Purposeful Ecosystem Orchestration

Chapter 7 begins by setting out the nature and importance of corporate purpose. The power and effect of corporate purpose depend on its authenticity and way in which it is specified. Striking a balance between breadth and vision, and specificity and precision determines its relevance and impact. Authenticity involves living the corporate purpose and translating it effectively into corporate actions. It should not be preserved in aspic but instead evolve steadily over time to promote its relevance. The chapter suggests that it is not only the internal organization of a company that should be aligned with its purpose but so too should its external ecosystem. Ecosystems include other businesses, non-profit organizations, local communities, and governments. Ecosystem orchestration ‘redefines a stakeholder’s “stake” in the corporate purpose as a forward-looking opportunity to co-create value, instead of a backward-looking opportunity to capture value created by the corporation on its own.’