{"id":9205,"date":"2023-01-05T10:45:57","date_gmt":"2023-01-05T10:45:57","guid":{"rendered":"https:\/\/www.counterpart.com\/na\/?p=9205"},"modified":"2023-01-05T10:45:57","modified_gmt":"2023-01-05T10:45:57","slug":"41-big-ideas-for-2023","status":"publish","type":"post","link":"https:\/\/www.counterpart.com\/na\/41-big-ideas-for-2023\/","title":{"rendered":"41 Big Ideas that will change our world in 2023 by LinkedIn"},"content":{"rendered":"
2022 was not a year for the faint of heart. We welcomed an easing of pandemic restrictions in many parts of the world but were quickly hit by\u00a0record inflation<\/a>,\u00a0Russia\u2019s invasion of Ukraine<\/a>\u00a0and repeated\u00a0reminders<\/a>\u00a0that the\u00a0consequences<\/a>\u00a0of climate change aren\u2019t coming,\u00a0they\u2019re already here.<\/a><\/p>\n The past year also made clear how the global community can band together, with\u00a0new commitments<\/a>\u00a0and\u00a0pacts<\/a>\u00a0to protect our natural world,\u00a0efforts<\/a>\u00a0to\u00a0aid<\/a>\u00a0those displaced by war in Ukraine and the\u00a0delivery of close to 2 billion COVID-19 vaccine doses<\/a>\u00a0to areas in need across the world.<\/p>\n 2022 showed us that, yes, our challenges grow more daunting by the day, but we can rise to them. What can we expect for the coming year?<\/p>\n <\/p>\n Every December, LinkedIn editors ask our community of Top Voices and creators to share the Big Ideas they believe will define the year ahead. This year, as we face challenges along several fronts, we offer a selection of thoughts on where we go from here \u2014 at work, at home and everywhere in between.<\/p>\n <\/p>\n This is by no means a complete list, and we invite you to join us! What Big Ideas do you think will emerge in 2023? Share your thoughts in the comments or publish a post, article or video on LinkedIn with\u00a0#BigIdeas2023<\/a>.\u00a0\u2014\u00a0<\/em>Scott Olster<\/em><\/a><\/p>\n \u00a0<\/strong><\/p>\n The great return to office debate will rage on in 2023,\u00a0with select CEOs demanding<\/a>\u00a0workers get back to their desks. But the hybrid approach will reign triumphant.<\/p>\n <\/p>\n A LinkedIn Economic Graph analysis<\/a>\u00a0found that remote job postings are dipping. Just one of seven postings on LinkedIn in the U.S. offered remote work as an option in October \u2014 but those postings attracted more than half of all job applications. Workers are continuing to prioritize the flexibility and work-life balance afforded by the pandemic\u2019s shift to telework even as the economic outlook darkens, argues\u00a0Rand Ghayad<\/a>, head of economics and global labour markets at LinkedIn.<\/p>\n <\/p>\n Hybrid allows for that flexibility, while still making room for occasional in-person mentoring and socializing, which Stanford economist\u00a0Nick Bloom<\/a>\u00a0considers the key reasons for in-office collaboration. Look for hybrid arrangements to become more formalized next year, with colleagues coordinating which days to head into the office in advance. \u201cThere\u2019s no point in coming in just to shout at Zoom all day,\u201d Bloom said.<\/p>\n <\/p>\n Hybrid work boosts short-term productivity, but it can also diminish long-term community and creativity,\u00a0according to research from Microsoft<\/a>\u00a0(LinkedIn\u2019s parent company). Companies will need to adapt to their employees\u2019 needs, according to Bloom, whether that\u2019s creating a single schedule for the whole company or letting teams decide. \u2014\u00a0Taylor Borden<\/em><\/a><\/p>\n \u00a0<\/strong><\/p>\n Monday through Wednesday, work from home. Thursday and Friday, head into the office. Or maybe not? As companies and employees grow accustomed to hybrid and remote work arrangements, the large, prestigious corporate office will soon become a rarity.<\/p>\n <\/p>\n Tech companies like Meta, Lyft and Salesforce, known for their sprawling and expansive office spaces, are already\u00a0beginning to downsize<\/a>. Amazon\u00a0hit pause on its construction plans<\/a>\u00a0in Nashville to reconsider how to successfully design a space suited for hybrid workers. And as lease renewal dates loom, companies will opt for smaller offices, choosing to\u00a0sublet the extra vacant space<\/a>.