JUNE 2024 THE WEAVE – THE REAL STARTUP COMMUNITY FIGHTING FOUNDER BURNOUT AND KEEPING DREAMS ALIVE
“In early June the world of leaf and blade and flowers explodes, and every sunset is different.” – John Steinbeck.
CATCHING THE WAVE
A HORIZON SCAN – WHERE RISK AND OPPORTUNITIES RESIDE
2nd July – A Game-Changer to Your Business
Join us as we bring fresh thinking to old ideas
We are delighted to bring you a day of discovery and insights in conjunction with Thinking Outside, facilitated by Sophie Lovejoy and Sara Corcoran. This event is a unique and exciting opportunity exclusively for our community members to bring a persistent challenge and apply a fresh approach to solving it. But it's not just about the challenge. It's about you and the practical benefits you'll gain. You'll have the chance to network and engage with a diverse group of fellow entrepreneurs, sparking potential collaborations and gaining new insights and perspectives that could help you overcome your business hurdles. So, step out of your usual environment as we walk, talk, and observe all around us. Embrace your creativity and develop new ideas while building deeper bonds. Those who learn together work together.? Sign up here
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Our webinar this month, now scheduled for June 27th, a week later than initially planned, will be a comprehensive six-month environmental scan. We'll delve into the emerging trends over the past six months and explore those shaping the future. This in-depth analysis is necessary for any entrepreneur striving to stay ahead. Join us for this enlightening session. ?
Changing the Huddle
We are revamping the Huddle to Friday Reflections, a short opportunity to create an end to a week. To give this shape, we will start the week with a Monday Mindset—set a goal for the week ahead and get the focus to deliver it. Both sessions will initially be led by James and Sandrine and will be open to all. We will announce this to the community when it is due to start.
THE TED LASSO APPRECIATION CORNER
?This Photo by Unknown Author is licensed under CC BY-SA-NC
#6 The Wisdom of Ted Lasso – just for you!
“A palace made out of crystal seems mighty fragile to me.”
When we build something, let’s ensure it looks beautiful and the foundations are solid. We still invest so much time in the aesthetic design and less in the robust systems that need to underpin this that what we build has less longevity and, therefore, less value than we hoped. Look at the value chain you are working to establish; what does it say about you, your values, your aspirations and the efficiencies we strive to create? What could you do to make them more robust and less risky to your future?
If you haven’t seen Ted in action, then watch Apple TV and download an inspiring series that underpins servant leadership as a philosophy.
TRENDS
A monthly horizon scan as we look around at what’s being talked about Nationally and Globally. We identify potential threats and opportunities that should appear on all our radars.
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Headline of the Month
By Abi Smith, writing for The Guardian.
Having just returned from a week away on a canal boat, I went into an enforced detox from work. With minimum Wi-Fi and limited noise, travelling at 3MPH, and the inability to stream any TV, I read, wrote, and reflected on where I am and, ultimately, we are as a business. I thought about the many conversations I have had, the collaborations we are working on and those we would dearly love to engage with. I also thought long and hard about the mission we have all signed up for. The Weave wants to encourage the hustle, like so many others, but we also want to protect the founders, business owners and teams who burn out, taking their ideas, dreams and capital with them. The UK loses ￡11 billion a year because of a toxic hustle culture that eventually erodes belief and eradicates resilience. We must try to help as much as possible to eliminate the losses while encouraging the mindset.
Abi Smith of the Guardian describes this culture as being ‘always on’ and having a burning desire to succeed. She recognises that over 2/3rd of us love this way of life and yearn for the upsides it brings. But what starts as ambition develops into long working weeks (50 to 70 hours is the norm) and a blurring of the lines between work and home. I have always lived on the edge of this existence, but I recognise the damage it can reap on relationships and the pressure it can place on families. We wear this culture as a badge of honour to the life we strive for.
The costs that many of us endure by letting the hustle culture pervade our lives culminate in a lack of clarity, limited goal setting, and stretching of resources and capabilities, leading to greater effort to deliver marginal gains. Poor decision-making and, with over 70% of investors who witness this kind of toxic culture, an unwillingness to invest.
