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Capital #10 the world of NPM BUSINESS FOR GOOD THE KEY TO SOCIAL ENTREPRENEURSHIP THE BLUE REVOLUTION MAKING MONEY FROM WASTE ACHILLES HEEL OF THE CORPORATE SECTOR WHY DIVERSITY IN LEADERSHIP REALLY MATTERS We don't know what the future holds, but we do know who holds it Ynzo van Zanten was our guest speaker at our autumn conference last November. He is Chief Evangelist of Tony’s Chocolonely and gave a passionate presentation on the power of Social Entrepreneurship and how his company puts it into practice. In the feature article of this edition of Capital Magazine, Harry Hummels, Professor of Social Entre­ preneurship at Utrecht University School of Economics, also says Tony’s Chocolonely is as an example of a successful Dutch company with a clear social objective. It is what we now call ‘a company with a purpose’. The theme of purpose has been covered regularly in previous editions of Capital Magazine. NPM Capital pays attention to this aspect with respect to both its existing portfolio companies and its choice of new investments. NPM Capital focussed fully in 2017 on value­orientated companies that have the potential to achieve rapid growth and consequently to realise real sustainable impact. Picnic, Ultimaker and SuitSupply are all innovative and groundbreaking companies in their sectors. They are set to develop into dominant players in the years ahead. While smart technology is their key driver, they also have a sharp eye for social relevance. They rely in part on our growth capital and expertise to have a real purpose in the world. Capital Magazine has always looked at the bigger picture. This edition is no exception, with an article on the necessity of cultural and gender diversity on company boards and one on the rising phenomenon of CEO mentoring. These topics interest us because we are convinced that growth and value creation are only possible when there is excellent management at the helm. More than ever, this is a precondition for our participation and something we are putting increasing effort into promoting and supporting. We are now also following with interest business initiatives that aim to give shape to the circular economy. The young entrepreneurs at BlueCity in Rotterdam are setting a good example. While they are still modest in size, they have big ambitions. Ynzo van Zanten envisions a bright outlook for these kinds of entrepreneurs: ‘I don't know what the future holds, but I do know who holds it.’ We hope you enjoy this edition of Capital Magazine. On behalf of the NPM Capital investment team, Bart Coopmans, Johan Terpstra, Rutger Ruigrok and Koos Kramer 2 3 CONTENTS #10 06 10 18 22 Diversity Matters Business for good Lonely at the top Rooted in wood, grounded in sustainability The Achilles heel of the Dutch corporate sector Today’s entrepreneurs look beyond the Mentoring at C-suite level JéWé's sustainable wood business bottom line 17 Column: How to fulfil your purpose 26 The capital of ... Food 28 The Blue Revolution 40 Innovation in education: Iddink Group 47 Colophon 34 Finding a balance in a cyclical market NPM Capital helped De Boer Structures expand its market leaderschip 4 5 Leadership Buy & Build Sustainability and Innovation Leadership & Governance Family business The Achilles heel of the Dutch Organisations looking to develop new products or services for a changing society are more successful if they themselves reflect that society. This means corporate sector it is important for companies to create strategic gender and cultural diversity plans and policies for the company as a whole: from the operational to the senior management level. An often­heard criticism of the Dutch corporate A recent study by The Boston Consulting Group elite is that its members are overwhelmingly (The Mix That Matters: Innovation Through Diversity, white, male, and part of the Baby Boom 2017) also shows that cultural and gender generation. While some believe this is deliberate diversity has a positive impact on companies’ – the ‘old boys’ network’ theory – others feel it capacity for innovation. The researchers do note is simply a case of supply and demand. that this applies exclusively to large companies and to diversity at the management and senior Whatever the reason, the fact is that Dutch management levels. Catalyst, a global non­profit companies – barring a few exceptions – are organisation dedicated to creating more inclusive hardly shining beacons of cultural and ethnic workplaces, gathered a total of 39 studies that diversity. And it looks like these companies all show a positive correlation between diversity tend to be the poorer for it, as McKinsey has and performance in a variety of areas, ranging demonstrated that there is a direct correlation from employee satisfaction to productivity and between a company’s level of cultural and ethnic from CSR to corporate governance. diversity and its financial performance (EBIT). McKinsey’s 2015 report Diversity Matters reveals Amsterdam­based head­hunter Adnan