The ICARUS Principles: What it Takes to Tackle the World

Over the course of the 20th century, most of the world's major multinational corporations framed their mission around Milton Friedman's famous mantra: that the sole purpose of the firm is to maximize its shareholders' profits. Recently, however, growing numbers of for-profit firms have embedded and embraced missions that go far beyond profit maximization or commercial gain; missions that include some of the world's greatest and most complex challenges: mitigating climate change, for example, advancing economic mobility, ameliorating racial or gender injustice, and attacking global health challenges such as the COVID-19 pandemic. Yet these are still for-profit firms, operating as commercial entities rather than government bureaucracies or non-profit organizations. So how, then, are they meant to operate? What can these firms measure and reward if profits are no longer their only goal? And what must these firms do differently if they truly seek to change the world? The principles described in The ICARUS Principles: What It Takes to Tackle the World attempt to answer these questions, and to sketch out the characteristics that distinguish more typical firms from those that are actively aiming to tackle massive societal challenges. Based on the first letters of these characteristics, we have assembled a list of six principles and refer to them as "the ICARUS Principles."

• Personal purpose and values
• Business ethics
• Corporate social responsibility
• Strategy
• Mission statements
• Social enterprise