We can regain a foothold by engaging the services of mentors who can illuminate the current situation and present direction and opportunities to articulate where boundaries need to be. To learn about tools and techniques that can build resilience into your business, allowing for smarter working and greater results. Finally, a place where you can engage socially to learn and develop these techniques.
POLITICAL TRENDS
UK Politics: Enough has been said – the election date has been set, and the candidates are off and running. We will abstain from criticisms or finger-pointing and leave that to others over the next few weeks. All we will say is that we care little for any party’s options – our manifesto, if we had one, would be based on policies that deliver:
1.???? Gender equality
2.???? Social enterprise business-focused agenda to deliver meaningful change and real levelling-up across the UK.
3.???? A change in the business tax system where social and ecological rebates offset high corporation taxes.
4.???? VAT rethink – reducing the VAT threshold to ￡10,000 and removing VAT exemptions where all products have VAT at a much lower rate.
5.???? Strength in regional and local governance with autonomy that encourages internal competition.
6.???? A vision for the UK that is inclusive, diverse and empowering, focusing on access to life-long education.
7.???? Open immigration based on an effective point system that encourages integration and strives to eradicate segregation.?
8.???? An open dialogue focusing on accommodating ideas rather than party dogma where every subject, from public-private partnerships to sacrificing tradition for modernisation, is on the agenda.
9.???? A commitment to a culture of innovation that seeks to rebalance the UK engines of growth and works towards food security and regenerative capitalism.
10. A radical shift in the education system that is not afraid to seek new approaches.
US Politics: Trump is still strong despite being found guilty, and Biden may face another economic crisis before November if not a personal family crisis as Hunter, his son, is facing jail time now, and he has been found guilty of one set of charges. This result may fly in the face of Trump’s claim of a weaponised judiciary, managed by Biden for the sole aim of discrediting him. Trump himself, post-conviction, saw this as a green light for an anti-establishment candidate like him to draw similarities between his experience and that of more worthy political prisoners. His rhetoric is not harming him, and a recent set of polls places Trump ahead in five out of six key states: Michigan, Arizona, Nevada, Georgia and Pennsylvania, as swing votes in the young and Hispanic demographic express resentment to the current administration's handling of the war and economy. In sentiments being echoed here in the UK, dissatisfaction with the current state of the political system is dangerously close to turning into something more profound, and with over 70% of the US electorate wanting intrinsic real change, political instability is a real cause for concern.
European Politics: Europe was predicted to lurch to the right, and it has, but perhaps less so than some had expected. In the aftermath of D-Day commemorations, the centre-right and far-right have made unifying moves and have been welcomed by the centralists. The biggest losses were from the Greens, where the more accommodating policies of the main parties diluted the Greens’ USP. Still, there was also some backlash from the agricultural communities, who believed the Greens focused too much on penalising their way of life.
The centre-right and far-right’s stand on immigration, even from within the EU, is undermining the founding agreements about labour mobility. The division also undermines support for Ukraine, but one bright side of this is Giorgia Meloni, the far-right leader and Italian prime minister, who appears more supportive of the war and less so of Putin, is a welcome counterweight to Marie le Pen’s position. Suppose November brings a change in the US administration, and Trump wins. In that case, Putin will be firmly in the driving seat, and a new divide between Russian-controlled sympathetic states and Western governments will emerge, creating a potential new European wall.
In a battle for global resources with the West, this Russian Chinese axis could see Europe fighting a war in isolation on its home ground at a time when it is internally more fractured than it has been in the past. Now is the time for a far more resilient vision of a Europe not humbled by its divisions but stronger by the values that unite it. G7 in Italy is currently hosted by a far-right party with a prime minister who is the only one to bolster their position in the recent elections.
Mexico - Claudia Sheinbaum breaks the glass ceiling and wins as first woman president.
She is a Climate Change professional and activist, holds a doctorate and is now one of the most powerful women in Latin America. She will be a significant force for change and face many challenges, not least the relationship between the US and its immigration stance. As a left-wing politician, outright feminist and climate activist, she stands as a mirror to the US and its approach. She could be a unifying force for a more open and collegial approach across the continent. Undoubtedly, she will be a formidable adversary for whoever she faces in the US elections.? ?
