Purpose-Led CEO Interview Series, Karen Greve Young, CEO, Futurpreneur

Karen Greve Young is the Chief Executive Officer of Futurpreneur Canada, Canada’s only national organization dedicated to supporting young entrepreneurs. Futurpreneur’s unique model combines funding, mentorship, and start-up programs to support the success of thousands of young entrepreneurs in every Canadian province and territory.

Prior to joining Futurpreneur in 2018, Karen was the Vice President, Corporate Development & Partnerships at MaRS Discovery District, a global innovation hub based in Toronto. A global citizen, Karen started her career with global organizations where she lived and worked in San Francisco, New York and London, UK. She also co-authored a book with her mother about their shared experience through her mother’s ovarian cancer journey, and today, is chair of the Ovarian Cancer Canada Board of Directors.

Karen holds an MBA from Stanford University’s Graduate School of Business and a BA in Economics from Harvard University.

What was your first job and what did you learn from it?

At 18, I landed my first job, while babysitting for our neighbour. I was chatting with the father who happened to run a technology transfer company. He offered me a position to cover for an employee on parental leave. This arrangement suited me perfectly, as it aligned with the twelve-week break between high school and university in the States. They were looking someone who could speak French, as the role involved reaching out to companies in Quebec regarding available technologies for licensing. This was my first office experience, teaching me a few lessons that continue to shape my career.

Firstly, I realized that my French skills weren't as proficient as I had hoped. I also learned the importance of persistence. The job primarily involved cold calling individuals. While some conversations were brief, others became frustrating when individuals switched to English or when discussions didn't progress as planned. Secondly, I discovered my passion for working in an office environment. I enjoyed participating in team scrums and collaborative discussions about our work. Thirdly, I realized the importance of serendipity as a career pathing agent. Had I not lived next door to the CEO, I would never have secured the job.

Reflecting on my journey, I acknowledge the inherent privilege in my story. Living next door to a CEO and having the luxury to prioritize sports over work during high school are just a few examples of the advantages I've been fortunate to have.

As you look back on your career, what were the pivotal moments that led you to your role today?

I often note that my multifaceted career journey prepared me remarkably well for where I am today, which speaks more to serendipity than any grand plan.

My first job out of university was in M&A in San Francisco before the dot-com bust in the late nineties. I was driven by a desire for success, and I believed it meant working long hours, so I dedicated myself to my job, often working shocking hours, typically until 3:00 a.m. with far too many all-nighters to count. While I found aspects of the work enjoyable and beneficial for developing my attention to detail and work ethic, I realized that I wasn't as passionate about the content of the work itself.

I shifted to corporate strategy at Gap Inc., where I truly enjoyed being part of a company and felt connected to the work I was doing. Working on projects related to advertising and merchandising effectiveness, I found fulfilment in seeing tangible results of my efforts in stores. Then, I pursued my MBA from Stanford University, where I encountered numerous successful founders and venture capitalists who emphasized the importance of following one's heart and intuition. However, I found myself unable to discern what my heart or gut was telling me to do. With no clear direction, I decided to enter the consulting field. I joined Bain & Company but quickly realized that their motto of making companies more profitable didn't resonate with me. Several factors converged during this period: firstly, I recognized that financial success alone wasn't a sufficient motivator for me. Secondly, I reflected on my previous experience at Gap Inc., where I remained involved with projects beyond their completion (unlike consulting's model). Lastly, while at business school, my mom was diagnosed with cancer, which turned out to be terminal, shifting my perspective on life and work.

Despite Bain being a supportive and accommodating workplace (I transferred from San Francisco to New York to London, UK), as my mom's health deteriorated and I dealt with infertility struggles, I realized that something had to give, and that something was my career. My partner’s income enabled me to transition to part-time work and eventually leave Bain to pursue full-time volunteer roles that gave me meaningful work with the flexibility I needed during this period. I began volunteering at the Junior League of London, a UK registered charity run by women volunteers supporting the community, and the UK’s Institute of Cancer Research. Institute of Cancer Research. These were both rewarding experiences.

Having the time to spend with my mom during her final months was incredibly important to me. She lived in Washington, DC, while I was living in London. During this time, my mom and I embarked on a special project together: we wrote a book about our experience with her cancer. We titled it "Love You So Much: A Shared Memoir." We felt compelled to share our story because we realized there was a lack of awareness about ovarian cancer. While the book may not have reached a wide audience, it was a deeply meaningful experience for both of us. It gave my mom a sense of purpose during her last years, after she had to stop working due to her health.

