Garry Jacobs: Is Business the New Science?
4 minute read
‘Perspectives’ is a joint project of The Beautiful Truth and Leaders on Purpose. During the 6th annual Leaders on Purpose CEO Summit in September 2023, The Beautiful Truth conducted interviews with influential corporate leaders and thought leaders. The goal was to gain insight into their perspectives on purposeful business and answer the question: what actions should our businesses take in the current historical context?
Garry Jacobs is the President and CEO of the World Academy of Art & Science. He is also a researcher, author and international consultant on economic and social development and business management focusing on strategies to promote full-employment, equitable and sustainable development for all. He discusses how science, like business, should be harnessed to benefit the planet.
“Scientists hadn’t been used to being right in the centre of the political fray.”
Tell us about the World Academy of Art & Science.
The World Academy of Art & Science (WAAS) is an organisation founded in 1960 by very eminent scientists like Albert Einstein and Robert Oppenheimer during world war two. The Academy serves as a forum for reflective scientists, artists, and scholars dedicated to addressing the pressing challenges confronting humanity today.
What is the impact of science on business?
When scientists were asked to produce a nuclear weapon to defend against the Axis powers, science jumped into the fray to save the world and to save their countries. It’s hard to remember now, but science was really living in an ivory tower. We’ve had the influence of technology through the Industrial Revolution and all of the inventions of the early 20th century. But that was mainly the achievements of technology.
Fundamental science – original basic research resulting in dramatic changes – was really something of the last half of the 20th century. And scientists hadn’t been used to being right in the centre of the political fray.
How is this relevant today?
I think there’s a parallel with what business is going through today. Business has been the driver of phenomenal achievements in the world. Over the last two centuries, businesses have been producing more food, increasing the speed of our transportation and communication, giving access to information and disseminating it all over the world, and making us a smaller world. And three decades ago, they helped lead to the end of the Cold War, because what’s the benefit of fighting with each other?
“The growth of a business is like a wave. If you’re too far out in front, you get buried by the wave. But if you position yourself right, you fly with the momentum of the wave into the future.”
We really need to be one integrated world economy. The purpose of business, as far as I understand, has always been to meet the needs of society. The fundamental message was as sound 50 years ago as it is today, but it requires them to have greater knowledge, skill and understanding of what’s happening in society today.
How must businesses contend with today’s global challenges?
The issue of the environmental challenges was first raised in the mid-1960s. For many business leaders who founded their business models or went through business school 20 or 30 years ago, this was not on the top of the agenda – and now it’s an absolute must.
The only answer to sustaining our progress is that we’re going to have to do a better and more efficient job of meeting the needs of all of humanity. Otherwise, the race for resources and the political tensions between nations are only going to increase.
What perspective should business leaders have today?
We see polarisation everywhere. We see it between the traditional thinking in business: “I’ve done it this way for 2030 years and it worked fine” and those who realise that we’re not in the same world today.
The growth of a business is like a wave. If you’re too far out in front, you get buried by the wave. If you’re too slow in adapting, like a surfer, you get completely left behind. But if you position yourself right, you fly with the momentum of the wave into the future. And the companies we see today who are really thriving are companies that did that.
