Mei Xu (center) joins Philippe Englebert, Advisor for Business & Ecosystems at the Office of the French Ministry of State for Digital Affairs (left), and Pascal Cagni, Ambassador for International Investment Ministry for Europe and Foreign Affairs (right) at the November 2019 Fortune Global Forum in Paris, France.
The two-day, weighty and agenda-packed Fortune Global Forum in Paris ended with a speech by French Advisor Philippe Englebert of the Office of the French Ministry of State for Digital Affairs about how France is leading Europe in embracing technology.
But France was not the only country that we heard from regarding the push towards the digital era. President of Estonia Kersti Kaljulaid, who was interviewed on stage, went to great lengths sharing how her country is upgrading its digital platform to keep its citizens updated through easy access to information.
We heard from more than a dozen top executives from global brands like Nestle, Group Renault, L’Oréal and Huawei, and several clear trends emerged at the end of roundtables and interviews:
For this group of over 100 CEOs, there is a clear consensus that global warming/climate change is one of the most urgent challenges we are facing today. L’Oreal’s Chairman and CEO Jean-Paul Agon was asked about how his company, the world’s largest cosmetics company, is solving the problem of “over-packaging.” While strides are being made in minimizing packaging in certain cases, no substantial discovery of materials has been made that can significantly reduce the use of plastics. Instead L’Oréal is looking at options such as selling refills so consumers can reuse the plastic containers of lipsticks, compact powders and face creams.
What he failed to mention, however, is that product refills will most likely be housed in plastic containers too. Having worked in the consumer industry for over 25 years, my experience is that you must look holistically and re-examine your entire supply chain to make an impact. But change is possible, and the companies that stand to benefit from the change that is needed are those in the forefront of researching packaging replacement materials such as paper, bamboo, or other renewable resources. These will be in huge demand if they can truly replace single-use plastics.
Another robust sustainability conversation coalesced around the topic of our food supply. Nestle’s CEO Mark Schneider mentioned the 30 years the company has spent developing plant-based food, and why it is not only healthier for consumers, but tremendously important to reduce the toll food production takes on our environment and truly create a food supply that is sustainable to feed the world’s growing population.
I was encouraged to hear how competition from startups like Beyond Meat has sparked further innovation in the marketplace, and Nestle itself will soon be introducing its “Triple Play,” a vegetable version of the bacon cheeseburger in a bid to help those in the west consume less beef. He mentioned that more and more consumers, particularly young generations, are concerned about issues such as climate change, and investors are also demanding more from big food companies, pushing them to deliver tangible solutions.
For those interested in food entrepreneurship or becoming part of the global sustainable food supply chain, plant-based food is an industry ripe with opportunity around the world. From startups like Clara Foods in San Francisco to Tennessee’s Memphis Meats, innovative solutions are being rolled out by established companies as well as newcomers to meet the growing global demand by consumers for tasty and fresh alternatives to meat. If you are interested in the next food revolution, this is your chance to really stand out and make a difference!
AI (Artificial Intelligence) is the most important technology CEOs need to embrace for 2020. Many sessions were exclusively focused on AI and its rapid rise of importance. While many remain worried that it will replace humans in manufacturing and other low-tech areas of jobs, more CEOs remain very positive about its potential.
New Sanofi CEO Paul Hudson told the group that “we can leave our prejudices and ways of working that are decades old, and we can look at new ways of working” as he shared how the healthcare company is using AI to deliver individualized medicine that treats patients while also managing healthcare for millions.
In other words, AI’s capability to analyze big data makes it both possible to find individualized treatments, as well as manage all sets of data points, a major challenge for traditional technology when trying to address the healthcare of an entire population.
For consumer product companies, AI and its ability to assess an individual’s face texture, hair color, body type, etc. presents a huge opportunity for businesses in that it can enable companies to create customized offerings in every category, including cosmetics, fashion, even automobiles, for example, to improve both the driver and passenger experience.
I participated in this year’s Forum as a startup which aims to help women consumer businesses grow and scale globally. This new role has lent me many great conversations and follow up, but what is also amazing is the amount and level of women’s participation in this year’s event.
Julie Sweet, the newly named CEO of Accenture, spoke at the opening Breakfast and shared her rise to the top as a mother of two school-aged children. Sweet is determined to set an example by making sure she is dropping off and picking up her kids on their first day of school and by keeping a line of communication open to offer support to their most important day at the beginning of the school year.
The CEO of Air France, Anne Rigail, was another inspiring woman speaker who is disrupting one of the most male-dominated industries, commercial aviation. Rigail is not only helping the airline to remain competitive, but also focusing on lessening the company’s carbon footprint by reducing the amount of contingency gas and water each aircraft carries – heavier planes burn more fuel and spew more emissions than lighter aircraft.
Acting CEO of another transportation company, Groupe Renault, Clotilde Delbos is equally competitive and articulate about her company’s focus on green technology. She shared how Renault is focusing on electric cars, ride-sharing, and autonomously driven vehicles. Delbos is predicting Renault’s new electric car will be able to compete in the price point that is appealing to the mass market by focusing on a longer battery life.
Sodexo Board Chair Sophie Bellon emphasized that while shareholders have to be a focus, companies must also take care of their employees. According to Bellon, only when companies adopt such a holistic point of view can they truly become a responsible organization! Truly companies that will stand the test of time are those which have a long-term perspective versus a short-term outlook.
Again, for me, as the founder of a startup, I feel being included in this group is both a privilege but also a test. It would be interesting to see if the big companies are talking the talk, and also walking the walk, about helping women and small companies to grow! In the end, these will be the companies that do not leave small, women-owned businesses behind while we grow.