Show notes
“Purpose” and “impact” are not new concepts anymore; millennials have been growing up with and spreading them around for many years now. They might still seem abstract to many people. Until you meet Hanno Renner, Co-Founder and CEO of Personio, to whom the idea of purpose defines the way a business should be run. In this episode, Isak and Oona talk to Hanno about what purpose actually means in practice; for Personio, their employees and investors, and Hanno himself.Expect to learn:What does purpose mean in practice for Hanno?Why does Hanno compensate his employees with stock ownership?Does Hanno see a tension between business and purpose, and how does he deal with it?What is Hanno’s approach to dealing with investors?00:43 Introduction to Hanno and Personio02:00 What is purpose-driven entrepreneurship?05:28 What does purpose mean on a practical level? 07:24 How important is it drawing those big lines early on?09:34 The formal vs. informal of purpose13:05 Balance of clear values vs. inclusivity15:15 “Scaling purpose”20:30 How early should Founders start thinking about purpose?22:30 Struggles with the practical aspects of purpose24:54 Millenials as employees: is purpose enough? 28:18 Hannos’ Employee Stock Ownership Plan31:25 Investors’ reactions to ESOP32:45 Investor influence in and attitude towards purpose-driven entrepreneurship34:55 What could investors do better to enable sustainability and purpose? 36:43 More on Hanno’s thoughts about investor relations
