What Makes a NewCo: Do You Have A Mission, or Are You On One?
About a year ago I wrote a piece outlining the kinds of companies we were looking for as we began the first full year of the NewCo festival circuit. Back then, NewCo was called “OpenCo,” and we were just starting to understand our mission of identifying and celebrating a major trend changing businesses everywhere. In a way, we were exploring a story that had yet to become fully expressed, and that post was my first attempt at declaring the narrative.
A lot has happened in the past year. We’ve thrown four more festivals – in London, New York, Detroit and San Francisco. Thousands of people have experienced the working environment of hundreds of innovative companies in those cities. And just this week, we’re kicking off an expanded NewCo lineup – eight cities in all – repeating last year’s venues, and adding Amsterdam (happening now!), Boulder, Los Angeles and Silicon Valley. So it’s a great time to revisit my post from a year ago, and once again ask the question – what makes a NewCo?
Well, we’ve given that a fair bit of thought. Last year, I noted that a new breed of company is emerging, one that takes “work” as more than punching a clock or doing a job. In fact, “work” can be much more – it can be a passion, a drive, a community, and a force for positive change. That’s why we intentionally use the metaphor of music in our language – sure, making music is a “job,” but it’s also an expression of joy, community, and kinship.
Anyone who has worked in a company we call a “NewCo” has experienced that vibe – working at a place where the music you make creates positive change for customers, partners, and your community. I certainly felt that happening at the places I’ve worked, and I see it every day in the companies I visit, and the companies who apply to be featured in NewCo festival events. Earlier this spring, we convened a small band of our own to sharpen our focus around “what makes a NewCo.” To start, we needed to lay out the big narrative of what’s happening in our economy. To wit:
Our world is at an inflection point – we are transitioning from a command and control economy to one that is networked and far more flexible. Driven by the central tenet of capitalism – profit – corporations have become one of the most powerful actors on the global stage. Besides government, no other institution in society has amassed as much wealth, power, and control as the corporation.
But at their core, corporations are just people. And over the past few decades, in parallel with the rise of the Internet, those people have begun a quiet revolution, redfining what a “corporation” can be. A new kind of organization – one that measures its success on more than profit – has emerged. We call these companies “NewCos.” In a world driven by a deeply networked economy, NewCos are building a new, purpose-driven way of work, one that is more nimble, nuanced, and open than previous rigid and hierarchical models of business.
Out of that narrative came a number of core principles that guide our selection of NewCos in each market:
A NewCo …
– Is on a mission. Sure, any company can have a mission, but a NewCo sees itself as on a mission to change the world for the better. NewCos embrace the profit motive, but are about more than making money.
– Is driven by an idea. NewCos are about a big idea, one that drives their mission and purpose as an organization. NewCo people love to tell their company’s story – it’s a deeply felt part of their identity.
…and by people. The core of every NewCo are the people who comprise the organization, and the people it serves. A NewCo is never a “faceless corporation.” It’s more like a band – a group of people coming together to create something that adds value to the world.
– Is platform’d. The rise of the Internet Economy has meant that no company is an island. We are all interconnected. NewCos are either platforms in their own right, and/or they understand how to participate in the platform ecosystem of open collaboration and considered data sharing. We call this being platform’d.
– Trusts the open. The word “open” has many meanings, but for NewCos, “open” has a clear test: When faced with a choice between closed and controlling vs. a more sharing, open tack, a NewCo tilts toward the latter. This applies to much more than technology stacks – it is applied to partnerships, transparency, and community as well.
– Is of the City. NewCos revel in the tapestry of cities – their pulse, their diverse communities, and their density of networks, information and humanity.
– Gives to get. NewCos realize their value comes from serving their communities – their customers, sure, but also any community where the NewCo has an impact. NewCos believe you get back what you give to your community. And when you’re truly connected to your communities, no one has the energy to be an assh*le.
– Loves the work. NewCos are reinventing what work means and how its done. NewCos believe work can be joyous – it does not have to suck. NewCos view “work” as a positive expression of identity. To that end, NewCo workspaces are powerful expressions of a company’s identity.
I hope you can feel the music we’re trying to make here at NewCo, and if you are part of a company that vibes with what we laid out above, that you’ll consider applying to join the festival, open your doors to partners, colleagues, and friends, and celebrate the change happening in our interconnected, global economy. Here’s to a new way of work, and to a NewCo economy!