Basaran that the companies with the strongest financial is familiar with these studies and has dedicated performance across a range of industries are himself over the past decade to supporting more diverse overall than their peers. One of organisations looking to diversify their upper the report’s key findings is that ‘the unequal management. While the current focus tends to performance of companies in the same industry and the be on raising the number of women in leading same country implies that diversity is a competitive positions, it is gradually also expanding to differentiator, shifting market share toward more include the recruitment of people from more diverse companies’. diverse cultural backgrounds. Basaran: ‘The necessity of the former has been an issue for the past 20 years, while the need for the latter is ‘Positive action is a now also becoming more glaring in the Dutch short-term solution. In the long private sector.’ Different cultures run, the only thing that really Basaran, who is the founder of consultancy Kamran International, states that he ‘visits makes a difference is changing organisations all the time that are looking to move into a specific direction.’This might your company culture’ involve anything from new services, new 6 7 Leadership Buy & Build Sustainability and Innovation Leadership & Governance Family business About Adnan Basaran Company: Kamran International Education: Bachelor's Degree in Business Economics, truly tailor­made. We hold up a mirror to binary thinking, where we think in terms of Saxion University of Applied Sciences company directors and make them aware of opposites – male/female, high­class/low­class, Previous employers include Morgan MCKinley and B&B Associates their – often unconscious – conditioning and religious/secular, material/non­material, and Background: Turkish-Dutch bias. We help them to get a discussion going so on – is really at odds with the way people ‘Working all over the world, I gradually became aware of the added value of my mixed on standards and values, codes of conduct, and think in many other parts of the world, which cultural background. I have no trouble dealing with the directness of Dutch people, but personal beliefs.’ is more in terms of complementarity. If we also find it easy to interact with people from cultures where that kind of bluntness is want to remain in business, we will need to not appreciated. My frame of reference is richer, which makes it easier for me to put When asked whether making organisations adapt, and start viewing the world through myself in other people’s shoes.’ more inclusive is not simply a matter of what I would call more multidimensional eyes. pursuing a positive action policy, Basaran And when it comes to that multidimensional answers: ‘Positive action is a short­term outlook, diversity is all­important.’ solution. It means that, when considering revenue models, new target markets, or been an issue for the past two decades, the job applicants, you consistently favour strategy policy – where do you want to go as actual progress made during that time has women or people from non­Western cultural a company? Basaran: ‘I think it’s impossible to been modest. The numbers tend to be skewed backgrounds. That might work for a short separate any of these issues from diversity. because they include supervisory boards, but while, but in the long run the only thing that For example, it’s very difficult to develop any women remain woefully underrepresented on really makes a difference is changing your Successful diversity kind of understanding of the consumption and boards of directors and the two management company culture. If you’re negligent in that management calls for decisive decision­making patterns of new target markets levels just below. This underrepresentation department, you will inevitably notice at if the members of those target markets are not is even more pronounced when it comes some point that the talent you worked so hard and unifying leadership at all represented in your own company. The to the four major ethnic minorities in the to recruit and need so badly is exiting your same applies to new services and other forms Netherlands: Turks, Moroccans, and people organisation through the backdoor.’ of innovation: this requires different types originating from Suriname and the Netherlands According to corporate anthropologist Jitske Kramer, diversity of people who are accustomed to living and Antilles. I’ve referred to this phenomenon Given that the percentage of students at Dutch is an essential ingredient for synergy and growth. But it would working in different cultures. That’s going as the “Achilles’ heel of the Dutch corporate universities from non­Dutch backgrounds is be incorrect to assume that an organisation that employs many to be very tricky if you keep hiring the same sector” in the past.’ growing steadily (from approximately 1% to different types of people automatically achieves better results.

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