The transformation of the World Economic Forum

This year the World Economic Forum was officially recognized as the International Institution for Public-Private Cooperation. After nearly half a century of consistent commitment to its mission of improving the state of the world, the Forum is now established as a truly innovative and collaborative organization for the 21st century, bridging both public and private spheres.

This unique status is recognition that in an interconnected, fast-changing world, addressing key challenges requires joint and cooperative efforts of all global society’s stakeholders. Our interdependence requires it.

The Forum’s history speaks to the fundamental power of public-private cooperation as a methodology for generating solutions to complex problems. Nonetheless, public-private cooperation itself is a complex endeavour.

Expertise and engagement

How should the public and private sectors cooperate responsibly, in the face of a sceptical global citizenry? The World Economic Forum’s answer to this question has been honed over decades – it lies in transparent governance, a diverse membership base, a relentless focus on values among our people, and efficient processes which drive our constituents towards solutions.

Through its partners and members, the Forum has deeply engaged the business community, and communities far beyond the realm of business, into the ultimate purpose of better shaping global, regional and industry agendas. In addition, the Forum has created one of the world’s foremost knowledge and intelligence networks, supporting that cooperation with evidence and expertise. Civil society is also deeply integrated, with a conscious and institutional emphasis on engaging young, innovative and disruptive voices.

I believe that the Forum will fulfil this role because it is founded on the principle that progress is achieved through dialogue between stakeholders. For the past 45 years it has defined itself as the global platform for that dialogue and, with its spirit of entrepreneurship in the global interest, is today working to open itself up as the “app” platform for positive public-private collaboration.

Motivation is public good

It is our members and partners – drawn from the global business community – that have allowed the Forum to serve as a global public good. And it is contributing to the creation of that public good that is their motivation for engaging with the Forum and its programmes. With our new status and looking ahead, we are aware that expectations have been raised.

Today, the demands for an ethical global social enterprise, properly and transparently funded, that can convene the kinds of dialogue the world urgently needs, have never been greater. The requirement for that interaction to be supported, impartially, with expert assistance and the best global intelligence, places yet more demands on the Forum.

Today, the world’s best businesses join us to participate in our meetings but also, increasingly, to participate along with leaders from government and the non-business world in the initiatives we lead as an international institution. These include projects such as Grow Africa, which to date has unlocked $10 billion of investment for smallholder farming in Africa, or our work in internet governance and climate change.

We have balanced shifting global axes with our strong presence in emerging countries, particularly China and India.

Limitless potential

The Forum has undergone a fundamental transformation in recent years, building a capability for identifying and benchmarking problems, finding creative ways of bringing people together to tackle them and taking the lead in a number of initiatives.

We remain committed to this because we do not believe there is any other way of solving the world’s most critical and intractable challenges. As a platform for public-private cooperation, we enable organizations that might normally be at loggerheads – industry rivals and rival industries, disruptive upstarts and disputing governments, everyone from leaders in environmentalism to labour unions – to come together in a space that is independent, that has integrity, that is defined by the fact that every single participant is there because they believe that by working together they can achieve more than they could ever do by working alone.

Such an open platform for cooperation has almost limitless potential. Our challenge, with the support of our members, partners and constituents, is to deliver on that promise.

Author: Professor Klaus Schwab is the Founder and Executive Chairman of the World Economic Forum.

Image: Sun sets over the silhouette of city’s western part and the Bosphorus bridge linking European and Asian sides on Bosphorus waterways in Istanbul September 25, 2005. Picture taken September 25. REUTERS/Stringer – RTRPNBK.