By 2008, my Canadian husband and I had two young kids and my family and I moved to Canada. I wanted to find a role where I could meaningfully contribute to cancer research as a non-scientist, so I decided to explore fundraising. I set up a US 501(c)3 charitable foundation to support the UK's Institute of Cancer Research, hoping to build on the success of fundraising I’d done as a volunteer for the ICR in London. We launched this organization during the global financial crisis of 2008, and unfortunately, it didn't succeed; it also affirmed that fundraising is not the role where I can have my best impact.

Arriving in Toronto as a newcomer to Canada, I was struck by the welcoming community. While I acknowledge that my experience as a newcomer was privileged, given my advanced degree and English as a first language from the US and UK, I still faced the challenge of not knowing anyone. However, through a series of conversations, I was amazed by how people opened their doors to me. One of those conversations was with Ilse Treurnicht, the CEO at MaRS Discovery District at the time, who was in search of a right-hand person to assist her with important tasks. I decided to join her. Starting as an individual contributor, I eventually ended up leading several teams at MaRS during my seven-year tenure. 

When the CEO opportunity at Futurpreneur was shared with me, I knew it was the right move for me – to explore the role of CEO at an organization that spoke to me with its inclusive purpose. Transitioning from leading teams to becoming a CEO was a significant leap, but one I was eager to take. Prior to this, I served as the president of a charity in London, but that was a volunteer position. Joining Futurpreneur was my first career CEO role, and I've been here for five and a half years now.

If you think back on leaders who inspired you in your career or leadership style, who were they and why were they inspiring?

There are so many! Here are a few from different career chapters and connections that have spoken to me.

During my first job as an analyst, my manager, Brian Flynn was a great influence. One of the best things about Brian, who is now in venture capital in San Francisco, was that he not only trusted and believed in me but also held me to a high standard. He taught me many important lessons, although some of them were delivered in a rather blunt manner. I recall one instance vividly: on my birthday – which was on a Sunday, my first day off in three months – he called me into the office because there was a mistake in a presentation deck I had prepared for a client. He emphasized the importance of checking every detail meticulously, as even a single mistake could erode client trust. He imparted a valuable life lesson: attention to detail is paramount, and every detail matters.

In my second job, I had another incredible and pivotal female role model, Marian Kremer, who was the Head of Strategy for the Gap brand. I was part of the strategy team for Gap Inc. Marion played a significant role in launching Gap.com in 1998, one of the first online clothing retailers. At the time, she was pregnant with twins and had to navigate a quasi-bed rest, yet she continued to excel in her role. Marion was influential to me in two profound ways. Firstly, during the launch of Gap.com, I remember her saying, “Either this is going to be brilliant and I'll be rewarded for pioneering this, or no one's going to buy clothes online, and I'll lose my job." She showed courage and leadership in spearheaded this groundbreaking initiative. Secondly, Marion was the first senior executive woman in my career who took the time to speak with younger women about navigating work and family, including the fertility challenges so many people face. With her advice in mind, I underwent testing as soon as I was ready to start a family, uncovering my infertility due to polycystic ovaries. Opting for immediate treatment, I became pregnant within a few months. Though my mother passed away before my son's birth, she had the precious experience of knowing that her grandson was on the way and even shared his name with her friends. It was a profoundly special moment for her.

Less directly, I recall the way Michael McCain handled the Listeria crisis in 2008. I was impressed by his thoughtful and compassionate approach in taking responsibility for the situation. Later on, I had the opportunity to get to know Michael better during my time at MaRS when he served on the board. He exemplified what CEOs should ultimately do - reward their team for successes and take ownership when things go awry.

There's a gift in being both thoughtful and rigorous, and Grace Lee Reynolds, the former CFO at MaRS , exemplifies this leadership style. Her leadership style really stood out to me. Instead of leading with “no” when an idea seemed unlikely to work, she would say, "we'll see," and then explore possibilities and help people come around to the right answer, which might be a ‘no’ but could be a ‘yes’. This approach, characterized by leading with questions rather than challenges, is incredibly effective. Both Grace and my CFO at Futurpreneur, Anukul Sharma, embody this approach, which fosters collaboration and thoughtful decision-making – very important for Finance leaders.

What motivates you every day?

