10 things you should know about stakeholder capitalism by Institute for Corporate Transformation

Last Updated: April 18, 2026

In 2019, the Business Roundtable announced that the purpose of business was no longer to maximize profits for shareholders. The new purpose of business would be to maximize value for stakeholders. While the announcement was applauded by many, charges of hypocrisy quickly followed as the practices of many Business Roundtable member companies suddenly seemed to contradict the new more egalitarian purpose they had proclaimed.A year later, if anything is becoming clear, it is that what the world is coming to know as “stakeholder capitalism”, lacks a clear definition against which to assess the performance of a firm, or even an economy. This lack of definition is not the result of a lack of attempts. For years a wide variety of thought leaders and pioneering practitioners have been refining models and frameworks to define a new paradigm for business. But none has broken into the mainstream. In response to this situation, a team comprised of members from a variety of organizations workin

BIGGBY COFFEE

Published: November 13, 2020

Originally released on November 15, 2020, Episode 10 tells the story of the first six years of BIGGBY COFFEE’s transition toward Stakeholder Capitalism. Starting with a chance encounter around a fire pit on an island in the middle of Lake Michigan, to a vision that aims to change workplace culture in America, the BIGGBY journey is an excellent example of the difficulty and the distinction that accompany the work of integrating the 10 things you should know about stakeholder capitalism.

The State of the Movement

Published: November 7, 2020

Originally released on November 8, 2020, Episode 9 departs from the format of the other episodes in the series to discuss the state of the movement for stakeholder capitalism, and the systems that will need to be addressed to accelerate progress. Jay Jakub from Episode 1, Raj Sisodia from Episode 2 and Bob Chapman from Episode 5 return to share their perspectives.

Cafe Momentum

Published: October 31, 2020

Originally released on November 1, 2020, Episode 8 shares the story of Cafe Momentum, one of the finest restaurants in Dallas that happens to be operated through a groundbreaking internship program for young people who have been recently released from juvenile detention.

TRU Colors

Published: October 25, 2020

Originally released on October 25, 2020, Episode 7 shares the story of TRU Colors Brewery in Wilmington, NC, a business co-founded by the leaders of rival gangs in the area with the help of a serial entrepreneur named George Taylor. The rules of TRU Colors are pretty straight forward, Make a liveable wage for your job, do your work at a very high level, and use your influence as a gang leader to stop gun violence in your organization. To make that work, Tru Colors has built a special culture, and the storyteller in this episode is the architect of that culture, Khalilah Olokunola, or as she is known at TRU Colors, “KO”.

Televerde

Published: October 17, 2020

Originally released on October 18, 2020, Episode 6 of 10 Things You Should Know About Stakeholder Capitalism tells the story of Christin Swansinger, one of an estimated 17 million Americans that has been sent to prison. Christin got out and like ⅔ of people who are released from prison, she reoffended and was sent back in.

Barry Wehmiller

Published: October 10, 2020

Originally released on October 11, 2020, Episode 5 tells the story of Barry Wehmiller which, during the long tenure of CEO Bob Chapman, has grown into a $3 Billion global enterprise. For the last couple of decades, Chapman and his team have been focused on creating a culture of trust and caring that aims to help people discover their gifts, develop their gifts, and be appreciated for doing so.

Interface

Published: October 3, 2020

Originally released on October 4, 2020, Episode 4 tells the story of Interface from 1994 through 2019, a period during which the petroleum-dependent company would innovate circles around its competitors reducing its carbon footprint 96% and building a new operating model designed to go beyond minimizing environmental harm to actually maximizing environmental benefit, pulling carbon out of the atmosphere and locking it away in its materials and products.

Bags Fly Free

Published: September 26, 2020

Originally released on September 27, 2020, Episode 3 features Marianne Malina, President of GSD&M telling the story of the fateful 2009 board meeting where Southwest Airlines CEO Gary Kelley chose to reject the tradeoff choice that led every other major air carrier to begin charging for the 1st and 2nd checked bag. What was pilloried by analysts at the time as an inexplicable rejection of much-needed cash, proved to be the smartest bet in the industry by the end of the year. It wasn’t just luck either. There is a method to Southwest’s “madness” and that is the 3rd thing you should know about stakeholder capitalism.

The Firms of Endearment

Published: September 19, 2020

Originally released on September 20, 2020, Episode 2 features the story of Raj Sisodia’s journey of writing the book Firms of Endearment. The research for the book uncovered the startling discovery that stakeholder capitalism management practices resulted in a 14 to 1 performance advantage over a 15-year time period.

Stakeholder Capitalism and The Economics of Mutuality

Published: September 13, 2020

Originally released on September 13, 2020, the 50th anniversary of Milton Friedman’s NYTimes Magazine article, Episode 1 of 10 Things You Should Know About Stakeholder Capitalism introduces the series and its hosts, Amanda Kathryn Roman and Nathan Havey and features Jay Jakub discussing the story behind the Economics of Mutuality.