“THESE are not unprecedented times”, so says Simon Sinek, the author of Why?
These times may be shocking, sad, unsettling but they are not unprecedented.
Nations, communities, markets, firms, people have endured massive changes before – it just happens we are all experiencing it globally on primetime TV. The question is how we respond to that change.
I believe each of us have a choice; a choice either to invent a new future or reinvent our existing one. Hunkering down and waiting for the status quo to return is the riskiest option.
Airbnb, General Electric, Burger King, Microsoft, Whatsapp, Skyscanner and City Refrigeration are bound by a golden thread. Each was created during a time of economic recession or depression.
Close to home, City Refrigeration was founded in 1985, by husband and wife Willie and Susan Haughey, when Scotland was suffering its highest levels of unemployment since the 1930s Great Depression. Still headquartered in the Gorbals and with 12,000 staff over five continents they are, arguably, Scotland’s most successful start-up of the past 50 years.
Similarly, Skyscanner, our biggest tech success, was developed immediately after the dotcom crash in 2001. I asked Mark Logan, chief operating officer of Skyscanner, why so many world class firms are created in such difficult circumstances. He pointed to a number of factors.
Firstly, the founders solve problems that exist right now for customers, not a problem from the past. Secondly, they have a fresh canvas, they do not carry any baggage, the legacy systems.
Thirdly, by necessity they are lean, with limited resources, which means they have to be nimble, efficient and resourceful to make it.
We can all learn from these recession born start-ups. Invention or reinvention.
The same applies to Scotland plc, we must reinvent ourselves. Our economy is taking a massive jolt across all sectors from oil and gas to tourism.
The First Minister has set out a direction of travel in the Covid 19: Framework for Decision-Making. The final section, helpfully entitled “Renew” is strong on reducing inequality and enhancing wellbeing which I applaud. However, it is sketchy on the economic recovery. They are all intertwined, without quality jobs, wealth creation, tax revenue everything else will suffer.
We should embrace and enlist the best entrepreneurial minds we can here in Scotland and internationally – those who have gone out and done it against the odds. We must connect right into the grassroots as that is where the future is being designed right now. To quote a friend at the Kauffman Foundation: “entrepreneurs are the healthcare workers of the economic recovery”.
What more can we do to support these important frontline workers? I am not just talking about the “business” entrepreneurs but also the social entrepreneurs working in their communities and the public sector entrepreneurs redefining delivery of healthcare or education services.
More certainly can be done to improve the access to investment, especially amongst start-ups. However, it is not just about financial capital, how do we ensure the develop the entrepreneurial skills, the mindset and connections they need. How do they access the talent they need to grow?
As Mark Logan puts it: “Invest in an end to end ecosystem from schools to start-ups to scale-ups”.
We could use our size to our advantage and be truly joined up. That would be bold for Scotland plc.
Sandy Kennedy is the chief executive of Entrepreneurial Scotland
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