Summary of Transforming Ownership to Create a Better Economy | Armin Steuernagel | TEDxZurich

00:00:00 - 00:15:00

In this TEDx talk, Armin Steuernagel discusses how he transformed ownership of his company to create a better economy. Steuernagel argues that companies with steward ownership have a higher survival probability and are more profitable in the medium and long term. He also discusses how the Purpose Foundation helps other entrepreneurs to start and transform companies based on steward ownership.

• 00:00:00 This TEDxtalk by Armin Steuernagel discusses the problems with private ownership, capitalism, and state ownership. He argues that private ownership is ill and needs to be reconquered in order to create a better economy. He discusses the case of a hospital in eastern Germany that was sold multiple times and how this has caused problems for employees and patients. He finishes by urging the audience to think about reclaiming private ownership and to start working on solutions now.
• 00:05:00 This TEDx talk by Armin Steuernagel discusses the issue of private ownership and its effects on responsibility. Steuernagel points out that, due to the pressure of private ownership, many companies end up losing their parents - those who created the company's wealth - and end up with absentee owners, who are not connected to the company's success or failure. He argues that, in order to create a better economy, we need to rethink private ownership and find a way to create companies that have true parents.
• 00:10:00 He used the legal form of a non-profit foundation to donate his entire company to that foundation, creating the first foundational company in the world. From that moment onwards, Zeiss belonged to itself and no absentee owners could steer it from far away or push it to harm us. No hedge fund could come along and buy it, because it is not a tradable commodity anymore. Instead, there are skilled people who are steward owners for a certain time, without a right to sell or inherit the company. Profits are either reinvested or donated, and the company exists to create value for us, not to make money. Steward ownership is like a parent for a child, and we should not stop the journey yet as it is still revolutionary.
• 00:15:00 Armin Steuernagel discusses how he transformed ownership of his company to create a better economy. Steuernagel argues that companies with steward ownership have a higher survival probability and are more profitable in the medium and long term. He also discusses how the Purpose Foundation helps other entrepreneurs to start and transform companies based on steward ownership.