An “Engine 2” is our term for building an alternative core business to achieve faster growth. Downturns are a great time to experiment with such projects, and our research suggests it’s best to buy your way to this type of growth, piece by piece.

We looked at hundreds of Engine 2 businesses, and of the 58 most successful, 40 relied on mergers and acquisitions (M&A). Plus, you don’t have to acquire the whole thing. You can purchase key components, like Disney did with Disney+.

During the great resignation, employers responded poorly, quit rates remained high, and…we weren’t surprised. Compensation couldn’t overcome a growing disenchantment with perceived profiteering and a lack of attention to the one thing most likely to motivate workers: engagement in their tasks.

To reengage workers, you could offer:

• An interesting place to work, like Walmart
• A connection to the mission, like USAA
• Endless learning, like Shopify

Investors increasingly expect boards and executive teams to incorporate sustainability and ESG into company strategy. In two separate surveys we conducted in partnership with the Institutional Limited Partners Association (ILPA) and Rivel last year, we found that:

• 70% of LPs say their investment policy statements include some form of ESG consideration;
• 19% of utilities investors have emissions targets; and
• 16% of oil and gas investors are considering carbon targets

Our advice: Best not to risk letting investors assess and act on your ESG outcomes before you do.

The 104-year-old insurance firm AIA wanted to address a new segment with unmet needs: young and emerging families. The company also wanted to break the classic insurer’s curse of interacting with clients only at “the worst moments of their lives.”

AIA partnered with us to build a health app that’s now the second-most downloaded in its category, and built it with 100% remote work.

Take it from the company that coined the term: Your core business may matter less right now. Our analysis of highly successful companies finds that of the eight companies that have created the most value globally in recent years, nearly all are serial business builders, reinventing their core business and—more to the point—building new ventures at scale.

The takeaway: Bold leaders place multiple bets. But they also never lose focus on the true core.