Perseverance pays off. I deeply care about the work we do at Futurpreneur. It matters that young entrepreneurs succeed and contribute to vibrant communities across Canada. I believe in our mission and ensuring that the team I've been entrusted to lead has a great experience working at Futurpreneur. These thoughts keep me motivated. Additionally, as a former athlete, I've learned the value of taking action every day, no matter how small. I used to think in terms of all-or-nothing, often skipping workouts if I couldn't commit to a full session. Now, I’ll still work out even if I only have ten minutes – something is better than nothing. This mindset shift relates to work also, and has taught me that consistency and incremental progress are key in achieving goals.

What is the purpose and vision of Futurpreneur Canada?

I believe the two key elements that truly propel our organization forward are our purpose and our values. Our purpose is to drive inclusive Canadian prosperity by fostering the success of diverse young entrepreneurs.

Our Futurpreneur values encompass being mission-driven, diverse and inclusive, collegial, and collaborative, as well as accountable and transparent. These values truly define who we are. While many organizations working with entrepreneurs prioritize being entrepreneurial as a core value, it's not necessarily the case for us. Instead, we prioritize accountability and transparency in our work, fostering collaboration, creativity, and adaptability as we drive our mission forward. We have deliberately chosen values that align with who we are and how we work at our best.

How has being clear on your purpose and vision benefited you as a leader?

Our purpose and values serve as the glue that holds us together. They're the reason why our partners are eager to collaborate with us, and they guide our approach to hiring and retaining employees. Our purpose and values guide our decision-making, such as our approach to returning to the office post-Covid. We adopted a hybrid model to accommodate our team's diverse needs while prioritizing in-person collaboration. This decision was intentional and carefully considered. Our commitment to our purpose and values is evident in every aspect of our interactions with entrepreneurs. We prioritize valuing them as individuals, ensuring inclusivity in our partnerships, and approaching challenges with thoughtfulness and transparency.

It's also crucial that organizations take the time to articulate values that authentically reflect who they are. I feel that many organizations adopt what I would describe as the "magic eight ball approach" to values, where they simply choose values arbitrarily from a proposed list of options, instead of truly considering what binds the organization together.

What one piece of advice would you give other CEOs and leaders regarding leading with purpose?

Trust and authenticity are foundational for building a strong organizational culture. Leaders must embody authenticity to establish trust among team members. It matters that Futurpreneur's values align with my personal values to avoid tensions.

Representative leadership is another key aspect, ensuring diversity in experience, background, and perspective at all levels of the organization. By fostering inclusion and diverse representation, we enrich conversations and strengthen decision-making. It is important to prioritize both lived experience and professional experience, embracing diversity in all its forms, including age, background, and perspective.

Often, CEOs find it easy to build a leadership team of like-minded individuals, leading to an echo chamber that hinders effectiveness. I value leaders who think differently from me, as diverse perspectives foster robust discussions that lead to better decisions. Trust among team members ensures alignment in decision-making, crucial for executing a shared vision.

What one question would you like to ask other purpose-led CEOs?

We are always striving to deliver our service while also updating our offering. How do you approach innovation, seeking to evolve your impact, while simultaneously delivering your current service and meeting the needs of those who count on you?

One question from the CEO we interviewed before you, Tonie Chaltas, Chief Executive Officer, Achēv.

How do you ensure that your purpose resonates and is relevant to everyone in a multi-generational work environment?

At Futurpreneur, we have a multigenerational work environment. We have leaders of different ages; our employees span from 22 to 60s. Similarly, our board comprises multiple generations contributing to improved leadership and decision-making.

I’ll share a funny story. In my early days at Futurpreneur, I shared a clip emphasizing the importance of alignment. It was a scene from Jerry Maguire, featuring Tom Cruise and Cuba Gooding Jr. in the iconic "help me help you" exchange. This scene illustrates the importance of candid conversations – even arguments - to moving forward with trust. Interestingly, a few team members remarked that the movie, which I first saw in my early 20s, was from the year they were born. While that wasn't the intended focus of showing the clip, it highlights the diversity of ages and perspectives within our team.

In our annual strategy review, we ensure our principles stay relevant and impactful. We engage in conversations and gather feedback to refine them accordingly. Recently, we adjusted our goal from "fueling" young entrepreneurs' success to "fostering" the success of diverse, young entrepreneurs”, reflecting our inclusive ethos. Our diverse array of young entrepreneurs includes individuals from several equity-deserving groups. We've established a DEI cross-functional council, which embodies our commitment to inclusivity and youth representation. It's about creating a culture where everyone feels empowered to express themselves freely and voice their perspectives. These conversations allow us to gain new insights and ensure that our language and actions align with our values and goals.