and cultivating future founders at historically Black colleges and universities (HBCUs) could go a long way toward generating economic opportunity. One Maryland-based HBCU established a community for 500 students that provides access to an innovation center and entrepreneurship academy. [MIT]

“The lack of trust in existing institutions creates a clear opportunity for new entrants to enter the arena and develop a compelling value proposition—and loyalty.”

On McKinsey.com

•

Identifying opportunities. Research by senior partner Shelley Stewart III and colleagues has identified eight investment opportunities that can help increase economic mobility for Black Americans while closing the racial wealth gap. Lack of access to financial institutions, fresh food, and high-speed internet are just a few of the interconnected factors affecting the Black community. McKinsey research estimates that three million more Black Americans would be alive today if we had closed racial disparities in healthcare.

•

Rebuilding trust. Economic mobility and creating more equal opportunities for the Black community was brought into sharper focus since the murder of George Floyd in 2020, says Stewart. Financial and healthcare “deserts” demonstrate the need for products and services better tailored to the underbanked and underinsured. See what actions investors and companies can take to create financial inclusion, achieve equity in healthcare, and close the digital divide.

Support Black economic mobility

— Edited by Gwyn Herbein, editor, Atlanta

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by "McKinsey On Point" <publishing@email.mckinsey.com> - 12:12 - 17 Apr 2023

Register now | Be future ready with Adobe Creative Cloud

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Calling all Creative Professionals and Business Leaders
In the last 3 years, industries, companies and individuals had to adapt to a new reality – with new ways and new tools. Now, the future is being accelerated with the power of AI, and creative processes and design is undergoing a huge disruption, allowing companies and creators all over the world to maximize the output of their work.

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On 27th April 2023, catch our Be future ready with Adobe Creative Cloud live webinar to hear how Creative Cloud for teams can support your creative process and help your organization:

Maintain brand consistency and quality as your workload grows
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by "Adobe Creative Cloud for Business" <demand@info.adobe.com> - 11:01 - 16 Apr 2023

The week in charts

The Week in Charts

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ALL THE WEEK’S DATA THAT’S FIT TO VISUALIZE

Our McKinsey Chart of the Day series offers a daily chart that helps explain a changing world—as we strive toward sustainable and inclusive growth. In case you missed them, this week’s graphics explored the homelessness crisis in the Bay Area, Black talent in STEM, CEO expectations for trends in 2023, EV battery recycling, and consumer centricity in healthcare.

FEATURED CHART

Breaking the cycle

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STEM the tide

What’s trending, for CEOs

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by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:51 - 15 Apr 2023

Archives

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Fleet managers can ensure that their vehicles always run on properly inflated tires, reducing the risk of accidents caused by underinflated or over-inflated tires.

Fleet managers can identify tires that are operating at high temperatures and take corrective action to reduce heat buildup, thus extending tire life and reducing costs.

TPMS constantly monitors tire pressure and temperature and sends real-time alerts if the pressure or temperature drops or rises below a certain threshold.

Empower your clients with an advanced tire pressure monitoring system

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