What would you do to reinvent business?

It didn’t take $18 billion in Wall Street rewards to corporate failure to realize that the way we do business has to change. The debris from our old models is littered across the U.S. and global economies. But what should 21st century companies look like?

A group of 35 academics, social commentators, management consultants, and CEOs took on the “what has to change” question at a meeting 12 months ago. From that, according to Gary Hamel, emerged 25 challenges for business. Some–such as redefining leadership and increasing trust–are pretty obvious. But others offer food for thought. The list includes expanding and exploiting diversity, breaking up with the status quo, and empowering renegades. It’s a fascinating starting point for a critical discussion.

What else should businesses do to restructure and thrive? What would you add to the agenda?

Photo by J. Sutt (Flickr).