Do Company Values, Vision and Mission Need to Change With the Emergence of Web3?
The emergence of Web3, characterised by decentralisation, blockchain technology, and better user control, has led to a marked shift in the digital landscape. It leads businesses to question whether their company values, visions and missions need to change with the emergence of Web3.
Is it Time for a Change?
Here are a few reasons as to why businesses should consider rethinking their traditional corporate frameworks:
Decentralisation and Transparency
Web3 advocates for a decentralised approach. It reduces the control held by central authorities and distributes it among users. This shift challenges traditional hierarchical structures. It calls for a more transparent operational model. Companies that hold on to set-in-stone decision-making processes may find themselves at odds with a Web3 ethos that emphasises openness and collective governance. Therefore, adapting corporate values to create more transparency and decentralization can help align businesses with the expectations of the Web3 community.
User Empowerment
Web3 empowers users by giving them greater control over their data and digital identities. In this context, companies need to rethink their mission statements to reflect a commitment to user-centric practices. This alignment can create trust and loyalty among users who value digital autonomy.
Innovation and Adaptability
Web3 is a rapidly evolving landscape. Companies that rigidly adhere to outdated visions risk obsolescence. Embracing a forward-looking vision that prioritises innovation and adaptability can position businesses to thrive in the dynamic Web3 environment.
Or Should We Stick To What We Know Best?
Conversely, there is a compelling argument for maintaining current company values, visions and missions, despite the disruptive influence of Web3. This perspective underscores the importance of staying true to foundational principles while navigating technological change.
Core Values and Identity
Company values often reflect deeply ingrained principles that define an organisation’s identity and culture. These values are not easily influenced by technological trends and should provide a stable foundation amidst change. For example, a company that values integrity, customer focus, and excellence may find these principles equally relevant in a Web3 context. Maintaining core values can ensure consistency and integrity, generating long-term trust and credibility.
Strategic Vision
A company’s vision articulates its long-term aspirations and purpose. For instance, a company committed to „improving global connectivity” can continue to pursue this vision through Web3 technologies without completely altering its direction. The vision guides strategic decisions and investments to adapt to new technological realities.
Mission and Purpose
A company’s mission statement defines its purpose and the value it aims to deliver to stakeholders. While the emergence of Web3 may necessitate operational adjustments, the core mission can remain. For instance, a company dedicated to „providing secure and accessible financial services” can leverage blockchain technology to enhance security and accessibility, aligning operational practices with Web3 principles without changing business direction. This approach allows companies to innovate within their existing frameworks, ensuring continuity and stability.
The above tweet highlights the importance of alignment and due diligence in the context of Web3. With Web3 being such a new concept, there is still much uncertainty surrounding it. This can be a strong argument for companies to stay true to their current values and missions in the near future and perhaps simply observe the trends and evolution of the Web3 landscape before making any drastic changes.
This tweet also cautions companies about getting sucked into the world of Web3 too quickly. They warn against prioritising monetary gain over core principles. Abandoning foundational values in pursuit of volatile technological or financial trends is risky and, like the tweet above emphasised, only put in what you can afford to lose! This applies to your company’s workforce and culture, too.
Finding the Right Balance
Ultimately, the decision to evolve or maintain company values, visions, and missions in the Web3 era is not binary.
Companies can integrate Web3 principles into their existing frameworks, enhancing their relevance without abandoning their foundational values. For example, incorporating transparency and user empowerment into core values can reflect an alignment with Web3 while preserving the company’s identity.
Additionally, vision statements can be made dynamic and adaptable, allowing companies to pivot strategically as new opportunities and challenges arise. A vision that emphasises innovation, flexibility, and responsiveness can provide a stable yet adaptable guiding framework.
It’s also important to note that these changes don’t have to be big. Missions can evolve incrementally, gradually incorporating new technologies and practices to enhance the delivery of value to stakeholders. This evolutionary approach allows companies to stay relevant and competitive without undergoing big, disruptive changes.
In conclusion, the emergence of Web3 presents both challenges and opportunities for companies. Whether to evolve or maintain company values, visions, and missions is a nuanced decision that requires careful consideration of foundational principles, strategic goals, and the dynamic digital landscape. Finding the balance between adaptation and continuity can position companies to thrive in the Web3 era, leveraging new technologies while staying true to their core identities.
Author: Mark Ollerton
