The Great Reset: CEO Says New Ventures Serve Greater Good
Jocelyn Kung, founder and CEO of The Kung Group, says more startups will focus on the greater good.
“As painful as it is now, the focus is now on meaning. This is a permanent innovative change.”
Jocelyn Kung, CEO of The Kung Group, says her executive coaching and organizational consulting firm’s recent survey of more than 400 startup founders revealed that the ongoing global pandemic has deleteriously affected the growth of companies, but also shifted priorities to a new era of sustainability.
“Jocelyn Kung, CEO of The Kung Group, says her firm’s recent survey of more than 400 #startup founders revealed that #COVID19 has hurt the growth of companies, but also shifted priorities to a new era of #sustainability.”
The survey corresponds with the release of the Q2 Venture Report by Crunchbase this week, that shows the volume of fundings less than $100 million is down 63% from the same time last year. The number of companies in the second quarter of 2020 is also down from 2,660 in 2019 to 1,254 companies this year.
Kung, who grew up in Singapore, moved to the U.S. at 17 years old to attend the University of San Francisco, graduating in 1979. An internship at Macy’s led to being invited into the executive training program.
“I realized I was quite good at this,” says Kung, who after working for other companies launched The Kung Group 20 years ago. Based in Silicon Valley, her clients have included 23andMe, Oracle, Microsoft and Juniper Networks.
“There is something magical that happens when I see someone understand themselves in a different way,” says Kung, whose daughter, Kelsey, joined her in her company.
“What keeps me alive is learning their stories and hearing their hardships,” says Kung. With her coaching help, they can lead differently.
Leading with the current economic landscape and pandemic culture is different, she says. “The Maslow hierarchy of needs is being completely blown up,” she says. “We are seeing survival vs. self-actualization at the same time.”
Kung’s survey shows that 67% of founders felt pressure, prior to COVID-19, to grow their companies faster than they were capable of doing. So now 43% report that they are relieved that the “recession” of 2020 has lessened pressure from investors to grow at lightning speed.
Nearly half, or 42% of startups have pivoted in 2020, the survey shows. More than half, or 58% believe they are entering a decade of slower growth. That slowdown is a good thing, many say, as 53% believe it would be “better for the world” if the tech sector was less focused on hypergrowth.
According to the survey, “With lessened pressure to pursue hypergrowth, 69% of companies are more focused on long-term sustainability than ever before. While the past decade brought countless well-funded social apps into the world, it seems in this decade founders may take a longer-term view and build products that make a meaningful impact on society.”
““With lessened pressure to pursue hypergrowth, the survey found that 69% of companies are more focused on long-term sustainability than ever before,” according to The Kung Group. #Technews #Investors”
Read more in Take The Lead on women investors
The downturn and disappearance of massive funding has required leaders and founders to focus not on profitability, but on real value.
“The downturn and disappearance of massive funding has required #leaders and founders to focus not on profitability, but on real value. #Startup #Tipsforsuccess”
“There are fewer of these crazy promises and more of the importance of creating real value,” Kung says.
“These startups are having to clean house, put the right people in place and have real strategy. They have to do something that adds real value to the world, not something fluffy.”
The days of ambiguity are over, she says.
“There is a leveling going on. People are struggling with dire, immediate consequences,” Kung says.
As an Asian American woman in leadership training and consultancy for 35 years, Kung says she is accustomed to being the only woman in the room. And her advice to other women in the same situations?
Read more in Take The Lead on women in startups
“Play high.” What Kung says she means by that is to walk into a room and sit at the head of a table, speak with certainty and conviction and communicate confidence through body language, tone of voice and the content of what you are saying.
Playing low is also a good thing, with eye contact, expression of empathy and listening. But women generally do more playing low than they need to do.
“Playing low is also a good thing, with eye contact, expression of empathy and listening. But women generally do more playing low than they need to do. #WomenInBusiness #Leadership”
In these difficult times for founders of startups, Kung says understanding mission, being connected to teams and customers is key.
“In these difficult times for founders of #startups, Kung says understanding mission, being connected to teams and to customers is key. #Tipsforsuccess #Entrepreneurship”
“Get really clear about what you are able to do,” Kung says. “The big chance is you can’t talk about a concept anymore, there has to be proof of concept. You have to have something that is already proven.”
The good news—for some—is that this will weed out unnecessary products and companies that are superfluous.
“Instead of a lot of apps, founders are looking to do good in areas of need either during the pandemic or what society needs in general, such as support for health care and mental health.” She adds, “There will be new business opportunities.”
Take The Lead co-founder and president Gloria Feldt writes often on the power of purpose as key to effective leadership.
“@Takeleadwomen co-founder and president @GloriaFeldt writes often on the power of #purpose as key to effective #leadership.”
“I’ve found over years of leading organizations and the research I’ve done for books and articles that women value relationships that align with their higher purpose. Though that may vary from woman to woman, most are looking to work with companies that express their own higher purpose or values in their actions. From the companies’ program design perspective, this may influence the framing of their mission statements or alignment with charitable causes,” Feldt writes.
““Most [women] are looking to work with #companies that express their own higher #purpose or values in their actions,” writes @GloriaFeldt, co-founder and president of @Takeleadwomen. #Leadership”
Read more in Take The Lead on women funding women
Kung says that what she finds in her work with leaders and founders is ultimately uplifting.
“The value system of the planet is shifting to the value of greater good. This is not without suffering or stress. We have broken trust and the core comes back to the concept of trust. It is such an important condition for any partnership, organization or country. And trust needs to be made tangible.”
“Jocelyn Kung, founder and CEO of The Kung Group, says more #startups will focus on the greater good. #Sustainability #BusinessNews”
