New century must be won over without a fight: Geldof

The world is on the cusp of generational change in terms of leadership and technology, but must avoid the dangers of past such transitions, which resulted in dramatic wars and huge misery, Sir Bob Geldof told a Business News Success & Leadership luncheon in Perth today.

Citing the Napoleonic Wars at the start on the 19^th century and the First World War early in the 20^th century, Sir Bob suggested these massive upheavals, both in terms of lives lost and their major global impact, were the result of the older generation in power clinging to their paradigm as technology and culture shifted beneath them.

The 19^th century began as the industrial revolution was getting into full swing, and WW1 took place as mechanisation was again taking giant strides.

As we move through the 21^st century, Sir Bob believes the internet, aided by mobile devices, is prompting significant change again – and yet the population remains complacent about this technology and seems almost frivolously occupied by it.

He blamed the poor state of our politics, in part, on the cultural changes technology was driving, but was also critical of how the benefits of the internet were being allowed to be controlled by a few monopolistic enterprises such as Facebook and Google, which were  acting just as the first major corporations did at the around the turn of the 20^th century.

“They are entirely disruptive businesses and they are entirely monopolistic, just like companies 100 years ago,” Sir Bob said.

He warned that, in a world of volatility, confusion and mistrust, business had the opportunity to reconnect with the community.

But that had to be done differently, using the benefits of new technology that allowed everyone to connect, rather than through politicians, who seemed incapable of leadership and were distracted by the 24-hour news cycle.

He also warned that terrorism such as that represented by ISIS in the Middle East was borne of poverty, the same deprivation that he had sought to alleviate through his Band Aid and Live Aid charitable work in the 1980s. Africa and the Middle East have to overcome such poverty to become the economic powerhouses of the new century, which he expects they will.

The Irish punk rock singer turned activist, whose Live Aid concerts 30 years ago this summer raised about $145 million for the victims of a devastating Ethiopian famine, is now leading business ventures into Africa where foreign direct investment is outpacing aid. Sir Bob chairs 8 Miles LLP, a London-based private-equity firm that invests in Ethiopia, raising more than $200 million fund in 2012.

He sees the developing world as an opportunity which must be encouraged and embraced in a way that avoids the bloodshed of past centennial overlaps. And that means changing the old ways of thinking to accommodate the next generation. Australia, he said, is geographically well plaved to benefit from this. 

“To the right and left of Australia are the ‘coming men’ of this century, Africa and South America, you are right in the middle between them and, to the north, is this intense and volatile continent making the economic wealth, (including) China,” Sir Bob said.

“By definition, this young country, this growing country, this city just arriving at 2 million people this week, must have something to say to a newer compact for the 21^st century.

“It can’t be involved in the older models of the discredited 20^th century, it cannot be and that is behind the logic of business and their involvement in corporate social responsibility.”