<\/p>\n <\/p>\n Such changes will leave a dent in the commercial real estate market, and for\u00a0cities that depend on the in-person jobs and tax revenue<\/a>\u00a0that commercial buildings often bring. As remote work continues to stay in favour, researchers predict that the value of office real estate will decline significantly, by\u00a0as much as $450 billion<\/a>. Even cities\u00a0like New York<\/a>, the largest office market in the United States, will not be immune from the \u201cgreat downsizing.\u201d\u00a0\u2014\u00a0<\/em>Felicia Hou<\/em><\/a>\u00a0and\u00a0<\/em>Anja Willner<\/em><\/a><\/p>\n \u00a0<\/strong><\/p>\n Over the past few years, artificial intelligence has transformed from an academic curiosity to a form of technology that is redefining how people work and businesses operate across industries. Nurses are using AI to keep tabs on patients whose health is likely to deteriorate, and investors are using it to adjust investment portfolios. It even played a\u00a0critical role in the development of Moderna\u2019s Covid-19 vaccine<\/a>.<\/p>\n What\u2019s next? AI will grow more intuitive and increasingly use multiple \u201csenses\u201d at once.\u00a0Multi-modal AI applications<\/a>\u00a0will allow AI systems to process audio, visual and language data in combination with and in relation to each other. A tool like DALL-E, which can generate original art based on text prompts, is just an early example of this approach.<\/p>\n <\/p>\n Expect multi-modal AI to take off in new applications in the coming years, allowing AI systems to analyze data and the environment in highly sophisticated, nuanced ways. In medicine,\u00a0multi-modal AI could examine a combination of patient imaging and histories, and data from biosensors<\/a>\u00a0to craft diagnoses and treatment recommendations.<\/p>\n <\/p>\n The transition to multi-modal systems will also give AI even more creative power than it has today. \u201cIt\u2019s like Netflix creating a whole new film based on your preferences, versus just surfacing recommendations,\u201d\u00a0according to<\/a>\u00a0Madrona Venture Group\u2019s\u00a0Matt McIlwain<\/a>.\u00a0\u2014\u00a0<\/em>Tanya Dua<\/em><\/a>\u00a0and\u00a0<\/em>Scott Olster<\/em><\/a><\/p>\n \u00a0<\/strong><\/p>\n Somewhere between the late aughts and early 2010s, Silicon Valley founders began to acquire a demigod-like status.\u00a0Tech founder-CEOs<\/a>\u00a0like Facebook\u2019s Mark Zuckerberg, Tesla\u2019s Elon Musk, Uber\u2019s Travis Kalanick and WeWork\u2019s Adam Neumann rose to prominence on the exuberant backing of investors \u2014 and people readily followed.<\/p>\n <\/p>\n Young graduates entering the economy in the aftermath of the 2008 recession found promise in the paths of college dropouts like Zuckerberg. Those young billionaires became heroes, lionized in film, TV and business school case studies.<\/p>\n <\/p>\n As our\u00a0trust in government and media eroded<\/a>, the clout of the tech CEO only grew. They were connecting the world to the internet, espousing liberal values, backing gay marriage and defending democracy. Their stock kept climbing and their companies\u2019 headcounts swelled.<\/p>\n <\/p>\n Now, as the economy roils, the illusion that tech companies (and their founders) will save us has shattered. Zuckerberg may stand by his convictions about the metaverse, but he laid off 11,000 Meta employees this fall in the company’s first massive downsizing. Elon Musk swears he knows how to fix Twitter, but he cut half the staff the week that he became CEO and\u00a0thousands more subsequently resigned<\/a>. His erratic business moves have put a question mark on Twitter\u2019s very existence.<\/p>\n <\/p>\n Silicon Valley\u2019s chiefs appear out of touch. Today, Edelman\u2019s Trust Barometer reveals that people still look up to business leaders, but\u00a0they are largely disappointed<\/a>\u00a0with their leadership.<\/p>\n <\/p>\n There is an upside here: without techstars to lionize, many of us may embrace grassroots solutions to the problems ahead. Perhaps it\u2019s time we become our own heroes.\u00a0\u2014\u00a0<\/em>Jessi Hempel<\/em><\/a>\u00a0and\u00a0<\/em>Tanya Dua<\/em><\/a><\/p>\n \u00a0<\/strong><\/p>\n The global economy is at a tipping point.<\/p>\n <\/p>\n The three largest economies \u2014 the U.S., China and the euro area \u2014 are \u201cslowing sharply,”\u00a0warns<\/a>\u00a0the World Bank. “The picture for 2023 has darkened,”\u00a0concedes<\/a>\u00a0the World Trade Organization. “The worst is yet to come,”\u00a0declares<\/a>\u00a0the International Monetary Fund. Business leaders across the globe agree, with 86% of CEOs\u00a0detecting<\/a>\u00a0a recession on the 12-month horizon.