A Word from Florence Tsai,
our Founder and Managing Director
Dear Friends:
I hope you are safe, healthy, and at home during this historic and unprecedented global pandemic.
When I founded Centerprising, I felt the world was undergoing a series of severe disruptions around automation, globalization, and the environment. My observations prompted me to write the book Rising Phoenix: Leadership & Innovation in the New Economy that describes how family enterprises can win the future that is fast evolving towards distributed ecosystems. Innovation requires agility to respond effectively, where a wider range of expertise is increasingly needed. Companies often need to access best-in-class outside of its walls. And therefore, business families need a new model for wealth creation that is centered around distributed ecosystems of expertise.
For the family enterprise, the distributed ecosystem model starts with supporting every family member, particularly the Rising Generation, in the pursuit of their own ambitions, while effectively incorporating their successes into the family enterprise. This enables the family to tap into its talent more broadly. This coupled with business families’ natural emphasis on the long view and focus on survival rather than short term gains provide families with unique advantages to win the future.
In the face of this global pandemic, Centerprising’s mission is even more urgent— to help business families navigate towards a winning future and deploy their unique advantages to help their local and global communities. Multi-generational family enterprises have faced many crises over the centuries. These families survive through sheer tenacity, ingenuity, collaboration, and resilience–especially when pushed to the limits. I believe many of the solutions to the pandemic lie with the grit and determination of family enterprises. And I hope you agree as you read the stories on this biweekly brief.
As we think of the many around the world whose lives are affected by the Coronavirus, I am encouraged that despite the uncharted and stormy waters we will collectively navigate, we will find opportunity in every challenge.
We hope these stories that we have curated serve to inspire you and spark your creativity, so that you will thrive in the face of disruption.
We look forward to hearing from you.
With warm regards,
Florence
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Wealth Creator Spotlight
Billionaires Commit to Fight the Pandemic
A recent article on Entrepreneur Magazine features nine billionaires who are deploying their resources, networks, and expertise to help address the global pandemic. They are James Dyson, Jack Ma, Elon Musk, Steve and Connie Ballmer, Mark Benioff, Bill Gates, Mark Zuckerberg, and Priscilla Chen. Bill Gates, for instance, is focusing on fighting the spread by committing $50 million to twelve pharmaceutical companies working on a vaccine. To qualify, companies must agree to keep prices affordable should they succeed. To read the story, please visit this link to read this story.
Special Centerprising Programs
The Centerprising team is holding a series of five webinars to discuss the pandemic’s impact on Global Family Enterprises and families of wealth. With our mission of sparking a 21st-century innovation-driven wealth creation renaissance, Centerprising has designed a 5-part webinar series to help business families understand the challenges, re-frame the problems, and transform the pandemic into opportunities. The second session titled, “Chart the Course & Stay Agile,” will be held Wednesday, April 29, 2020 at 9:30 am EST.
If you are interested in joining us, please click on the button below to register:
Bloomberg Businessweek reports that so far the total global fiscal aid packages amount $8 trillion. They note this amount may not be enough. G20 countries account for $5.4 trillion, or 11% of 2019’s G20 GDP, with the US contributing $2.3 trillion. The numbers are expected to keep climbing. These unprecedented policy actions are likely to have long-lasting consequences for the global economy. A post-pandemic world will certainly have a “new normal.”
Source: @bloombergbusiness
Published: April 23, 2020
To see this chart on Instagram, please click here.
Generations Working Together
Maria Shriver and Patrick Schwarzenegger Hold Instagram Live Conversations
Patrick Schwarzenegger, actor, and investor has been co-hosting a series of conversations with his mother, Maria Shriver, titled, Home Together, featuring “the helpers, the healers, and the cultivators of hope” delivered via Instagram live. On Friday, April 24, 2020, they had a conversation with entrepreneur and Dallas Mavericks owner, Mark Cuban, To follow this Instagram series, please visit Patrick Schwarzenegger’s Instagram account here.Health and Wellness
Home Monitoring Through Oximeters May Detect COVID Pneumonia Earlier
Dr Richard Levitan wrote an op-ed piece for the New York Times on what he learned during ten days of volunteering at Bellevue Hospital to treat COVID pneumonia patients. He writes that “COVID pneumonia initially causes a form of oxygen deprivation normally called ‘silent hypoxia’ — ‘silent’ because of its insidious, hard-to-detect nature.” He discovered that pulse oximeters, which can be bought at a drugstore, are able to detect COVID pneumonia earlier and treat it more effectively. He suggests that “people using the devices at home would want to consult with their doctors to reduce the number of people who come to the E.R. unnecessarily because they misinterpret their device.” To read the full story, please visit this link.Editor’s Suggestions
Family Activities
