Social Networks: The #1 Predictor of Economic Advancement | David Obstfeld

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Nov 19, 2024

David Obstfeld, an Associate Professor at CSU Fullerton and founder of the Social Capital Academy, dives into the critical role social networks play in economic mobility. He shares how first-generation college students often struggle without access to valuable connections. The discussion also highlights the significance of mentorship and innovative networking strategies to bridge economic gaps. Obstfeld emphasizes that it's not just what you know, but who you know, advocating for transformative initiatives to empower underserved students.

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ANECDOTE

Howard Schultz at Starbucks

Howard Schultz, upon joining Starbucks, observed Italian espresso bars and recognized the potential for a social coffee experience.
He brought back this 'new knowledge,' leading to Starbucks' transformation, but his initial attempts were met with resistance.

INSIGHT

Open vs. Closed Networks

Networks can be either open, connecting disparate groups, or closed, fostering trust within a tight-knit group.
Open networks excel at generating new ideas while closed ones facilitate efficient action due to established trust.

INSIGHT

Brokerage and Connecting

Effective brokerage involves acting as a conduit, sharing information between groups.
It also includes Tertius Gaudens and Tertius Iungens, using social skills to strategically manage connections for innovation.

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David Obstfeld, a tenured professor with over 15 years of research experience, saw a troubling trend at universities: first-generation college students were struggling to secure job opportunities upon graduation, leaving them at a disadvantage compared to their peers. His research revealed a clear link between economic background and access to social networks, with wealthier students gaining social capital that propelled their career success above those around them. It wasn’t what they knew - it was who.

This insight led David to establish the Social Capital Academy, an initiative designed to help underrepresented students build the social and cultural capital they need to succeed. Through mentoring, networking, and skill-building workshops, Obstfeld is transforming the trajectory of students’ careers and helping bridge the gap in economic opportunity.

David Obstfeld is an influential researcher, author, professor at CSU Fullerton, and the founder of the Social Capital Academy.

In this episode, Dart and David discuss:
- The evolution of network analysis
- Social networks and the role of social capital
- Why getting new things done drives company success
- A knowledge-based view of the firm
- The role of brokers and triads in social networks
- Pros and cons of open vs. closed networks
- Whether social skills are innate or developed
- Perspective articulation
- Social Capital Academy and scalable models to build social capital for underserved groups.
- And other topics…

David Obstfeld is a Professor of Management at California State University, Fullerton, and an influential researcher focused on social networks, innovation, and social capital. As the founder of the Social Capital Academy, Obstfeld works to empower students from underrepresented backgrounds by teaching them to leverage social and cultural capital to advance in their careers. His book, Getting New Things Done: Networks, Brokerage, and the Assembly of Innovative Action, examines how networks and brokerage drive creativity and organizational innovation.

David received his A.B. from the University of Chicago and his PhD from the University of Michigan’s Ross School of Business. He has served on the faculty of NYU’s Stern School of Business and UC Irvine’s Merage School of Business. His widely cited research has received major grants, including from the National Science Foundation, to further investigate organizational and social dynamics.

Resources mentioned:
Getting New Things Done, by David Obstfeld: https://www.amazon.com/Getting-New-Things-Done-Innovative/dp/0804760500

Connect with David:
www.SocialCapitalAcademy.org
www.DavidObstfeldPhd.com
Email: dobstfeld@fullerton.edu

Work with Dart:
Dart is the CEO and co-founder of the work design firm 11fold. Build work that makes employees feel alive, connected to their work, and focused on what’s most important to the business. Book a call at 11fold.com.