The Titanium Economy: The Companies You've Never Heard of That Keep America Running
Asutosh Padhi - Managing Partner for North America at McKinsey & Company
Every day you interact with hundreds of products made by companies you've never heard of, making things you didn't realize you needed or existed until you learned they exist.
But these companies are everywhere, employing such a huge percentage of our workforce and driving so much economic growth and innovation that, without them, our way of life in America would cease to exist.
Asutosh Padhi is North American Managing Partner for McKinsey & Company. He takes a deep dive into these companies in his book The Titanium Economy.
In this episode, we sat down with Asutosh to uncover his findings and celebrate the work being done in the Titanium Economy.
3 Big Takeaways from this episode:
- Titanium Economy companies are productivity superstars: These superstars are up to 5.5x more productive than their counterparts in the same industries. Their secret? These companies excel at workforce development (attracting and upskilling great talent), digitization to drive business outcomes, and investing in faster and better R&D.
- The Great Amplification Cycle: The Titanium Economy can revitalize regions and spur economic growth across the U.S., resulting in "the Great Amplification Cycle." These companies attract others into a region, creating "hubs" all over the country. These hubs employ thousands of people, who then participate in their local economy and drive growth in other sectors; for example, by purchasing clothes, eating at restaurants, sending their kids to school...the list goes on and on. Everyone benefits when Titanium Economy companies come to town.
- The Titanium Economy is a little-known secret that shouldn't be kept secret any longer: When it comes to economic impact, the Titanium Economy is as vital to America as consumer-facing giants like Google, Apple, Ford and others. Companies and schools need to work together to generate more exposure for students to this whole world of opportunity right in their neighborhood. Asutosh shares some examples of partnerships that are getting it right, as well as some ideas for how we can keep getting the word out about the career opportunities in industrial technology.
Learn more about The Titanium Economy book: https://www.mckinsey.com/featured-insights/mckinsey-on-books/the-titanium-economy
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