Concerns/opportunities for Business
Political instability impacts markets, can lead to international controls on the movement of resources, and leaves those without a strong internal solution vulnerable. You can do little to prepare for the unimaginable; all we can do is work for what is attainable.? Therefore, the greatest opportunity is risk analysis and identification of weaknesses in the system. One technique we use at The Weave is the Premortem Process.
The premortem technique is a proactive risk analysis method used in project management and business planning to identify potential problems before they occur. Unlike a traditional postmortem, which examines what went wrong after the fact, a premortem anticipates failures to mitigate them in advance. Here’s a detailed description of how the premortem technique works:
Steps Involved in a Premortem:
1. Assemble the Team or Work with The Weave: Gather all key stakeholders and team members involved in the project or business initiative. This should include a diverse group to provide different perspectives.
2. Define the Objective: Clearly state the project's or business initiative's goals and the context. Ensure everyone understands what success looks like.
3. Imagine a Failure Scenario: Ask participants to assume the project has failed spectacularly. It is essential to envision a complete failure rather than just partial setbacks. This helps in thinking broadly about potential issues?
4. Brainstorm Reasons for Failure: Each team member individually writes down all the possible reasons why the project might have failed. Encourage creativity and thoroughness. Consider all aspects, including technical, operational, financial, and human factors.
5. Share and Discuss: Team members share their lists of potential failures with the group. They discuss each point in detail and consolidate similar items. This step helps build a comprehensive view of all possible risks.
6. Prioritise Risks: Evaluate the list of potential failures and prioritise them based on their likelihood and impact. This helps in focusing on the most significant risks that need immediate attention.
7. Develop Mitigation Strategies: Brainstorm possible mitigation strategies or contingency plans for each high-priority risk. Determine actions that can be taken to prevent the risk from occurring or minimise its impact if it does happen.
8. Create an Action Plan: Develop a concrete action plan that outlines who will be responsible for each mitigation strategy, what resources are needed, and the timeline for implementation. This ensures accountability and follow-through.
9. Review and Update: Regularly revisit the premortem analysis throughout the project lifecycle. As new information emerges and the project progresses, update the list of risks and mitigation strategies accordingly.
Benefits of the Premortem Technique:
·?????? Enhanced Risk Awareness: By proactively identifying potential issues, teams are better prepared to address them, reducing the likelihood of unexpected problems.
·?????? Improved Planning: Anticipating possible failures leads to more robust planning and resource allocation.
·?????? Team Collaboration: Involving the entire team fosters a sense of shared responsibility and encourages open communication.
·?????? Increased Project Success Rates: Addressing potential risks early significantly improves the chances of project success.
An Example Scenario:
Imagine a tech company planning to launch a new software product. In a premortem session, team members might foresee failures such as software bugs, unmet customer needs, inadequate marketing, or competition from other products. They would develop rigorous testing, market research, effective marketing campaigns, and competitive analysis strategies to mitigate these risks.
The premortem technique is valuable for anticipating and addressing potential failures in projects and business initiatives. It helps teams think critically and collaboratively about risks, leading to more successful outcomes?
SOCIAL TRENDS – Public opinions and social trends reports for May 2024
Global Travel is back – despite the cost-of-living crisis: the world is on the move once more.
Two trends to keep abreast of – the first is that we are increasingly looking for off-season luxury travel, and the second is that the use of search engines to discover online travel agencies could be at a peak.
Luxury travel
There has been a trend for ‘workations’, the hybrid experience of combining business travel with a pleasurable element. This has led to a general growth in popular destinations like the US and Europe. According to ‘Business of Fashion (BOF), 2024 could see global travel flows reach 110 per cent of 2019 levels. The hybrid experience and the Paris Olympics will significantly impact destinations but so will spending in general. Travellers' needs influence the support industries, including luggage and other travel items, clothing, beachwear, and shoes. The expectations for improved functionality and a greater focus on aesthetics are increasing. Different trends in the hospitality sector are also evident, with hotels having to raise their game regarding experiences and inclusivity. So, the needs of the Gen Z traveller are now defining fashion, hospitality, and many industries that seek to serve the needs more fully, such as insurance and banking.