<\/p>\n <\/p>\n But whether due to dogged optimism at the tail end of a pandemic or persistent faith that central banks will release their restrictive grip on borrowing costs, the downturn in the offing is not likely to be an economic tailspin. In the same CEO survey, 58% of global business leaders said they expect an impending recession to be mild and short. In other words:\u00a0This isn’t 2008<\/a>.<\/p>\n <\/p>\n Standing between current conditions and a repeat of history’s worst recessions is a group of possibly the most influential people today: central bankers. As they combat raging inflation with aggressively large and rapid interest-rate hikes, every word delivered by U.S. Federal Reserve Chair Jerome Powell, European Central Bank President\u00a0Christine Lagarde<\/a>\u00a0and their global peers is analyzed by investors with a fine-tooth comb. That won’t change for the duration of 2023, says billionaire investor David Rubenstein, who hired Powell 25 years ago at his investment firm.<\/p>\n <\/p>\n “Because interest rates are being jacked up so much, the inevitable result is to slow economic growth,” Rubenstein told LinkedIn News. “We basically are looking at a recession some time in the reasonable future.”\u00a0\u2014\u00a0<\/em>Devin Banerjee<\/em><\/a><\/p>\n \u00a0<\/strong><\/p>\n In 2023, brick-and-mortar retail will finally enter the goldilocks zone: Having the right amount of physical store space to meet consumer demand.<\/p>\n <\/p>\n The past three decades have been agonizing for retail real estate. As a result of overbuilding and the rise of e-commerce, hundreds of retail chains went bankrupt and acres of storefront sat empty. Many analysts thought the pandemic would accelerate that decline. Instead, consumers emerged from lockdowns with a new appreciation for physical stores and trying before buying.<\/p>\n <\/p>\n Retailers opened more than 4,200 stores in the U.S. in the first five months of the year, putting 2022 on track to be the first year with more store openings than closings since 2016. Next year won\u2019t see a boom in new retail construction, but rather a rise in developers\u00a0renovating and reimagining<\/a>\u00a0existing, outdated properties.<\/p>\n <\/p>\n Meanwhile,\u00a0e-commerce growth has flatlined<\/a>, levelling off at 21% of core retail sales, down from 23% in 2020. To boost sales,\u00a0market research firm Forrester<\/a>\u00a0predicts online-only brands will look to make a physical connection with customers. They might follow Warby Parker and Casper and add in-person stores, or forge wholesale partnerships, like Allbirds\u2019 alliance with Nordstrom.<\/p>\n <\/p>\n In this new omnichannel era, we\u2019ll no longer talk about competition between online and in-person retail, but rather the blending of the two. Look at e-commerce giant Shopify, which has launched its own point-of-sale system for physical stores. \u201cThe future of retail,\u201d says Shopify president\u00a0Harley Finkelstein<\/a>, \u201cis retail everywhere.\u201d \u2014\u00a0<\/em>Jessy Bains<\/em><\/a>\u00a0<\/em><\/p>\n \u00a0<\/strong><\/p>\n An estimated 6.5 billion people will be living in urban spaces by the middle of this century. A new crop of indoor farms now taking root in cities around the world could help feed this booming population. In the first half of 2022, investors pumped\u00a0more than $800 million<\/a>\u00a0into so-called vertical farms \u2014 warehouses converted into growing spaces for crops ranging from leafy greens to herbs and strawberries. By 2030, this indoor ag business\u00a0could be worth $33 billion<\/a>.<\/p>\n <\/p>\n Climate-controlled indoor farms have key advantages over traditional farms, proponents argue. They can grow year-round, produce more food on less land because plantings can be stacked, and aren\u2019t as vulnerable to pests or extreme weather. Bringing the farm closer to consumers also reduces the need for transportation and refrigeration. The industry is \u201ccreating a food source that is available, affordable and accessible,\u201d says\u00a0Nona Yehia<\/a>\u00a0of\u00a0Vertical Harvest Farms<\/a>.<\/p>\n <\/p>\n New vertical farms are sprouting every month.