Advantages of the Economic Crisis

It’s true that the job losses are mounting every day, and I’m compassionate for the individual tragedies that this can engender. Looked at one way, we are sliding down a bottomless pit and most people are only jamming on the brakes, hoping they don’t slide in too.

That’s the public side of this crisis, but it’s not the underbelly. The crisis has given new impetus to creative innovation - new products, services and business models. The bulk of these have yet to gain an audience of more than 100, but several are surely the juggernauts of the next decades.

I’ve had the privilege to talk to five start-ups in the last few days. Each one has excellent possibilities. They are coming to market at just the right time. The traditional players, who would typically “muscle out” competition of superior products, are now unable to compete from the same position of strength. The market is looking for better and cheaper products and services. Even though the crisis has produced risk-averse characteristics in several executives, those who are looking forward, are more than willing to streamline, improve and innovate.

I believe that this is the time for the entrepreneur. I’m excited at the potential out there. The world is flattening and is really our oyster. Let’s see what successes are soon birthed to take us into the next generation of business and profit.