Co-creation is a megatrend and concept that has seen a lot of interest in recent years. The idea that invites stakeholders from various different backgrounds, interests and viewpoints together to help shape solutions is certainly an interesting idea.
This becomes even more interesting when attempting to solve major global challenges, and where bringing industry leaders together.
Very much in line with this trend of co-creation, the 27th annual Milken Global Conference, themed “Shaping a Shared Future,” highlighted the necessity of uniting leaders from various regions, industries, and perspectives. The Milken Institute and the annual global conference has traditionally had some exceptional pulling power to bring together global & industry leaders around major topics. This year was no different, with names from Bill Clinton, David Beckham and Elon Musk alongside other former prime ministers, C-suite at some of the leading companies and more.
By fostering a collaborative environment, the conference aimed to address critical global issues, including geopolitical tensions, climate change, and the evolving landscape of artificial intelligence (AI).
Many of the topics being discussed in the public arena these days require new solutions or approaches. When trying to find new solutions, different perspectives contribute to a richer dialogue and more comprehensive solutions.
With that said, the conference bringing together over 4,000 attendees, including 1,000+ speakers, from diverse backgrounds certainly helps to bring these different perspectives to both the large conversations that happen on-stage and the smaller, more intimate discussions happening on the sidelines.
Some of the major topics this year included:
Explore the geopolitical implications of AI development and deployment.
AI is certainly popping up in many contexts these days and is something that has a lot of promise and can both be used for good or defensive purposes. UBS’ latest Global Family Office Report noted that over 78% of surveyed family offices now have plans to invest in generative AI technologies.
When thinking about it from a geopolitical perspective, there are several considerations and requires a broader perspective than just how to regulate. Everything from democratising the knowledge to exporting technologies comes into play here.
Like one speaker said, “We should be booking more tables for 20 and fewer tables for 2,” again highlighting the importance of bringing in more perspectives into the discussions shaping our future. There is a clear need for international cooperation to manage AI’s impact on global workers, firms, and markets.
Innovation and technology have the potential to bridge significant regional disparities, and this was a focal point at the conference. In regions where resources and infrastructure are lacking, technology can leapfrog traditional barriers, providing access to education, healthcare, and economic opportunities that were previously out of reach.
At the same time, there’s a lot to consider on market and macro levels, including the interplay between different geographies and the synergies or differences between them.
Conference panels included talks around “Innovation in Action,” which placed emphasis on renewable energy technologies, such as solar and wind, which can provide sustainable power to remote and underserved areas, reducing reliance on traditional, less eco-friendly energy sources. That’s in concord with Goldman Sachs’ Eyes on the Horizon report, which found that 39% of surveyed family offices are moderately to extremely focused on sustainable strategies.
Additionally, the importance of public-private partnerships was highlighted during various sessions, such as “Bridging the Gap Between Vision and Action” and “Smart Cities.” These sessions illustrated how collaborative efforts between governments, private sector players, and non-profit organisations can ensure that the benefits of technology are equitably distributed, addressing regional disparities and fostering inclusive growth.
Health and medical research remain universal priorities, and the conference highlighted the urgent need for global collaboration to tackle these challenges. One key topic was the importance of equitable access to healthcare and the role of innovation in achieving this goal.
The session “Shaping the Future of Health” on Monday morning featured discussions on groundbreaking research in genomics and personalized medicine, promising to revolutionize treatments for diseases such as cancer and rare genetic disorders. These advancements, however, require significant investment and international cooperation to ensure that they benefit patients worldwide, not just those in wealthy nations.
Sessions like “The Next Wave of Immunotherapy and Cancer Treatments” and “Transforming the Future of Work” underscored the need for fast development and distribution of medical innovations. Collaboration between governments, pharmaceutical companies, and research institutions is crucial for efficient vaccine and treatment distribution. “Health Economics Driving New Investments” emphasized the potential of global cooperation in health crises, as seen in the COVID-19 response.
Private health care has similarly been a theme of interest for family offices, who are looking at various new services with everything from discrete health insurance options to full solutions such as Private Medical, a full-service solution for health and medicine, led by Dr Jordan Shlain who also attended the event.
Diversity and inclusion are essential for creating equitable and sustainable futures, and this theme resonated strongly throughout the conference. The importance of fostering inclusive environments within organizations and broader society was a recurring topic, with many speakers sharing their experiences and strategies for achieving this goal.
The conference session “The DEI Shake-Up: Assessing Progress and Pushback” on Monday afternoon delved into the business case for diversity and inclusion. Studies have shown that diverse teams are more innovative and effective, leading to better decision-making and improved financial performance. The session highlighted successful case studies from companies that have implemented comprehensive diversity and inclusion policies, resulting in positive organizational culture and business outcomes.
Speakers discussed systemic barriers for underrepresented groups and the need for measures like mentorship, diversity training, and inclusive hiring. Leadership’s role in promoting diversity and inclusion was also highlighted, with leaders being called upon to champion diversity and inclusion efforts within their organisations.
The conference highlighted the intersectionality of diversity and its role in creating inclusive environments. It emphasised that diversity and inclusion, beyond being moral imperatives, are strategic advantages for innovation and success in a global world.
At the conference, it was emphasised that businesses must drive global prosperity and contribute to societal and environmental welfare. The concept of sustainable and inclusive growth was a key takeaway. Leaders stressed the importance of sustainable practices like investing in renewable energy, waste reduction, and ethical supply chains.
The role of businesses in combating inequality and creating economic opportunities was another critical topic. Initiatives to support SMEs, especially in developing regions, were discussed, including providing capital, mentorship, and market access.
The conference also highlighted corporate social responsibility (CSR) and its community impact. Examples included partnerships with non-profits to support education, health, and social services. CSR was seen not just as philanthropy, but as a strategy for building resilient communities aiding sustainable business growth.
The overarching theme of “Shaping a Shared Future” opens up for co-creation discussions and focussed on the importance of collective action in many different areas of business and society. By aligning their strategies with societal goals, companies can drive positive change.
Over the coming years, we need more platforms that enable diverse voices to come together, share insights, and develop solutions that can not only benefit the few that make it into the room but the many.