\u00a0AeroFarms<\/a>\u00a0recently opened a 150,000-square-foot facility in Danville, Va. And Brooklyn-based\u00a0Gotham Greens<\/a>\u00a0is on track to build several farms in 2023. \u201cWe are in a very aggressive growth mode right now,\u201d says CEO\u00a0Viraj Puri<\/a>.<\/p>\n <\/p>\n Meanwhile, Plenty Unlimited is planning to construct the world\u2019s largest vertical farming campus on 120 acres outside Richmond, Va. Plenty CEO\u00a0Arama Kukutai<\/a>\u00a0says he expects \u201cto see the evolution of indoor ag as an asset class,\u201d as investors seek to fuel the farms that will feed future cities. \u2014\u00a0<\/em>Josh M. Carney<\/em><\/a>.<\/p>\n \u00a0<\/strong><\/p>\n Despite significant setbacks, crypto adoption has gained momentum in recent years. Over 10% of global Internet users owned cryptocurrency,\u00a0a recent global survey found.<\/a>\u00a0But crypto has a long way to go before seeing widespread adoption.<\/p>\n <\/p>\n To go mainstream, cryptocurrencies will need to grow up, evolving from speculative ventures into stable, trusted currencies.\u00a0Dramatic failures like November\u2019s collapse of crypto exchange FTX<\/a>, security flaws that have led to breaches and quasi-ponzi schemes that drive speculation in a cryptocurrency \u2013 and ultimately its collapse \u2013 set adoption back.<\/p>\n <\/p>\n Enhanced security, user experience, reliability, and scalability would make adoption more likely, as would sensible regulation that doesn\u2019t stifle innovation.<\/p>\n <\/p>\n Given the current economic climate, companies with solid business models will not make risky bets on crypto \u2013 but they will slowly lay the groundwork for crypto adoption. You\u2019re likely to see more businesses accept crypto payment, clearing and settlement; investment in sophisticated recurring payments and subscription billing capabilities that clear the way for the sale of digital assets; frictionless identity and authentication for crypto transactions; and crypto-optimized offerings for small businesses (e.g., crypto wallet acceptance).<\/p>\n <\/p>\n After 2022\u2019s crypto failures, why would companies be willing to dip their toes into these waters? Because if \u2014 or when \u2014 crypto does grow up, having such capabilities in place won’t just be good for crypto enthusiasts. It will be good for business as well.\u00a0\u2014\u00a0<\/em>Guido Sacchi<\/a>, chief information officer at Global Payments, Inc.<\/em><\/p>\n \u00a0<\/strong><\/p>\n The world is running low on doctors, nurses and other healthcare providers. Even with the healthcare workforce expected to grow three times faster than the population, we\u2019ll still need an additional 10 million clinicians by 2030, according to\u00a0Jim Campbell<\/a>, WHO\u2019s director of health workforce.<\/p>\n <\/p>\n In 2023, expect hospitals, tech firms and government agencies across the globe to band together to address this shortage in two key ways: by sharing the limited staffing resources on hand and by embracing new tech to provide for patients and train new healthcare workers.<\/p>\n <\/p>\n \u201cWe\u2019ve seen a lot of movement into virtual care, remote monitoring and hospital at home to try and offset some of that need,\u201d says\u00a0Rowland Illing<\/a>, chief medical officer for international public sector health at Amazon Web Services. \u201cThere\u2019s also a need for training the health workforce of the future, and we\u2019re seeing a lot of products focusing on new ways of digital health education.\u201d<\/p>\n <\/p>\n AWS is providing funding to startups like Seattle-based Hurone AI<\/a>, which is testing an app in Rwanda that will help the country\u2019s less than two dozen oncologists treat patients across the 13 million-person nation. And the American College of Cardiology is partnering with Osso VR, a virtual reality surgical training company, to create a global curriculum for specific cardiac procedures \u2013 knowledge that tends to live only in academic medical centres.<\/p>\n <\/p>\n Tech alone won\u2019t solve this problem. One solution has been to recruit workers from abroad. Yet as concerns about health equity mount, expect a renewed focus on efforts to reduce the healthcare \u201cbrain drain\u201d from low-income regions through a combination of education, recruitment and financial incentives,\u00a0according to the WHO<\/a>.