Opportunities from within.
The time is ripe for you to align yourself with a travel operator; whether you are in hospitality or fashion, you can easily investigate affiliate programmes that link one to the other. Start the discussions now—if you are a retailer, how might you focus on travel and the traveller's needs? What if flying was less appealing? What other modes of transport could be incorporated into your business model?
AI as the chosen tool for your travel partner
Since 2018, online travel agencies (OTA) have taken a much larger percentage of bookings than offline. Statista says the online presence has grown from 62% to 76% of all bookings. There is an argument to suggest that this trend will continue and that AI will have a crucial presence over the traditional search processes, including highly iterative BOTs that will nail down exactly what you are looking for. Sites like TRIVAGO that search for the best deal could be enhanced by AI that finds the cheapest and optimum room rates and the ideal aspect of a room for the client’s needs.
No longer are we conditioned to experience and plan a holiday from a brochure or website; AI will personalise the experience and create both itineraries and pre-travel inductions that change how a holiday is imagined and consumed.
The teaser process will be intensified with virtual tours and virtual holiday assistants reminding you of dates, documentation, and insurance that match the traveller's needs. They will also order the currency, find the best deals and ensure everyone who needs to be is advised of where you will be.
Imagine having a budget, and you need to optimise the spending with the best experience you can imagine. AI is changing the way holidays are being and could be purchased and consumed.
How do I get involved?
There are various approaches to consider. One option is to work as a travel adviser, offering a personalised travel service using an AI platform or creating a new travel app with AI-customised chatbots. You could also focus on developing data sources that enable dynamic pricing, optimising pricing based on demand and aligning it with the desired experience.
On the security front, you could protect vacations from multiple risks by collaborating with different insurance companies and using data to calculate the probabilities associated with various outcomes. Also, you might be able to explore language translation services tailored to regional dialects and areas.
Route optimisation is crucial, as well as leveraging various data sources and the best travel practices to promote sustainable travel solutions, reduce the carbon footprint, and recommend eco-friendly travel options and accommodations.
Conclusion
Technology is transforming the travel industry and creating new opportunities for people to achieve their travel goals. A BCG Report, Building the Travel Company of the Future, indicates that at least 30% of existing travel businesses are stagnating, which leaves a lot of untapped capacity in an industry set to be on a significant growth trajectory. The data suggests that the levels of travel are increasing, leaving the pandemic behind, despite the cost-of-living crisis. By 2026, growth across the sector will see aircraft fleets increase by 13%, theme park visits by 22%, hotel booking by 11% and cruise passenger volumes by 33%. This trend is creating more opportunities for innovation in how we book and experience travel.
The same BGC report indicates that to be a future fit travel company and participate in the transformations, you must:
1.???? Focus on customer expectations and the customer journey
2.???? Establish a foothold in non-traditional sectors like workationing and combining business with leisure.
3.???? Include technological solutions like virtual reality and mobile applications to enhance the pre-purchase phases.
4.???? Invest in the entire supply chain to create a complete brand experience and maximise the pricing and value exchange.
5.???? Invest in training to accommodate ancillary services and integrate sustainable practices.
6.???? Overcome labour shortages through innovative ways of incentivisation and remuneration for those working in the profession.?
Places to focus your energy and excel include six specific attributes:
·?????? Aligned leadership and purpose.
·?????? Di?erentiated people advantage.
·?????? Agile operating model.
·?????? Innovation-driven culture.
·?????? Modern technology platforms.
·?????? AI embedded systems
Addressing the uneven playing field for founders with alternative responsibilities.
Working with university students, it is obvious that they are being pulled from pillar to post. Whether trying to balance academic demands or living and supporting themselves as international students on a post-graduate work visa, the challenges they face in managing their time and focus are evident. Yet, they have one major advantage over others. Normally, they are just managing themselves. Many accelerators will provide some support, but a commitment of 100% focus is normally the cost, along with equity.
