Good morning everyone.

And thank you Rektor for your introduction.

Today marks a new stage in your lives.  Today you begin your studies at Copenhagen Business School. Studies that can open a world of opportunities for you. You have three years of hard, but potentially very rewarding work ahead of you. This is a time of growth both personally and academically.  A time where you broaden your horizons and your network.  You will build relationships with fellow students that will enrich your time at CBS and some, may even end up lasting a lifetime.

Being here today, I can’t help but recall my own first day studying at University. Although the setting is somewhat different, some of you are possibly feeling what I felt; excitement, anticipation and at the same time a little bit daunted by it all – however, there is one very noticeable difference.

My first days at university were primarily taken up with administrative things such as lecture plans, university social clubs and so on. On your first day at CBS, it’s straight to it. You start your education with, nothing less than, a task to address one of the most urgent management challenges of today. And that is: What is the role of the private sector/businesses in developing solutions to the most pressing societal challenges of our time?

This led me to think about the contrast between our first days of tertiary education. What is so urgent? What has changed in society?  Well, one answer is the rate at which development is happening around us. Today, we live in a society where the concept of “the only constant, is change” is more evident than ever. 

Computing power and digitalization play a large role in that constant change. We have transitioned from analogue, mechanical and electrical technologies to digital technologies.  This digital revolution has lead to the so called ‘information society’ – a knowledge based society.  That is the society we live in today.

One of the books I read during summer is; ‘Face the Future’ by Jannick B. Pedersen and Anders Hvid.  A book I would highly recommend you read, if you would like to better understand what impact new technologies and the rate of their expansion is and will have on our lives. Their aim is to help people understand the concept of exponential growth because as they put it; ”the world as we know it is on a path towards unprecedented acceleration – and it’s well worth your while to understand why and how this is”. 

As business students and the future leaders of tomorrow, you have a responsibility to be mindful of the effects that such unprecedented acceleration  has on society and therefore of course businesses. Exponential growth is difficult to understand because of the speed and the number of digits in the numbers.  So, I’m going to use an exercise from the book I just referred to, to help us better understand this concept.

Imagine yourself chained to a seat in one of the highest tiers of an American football stadium.  Beside you is a water tap and the entire stadium is seal-proofed so ‘no’ , water cannot escape.

The question is how long will it take to fill the stadium with water, if it is filled with water according to this formula; one drop of water during the first minute, two drops during the second minute, four drops during the third minute and so on….

You won’t die of thirst for obvious reasons but, will you die of hunger (which takes approximately 30 days) – or will you drown? How many days?  Any offers?

Well the answer (with an accuracy to within one or two minutes, depending on the exact size of the stadium) is 44 minutes!!!

The contrast I referred to in our first days is a reflection of the fact that we need to hit the ground running, we need to be proactive about our future like never before.  We cannot wait until things get critical, as it will most likely be too late to do anything about it.

So, let’s get back to the question at hand: What is the role of the private sector/businesses in developing solutions to the most pressing societal challenges of our time?

There is no doubt that the role is a significant one. And one way in which you can address this question and these challenges is through the United Nations Sustainable Development Goals - 17 ambitious goals adopted by all UN member states in 2015, that are to be achieved by 2030. These global goals set a wide range of targets; including quality education for all, equal opportunities for all, sustainable cities and climate action.

You might be thinking what do they have to do with business, should such goals not be in the domain of governments?

Well the SDG’s are not just a framework for development they are also a framework for innovation and the creation of business opportunities.

Driving and ensuring the world’s sustainable development is a responsibiIity we all share – of course governments but, also the private sector, civil society, organizations and, you and me.  It has been stated repeatedly that if we (the world) are to have any chance of achieving the 17 SDG’s by 2030 then we must all play a role.

What does having a responsibility mean? And why is Responsibility Day here at CBS important?

Let me share a little story. On our way to school the other morning, we ended up talking about people smoking in their car after seeing someone doing just that. Our 7 year old son Vincent commented that he had seen one of his father’s friends throw a cigarette butt in the sea and that it was wrong because, not only would it pollute the water but, if a fish ate it and then a shark ate the fish then the shark would get sick. I asked him if he said anything to that person. He answered; “No, because Dad did it first”.

This story makes me happy and proud.  His understanding that one small act can have a much larger impact is very reflective for his age. He felt a responsibility to act on the level of knowledge that he posseses as a 7 year old – and we are in fact talking about a global challenge here.

I believe this demonstrates that no matter who we are, where we live or what we have, we can all do our little bit. 

However, as we get older, more experienced, better educated, more knowledgeable and more ressourceful our level of responsibility also increases.  We become a greater capacity and therefore have a stronger ability to create impact in our local environments and beyond. 

Therefore, as business students and the future leaders of tomorrow you have a responsibility to be mindful of the effects that business has on society and the environment.

The private sector is an integral part of sustainable development. The UN estimates that achieving the global goals will require up to 7 trillion US dollars annually in investment to infrastructure and employment. This is approximately 20 times the gross domestic product of Denmark. No government can do this alone.

The future will require new business models and new ways of thinking – it will demand designing new business solutions that are both commercially viable, as well as delivering value to society.  In fact, the global goals present a wide spectrum of opportunities for visionary companies.

And behaving sustainably has never been more profitable. Companies are finding new ways to take action for the planet and people while at the same time making money. Over the past decades, Danish firms have led the transformation of global industries in areas such as renewable energy, health, and sustainable design. And as a nation, we look towards students such as you to keep Danish industry at the forefront of this wave of innovation. We depend on you to create, innovate, and explore new ways to address global challenges.

Consumers are also becoming more conscious of environmental challenges, and are holding companies to a higher standard of responsibility. As business students, it is important to understand that each one of you sitting here today can effect change; no matter what position you’re in. Whether you take action as a consumer, an employee, or as a student at CBS, you can make a difference.

Danish universities stress critical thinking in their teaching. In the classroom, you will be expected to reflect on traditional economic models, and to consider how they can be adapted to today’s diverse landscape. CBS encourages you to question not only the theories that you will be taught, but the way in which they are taught.

You are in a unique position to become an advocate for your own learning experience and what it means to be responsible. You can behave in a responsible manner in your everyday interactions, in the classroom, at work, and in your personal life.  If you have an idea that could improve your environment and the world around you, or if you witness or experience unethical behaviour.  One of the greatest takeaways from Responsibility Day is that you have a voice, and that it can be heard.

Later today, you will be introduced to the Responsibility Day case competition. Without giving too much away, the company you will be working with provides an alternative business model to those that exist today in the fashion industry - an industry that leaves one of the largest negative, environmental and social footprints. Did you know that the fashion industry is the second most polluting industry in the world?

Think about the environmental impact of the clothes you wear. With the knowledge we have today, the industry and consumers cannot ignore how, by whom and where fashion is produced. 

Your case study is dealing with an industry that must transform the way it produces, markets and transform the way fashion is consumed.

I’m not sure how many of you have heard about Copenhagen Fashion Summit.  It is the world’s leading event on the enormous and complex challenges facing the industry and a platform for accelerating the industry’s commitment to becoming sustainable. As Patron of this Summit, I recommend as a good source of inspiration for your case study, that you visit the ‘Global Fashion Agenda’ website. There you will find research and a number of up-to-date reports that could prove useful.

Thank you for listening. And all the best with finding innovative solutions to the case at hand and of course your studies here at CBS.

And as today is Responsibility Day, remember; we all have a responsibility for our common future, it is not a responsibility we can choose to take, it is one we simply have.