\u00a0\u2014\u00a0<\/em>Beth Kutscher<\/em><\/a><\/p>\n \u00a0<\/strong><\/p>\n Increased attention around the four-day workweek in 2022 encouraged workers and managers alike to rethink how we work. But this is just the tip of the iceberg. Employees will continue to push for more flexibility in 2023, ultimately\u00a0breaking free from the 9-to-5 workday<\/a>\u00a0altogether.<\/p>\n <\/p>\n Nonlinear workdays, a trend accelerated by the rise of remote work, will give employees more freedom to choose their own hours. Although it will require employers to relinquish some control, the benefits of asynchronous work are promising: Flexible schedules can\u00a0boost employee productivity by nearly 30%<\/a>, according to research published by Future Forum.<\/p>\n <\/p>\n \u201cAsynchronous work allows employees to be time unconstrained,\u201d says London School of Economics professor\u00a0Laura Giurge<\/a>. \u201cIt helps us move away from focusing on inputs as a measure of performance to focusing on quality.\u201d<\/p>\n <\/p>\n The concept of nonlinear workdays is already gaining steam\u00a0among tech startups<\/a>\u00a0with distributed teams, and it will be key to retaining talent next year. Building a successful model will call for a complete cultural shift, in which employers welcome input from employees, lead with trust and respect work-life boundaries.<\/p>\n \u201cPeople are humans with needs and different drivers of productivity,\u201d says Giurge. \u201cYou need to understand that diversity and cater to it. It’s not a one-size-fits-all model anymore.\u201d\u00a0\u2014\u00a0<\/em>Gianna Prudente<\/em><\/a><\/p>\n \u00a0<\/strong><\/p>\n For decades, teenagers and young adults have followed the well-trod course from high school to college to career. Since the 1980s, what the U.S. government calls the \u201cimmediate college enrollment rate\u201d has been\u00a0steadily rising<\/a>.<\/p>\n <\/p>\n But over the last two years, higher education\u00a0has lost nearly 1.4 million students<\/a>. And community colleges\u2014long seen as the fastest educational pathway into the workforce\u2014have welcomed\u00a0many fewer high-school graduates in the last decade<\/a>.<\/p>\n <\/p>\n Colleges aren\u2019t just competing with each other for students, says Georgia Lorenz, president of Seminole State College in Florida. They\u2019re competing with Amazon, Walmart and even employers that have long required a college degree.<\/p>\n <\/p>\n Over the last year,\u00a0the state of Maryland<\/a>\u00a0and\u00a0Delta Airlines<\/a>\u00a0have dropped degree requirements for some jobs.\u00a0Other companies<\/a>\u00a0are providing education benefits as part of the job; in other words, work first, then get the degree.<\/p>\n <\/p>\n This shift isn\u2019t just a response to today\u2019s tight labour market. The skills needed to keep up in any job are churning at a faster pace. In the U.S.,\u00a037% of the top 20 skills<\/a>\u00a0considered necessary for the average job have changed since 2016. Colleges are struggling to keep up, and confidence in higher education has\u00a0dropped sharply<\/a>.<\/p>\n <\/p>\n Working has long been seen as the side gig while students earn a degree, said Matt Sigelman, president of the Burning Glass Institute. Maybe it shouldn\u2019t be. Maybe \u201cworking is core,\u201d he said, \u201cand maybe the learning is a side gig.\u201d\u00a0\u2014<\/em>Jeff Selingo<\/em><\/a>, higher education strategist at Arizona State University, co-host of the podcast\u00a0<\/em>Future U.,<\/em><\/a>\u00a0and author of \u201c<\/em>Who Gets In and Why: A Year Inside College Admissions<\/em><\/a>.\u201d<\/em><\/p>\n <\/p>\n There is no clean energy revolution without minerals \u2014 specifically the cobalt, nickel and manganese used in many electric vehicle batteries. And we face a global shortage of these precious commodities.<\/p>\n <\/p>\n One potential solution rests three miles beneath the surface of the Pacific. The Clarion-Clipperton Zone, a 1.7-million-square-mile swath of seabed between Hawaii and Mexico, is littered with potato-size nuggets known as polymetallic nodules. Those rocks, formed over millions of years, may contain enough metals to produce some 4.8 billion EV batteries.