When you are responsible for caring for others while trying to build a business, 100% focus is a luxury, funding is unlikely to be offered, and a lack of support accentuates the problems. According to the Kings Fund report, “Caring in a Complex World”, 10.3% of women are identified as unpaid carers, as opposed to 7.6% of males. ?Whether it’s a child, family member, or even a neighbour in need, if you are required to support them, the demand for your time, energy, and mental fortitude is a heavy burden.
Despite significant improvements in women participating in and becoming entrepreneurs, there is still a considerable gender gap. According to Prowess, a platform that supports and helps women in business, “self-employed women with caring responsibilities, in England and Wales, receive less support than employed women”, returning to work faster after having children, and usually with little or no maternity cover to support them. How can we expect a fully diverse and representative entrepreneurial ecosystem if we are placing barriers and actively hindering the participation of all those who want to build something for themselves?
Exhaustion and constant fear of failure undermine confidence and absorb any creative prowess. I have also been spurred on to consider what we can do in this space, supporting those with childcare responsibilities who are also running/operating a startup.
The Kings Fund report states that carers need information and advice, timely support, advocacy and coordination support, peer support and emotional well-being, assessments, tailored support, accessible and inclusive services, and integrated care. If these services were made available, carers would have the means to care for their loved ones while caring for their well-being. Many of these needs are shared by the parent and unpaid carer communities. Both have their own economic needs and face an uneven playing field. This injustice denies opportunity and, in real terms, stifles wealth generation and job creation.
Value proposition
If The Weave were to offer a carer service to support the well-being of these communities, which would focus on providing cover and working with a care provider to direct services to the entrepreneur's needs, it would align with the mission to fight founder burnout. I would ask anyone interested in exploring an opportunity like this to reach out and contact James Cracknell or Sandrine Singleton-Perrin through the Mighty Networks community or via LinkedIn?
We would love to hear your thoughts and share them with the community.
Technology Trends 2024
AI is still the predominant conversation as we experiment with many ways to embed technology into our processes. We see it impacting the future of retail as we do by personalising the buying experience of all consumers. It is changing the care, hospitality and agricultural industries and allowing for strides in productivity for solo entrepreneurs. Stemming from the rise in AI, many are very concerned about how much personal data and breaches are happening. Government bodies (BBC), along with many corporations, have been hacked this year, where personal data of employees and customers have been shared. Hacks and leaks are rare but still occur with significant personal information being published.?
2024 is a significant year for the industry. The creation of Cyber Information and Security Officer (CISO) roles is gaining more interest, whilst the budgets and expenditures have been rising. The industry's market capitalisation has grown robustly, making the earlier 2021 investment peak profitable for VCs and funds. Investment is lower now, but with valuations higher, investors are not complaining.
AI is both a threat and a defence to security, and we must keep our wits about us, especially as we grow our customer base, where people place their trust in our hands.
Improving cybersecurity is as crucial for small businesses as it is for large. To protect against data breaches, financial losses, and reputational damage, here are some key steps a small business can take:
1. Undertake Personal and Employee Training and Awareness:
-??????? Conduct regular training sessions on recognising phishing emails, using strong passwords, and the importance of security practices.
-??????? Promote a culture of security awareness.
2. Strong Password Policies:
-??????? Enforce the use of complex passwords and regular password changes.
-??????? Implement multi-factor authentication (MFA) wherever possible.
-??????? Never share passwords openly – we use an encryption tool for password management
3. Regular Software Updates and Patch Management:
-??????? Keep all software, including operating systems and applications, updated with the latest security patches.
-??????? Use automated systems to manage and deploy updates.
4. Firewalls and Antivirus Software:
-??????? Install and maintain firewall protection to block unauthorised access.
-??????? Use reputable antivirus and anti-malware software and keep it updated.
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5. Secure Wi-Fi Networks:
-??????? Use strong encryption (WPA3) for Wi-Fi networks.
-??????? Separate guest Wi-Fi from the business network to prevent unauthorised access.
6. Data Backup and Recovery:
-??????? Regularly back up data to secure off-site locations or cloud services.
-??????? Test backups periodically to ensure data can be restored during an incident.
7. Access Controls:
-??????? Limit access to sensitive information to only those employees who need it.
-??????? Use role-based access control (RBAC) to manage permissions.