<\/p>\n <\/p>\n The Metals Company<\/a>\u00a0is leading the push to mine this resource. The Vancouver-based firm, which is sponsored by the island nation of Nauru, recently completed its\u00a0first-full scale mining trial<\/a>, using a tank-like robot to rake and vacuum more than 3,000 tons of nodules from the ocean floor. Metals Co.\u00a0CEO Gerard Barron<\/a>\u00a0expects to file for an exploitation license with the UN\u2019s International Seabed Authority next summer.<\/p>\n <\/p>\n But conservationists warn that disturbing this pristine ecosystem could prove catastrophic. The deep ocean teems with microbial life and is a crucial carbon sink, storing matter that would otherwise heat our planet. \u201cOpening up a whole new stressor on the ocean is really not a good idea,\u201d says\u00a0Matthew Gianni<\/a>, co-founder of the\u00a0Deep Sea Conservation Coalition<\/a>. Barron says his company is working to minimize any impacts and notes the high costs of existing land-based mining: rain forests levelled by nickel miners in Indonesia, children forced to dig for cobalt in the Congo. \u201cThere is no perfect solution\u201d in the hunt for clean-tech minerals, he says. \u2014Theunis Bates<\/em><\/a><\/p>\n <\/p>\n There\u2019s been a lot of hype around lab-grown meat, with its potential to address the environmental and ethical challenges of animal farming. But despite billions of venture capital dollars pouring into the field, we have yet to see cell-cultured cutlets in grocery aisles. In 2023, lab-grown meat will gain momentum across the world.<\/p>\n <\/p>\n Singapore was the first to the lab-meat table<\/a>\u00a0when it approved a cultivated chicken product for human consumption in 2020. Earlier this year, China released a five-year agriculture plan that\u00a0addresses cultivated meats<\/a>. And, in November, the U.S Food and Drug Administration\u00a0signed off on a similar product<\/a>\u00a0by California\u2019s UPSIDE Foods, as governments come to see the \u201cbioeconomy\u201d as critical to economic prosperity and food security.<\/p>\n <\/p>\n Meat innovators aren\u2019t standing idle.\u00a0Tim Noakesmith<\/a>, co-founder of Australian cell-ag company Vow, recently announced that his startup\u2019s first cell-based meat product will be\u00a0available by the end of 2022<\/a>\u00a0in Singapore restaurants as the sector gears up for a significant growth moment.<\/p>\n <\/p>\n \u201cWe’ll see a small handful of players selling a number of different cultured products in regulated markets,\u201d Noakesmith predicts. \u201cWe’ll continue to see an influx of new companies starting up and joining the industry, and we may also see a few better-known players acquired.\u201d<\/p>\n <\/p>\n But as for a supermarket product? Not just yet. \u201cWe’re seeing phenomenal activity with new facilities being built to grow a lot more cultured meat,\u201d Noakesmith tells LinkedIn News, \u201cbut none yet at the [production] scale of supplying national distribution in a supermarket.\u201d\u00a0\u2014\u00a0<\/em>Marty McCarthy<\/em><\/a><\/p>\n <\/p>\n Even as home-buying demand sharply declines, inventory won\u2019t rise nearly as much as it did in the last housing correction. That\u2019s because no one outside of builders and home flippers will feel compelled to sell. Most homeowners, loath to give up a mortgage refinanced at a 3% rate, will stay in their homes for decades.<\/p>\n <\/p>\n New property-management services and rental marketplaces are making it easy to rent your home out. Twenty-four months of low mortgage rates, in 2020 and 2021, will end up limiting the number of homes for sale in America for the next 24 years. And more people will rent single-family homes than ever before. It’s not just the rich who will get richer, but also the elderly, who will opt to rent \u2014 rather than sell \u2014 their homes to the young.\u00a0\u2014\u00a0<\/em>Glenn Kelman<\/em><\/a>, CEO at Redfin<\/em><\/p>\n <\/p>\n <\/p>\n \u201cWe learned decades ago that micromanagement doesn\u2019t work in philanthropy,\u201d says\u00a0Ann Mei Chang<\/a>. She\u2019s chief executive of\u00a0Candid<\/a>, the leading repository of data on U.S. foundations and other non-profits. Yet, to Chang\u2019s chagrin, so much of the process around grant-making remains tied up in drawn-out reviews and overly intricate business processes. The result: leaders in the social sector find that getting funded can be the most exhausting part of their jobs<\/p>\n .<\/p>\n But change is coming, Chang says, in the form of \u201ctrust-based philanthropy.\u201d In this new model, donors do more of the homework themselves, without insisting on elaborate grant applications that can run 80 pages or more. (A notable case in point is\u00a0the giving being done by MacKenzie Scott<\/a>, the former wife of Amazon founder Jeff Bezos.)<\/p>\n <\/p>\n Once donors find causes and leadership teams that impress them, money is awarded on flexible terms. Recipients can set \u2013 and later modify, if necessary \u2013 their spending plans as they see fit. Such hands-off support, Chang says, \u201cis the smart thing to do and it leads to better results.\u201d<\/p>\n <\/p>\n Over time, look for more major donors to include the concept of trust-based philanthropy in their charters. As a first step, these donors could start standardizing data sharing and grant documentation, in ways that lighten the burdens on potential grantees as they seek support from different potential backers. \u2014\u00a0<\/em>George Anders<\/em><\/a><\/p>\n <\/p>\n The gig economy has\u00a0boomed over the past year<\/a>\u00a0\u2014 and it shows no signs of slowing. With inflation straining household budgets, more workers will seek outside gigs to supplement main jobs that don\u2019t pay enough or are simply unsatisfying. And thanks to entrepreneurial Gen Zers, taking on a side hustle will no longer be something you need to keep secret.<\/p>\n <\/p>\n Having entered the working world amid the economic upheaval of the pandemic, members of this young generation are more likely to work multiple jobs than older peers. Some 25% of Gen Z have a side gig, according to\u00a0a recent McKinsey survey<\/a>, compared with 16% of all other ages. These 20-somethings are vocal about not wanting to be defined by\u00a0a single professional identity<\/a>, and as a\u00a0money-motivated generation<\/a>, they won\u2019t rely solely on their employers for financial stability.<\/p>\n <\/p>\n Of course, side hustles aren\u2019t limited to Gen Z. And as more workers take on extra jobs\u00a0in an unpredictable economy<\/a>, employers will need to adapt, says generational expert\u00a0David Stillman<\/a>.<\/p>\n \u201cSide hustles could become the main hustle for people,\u201d Stillman explains. \u201cThe workplace needs to embrace them and be like, ‘We want to know about your side hustles. We want to help you promote your side hustles.’ That’s going to be great for employee retention.\u201d\u00a0\u2014\u00a0<\/em>Gianna Prudente<\/em><\/a><\/p>\n <\/p>\n When venture capitalist Aileen Lee coined the term \u201cunicorn\u201d in 2013 to describe start-ups that had bagged valuations upward of $1 billion, the distinction was as rare as the mythical creature itself. But somewhere in the mid-2010s, unicorns became a dime a dozen.<\/p>\n <\/p>\n Driven by early gains, VCs shovelled vast amounts of cash toward founders and companies that didn\u2019t always deserve the hype. Some unicorns \u2014 WeWork, Theranos, FTX \u2014 imploded spectacularly, erasing tens of billions of dollars of value.<\/p>\n <\/p>\n But with borrowing costs rising along with economic uncertainty, Silicon Valley investors are now reluctant to place such fantastical bets. The message VCs are delivering to start-ups about the year ahead is clear: The era of excess is over, and founders should put aside their unicorn dreams and instead aspire to create sturdy workhorses that can survive troubled times.<\/p>\n <\/p>\n \u201cWe\u2019re seeing a reset<\/a>,\u201d said veteran investor\u00a0Alan Patricof<\/a>. Founders should not \u201cget caught up with the psychological burden of their previous valuations and be realistic about expectations.\u201d<\/p>\n <\/p>\n Funding is already slowing. Only 25 unicorn companies were born in the third quarter of 2022, according to the venture capital research firm CB Insights, five times less than the same period in 2021. \u201cWe\u2019re back to basics<\/a>,\u201d said\u00a0Arif Janmohamed<\/a>\u00a0of Lightspeed Venture Partners. \u201cIt\u2019s an opportunity to partner with resilient entrepreneurs who are hiring missionaries to join them to build something special over the next decade, as opposed to mercenaries who are looking to get rich in one or two years.\u201d \u2014Tanya Dua<\/em><\/a><\/p>\n <\/p>\n\n
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