8. Encryption:
-??????? Encrypt sensitive data, both in transit and at rest, to protect it from unauthorised access.
-??????? Use secure communication channels like HTTPS to transmit sensitive information.
9. Secure Devices:
-??????? Ensure all devices (computers, smartphones, tablets) used for business are secured with passwords, encryption, and up-to-date security software.
-??????? Implement policies for remote work and Bring Your Own Device (BYOD) scenarios.
10. Incident Response Plan:
-??????? Develop and maintain an incident response plan outlining steps to take in the event of a cybersecurity incident.
-??????? Conduct regular drills to ensure employees know how to respond.
11. Vendor and Third-Party Security, including the use of contractors:
-??????? Assess the security practices of third-party vendors and partners to ensure they meet your security standards.
-??????? Include cybersecurity requirements in contracts and agreements with contractors.
-??????? Minimise the amount of data outside parties hold, especially regarding your clients, making sure notes on delivery or sales are only uploaded onto your secured servers, even if you have to do it yourself.?
12. Cybersecurity Policies and Procedures:
-??????? Document and enforce cybersecurity policies and procedures.
-??????? Regularly review and update these documents to adapt to new threats.
13. Use of Secure Hosting and Cloud Services:
-??????? Choose reputable hosting and cloud service providers with strong security measures.
-??????? Understand the shared responsibility model for cloud security and meet your responsibilities.
14. Monitoring and Logging:
-??????? Implement monitoring and logging to detect suspicious activities and potential breaches.
-??????? Use intrusion detection and prevention systems (IDPS) to enhance security.
15. Cybersecurity Insurance:
-??????? Consider purchasing cybersecurity insurance to help mitigate the financial impact of a cyber incident.
By taking these steps, small businesses can significantly reduce their risk of cyber-attacks and be better prepared to respond to any security incidents that do occur.
We would love to hear your thoughts and share them with the community.
ECONOMIC TRENDS – Cuts have started, but are they contagious?
Inflation data and sluggish real data have been encouraging for doves (those seeking lower rates), prompting some central banks to cut rates. The Bank of Canada saw easing inflationary pressures and slow growth enough to signal a quarter point lower, along with the Swiss and the European Central Bank (ECB). All responded to the signals and the call for lower rates to keep the current economic models working. However, the BoE and the FED kept their powder dry despite easing inflation. Why? At the start of the year in the US, there was a high probability of four cuts priced into the yield curve, which has shrunk to just one. The FED is more cautious than many would like, but it has good reason.
1.???? Supply chain disruptions continue and are unlikely to dissipate in the current geopolitical tensions.
2.???? Strong domestic demand—people living with higher rates and an ageing population with less debt and more savings benefit.
3.???? Commodity prices have fallen, but there are pockets of the squeeze, not least for some of the metals required to keep growth going.
4.???? Pay vs. prices—With wages growing annually at 4.7% compared to price rises, the economy has purchasing power.
While post-pandemic inflation has peaked and appears to be heading lower, other asset prices, including the prices of some raw materials, are still rising.
How sustainable are the current inflation targets, and how could this undermine the economy as we advance? We have remained cautious that the heat needed to be less for the FED to act aggressively, which has not been the case. We still maintain that they will cut and probably stay with two despite the one-cut rhetoric at the last meeting, as inflation and economic data could decline more as we move closer to the election. The economic uncertainty painted by the current election cycle isn’t helping sentiment, and the UK is not immune. Forecasting anything in these muddy waters is proving to be a nightmare. Still, taking a meta-view, most indicators are encouraging and point to continued moderating inflation and a small uptick in global growth. Policy initiatives are directed towards fostering innovation and tackling the unwinding of stimulus from the pandemic.
We see two risks to this soft-landing scenario. First, the AI paradigm shift has not been modelled with great confidence. We could see a surge in growth led by investment, derailing most central banks' forecasts and leading them to emphasise inflationary pressures despite productivity gains.
The second risk is related to the political instability that could emerge from a Trump win or loss in the US or, indeed, in the UK, the emergence of Reform as a precursor to such a move and their holding of political and economic power.
Political instability may become seismic shifts, leading to investor uncertainty and many problems. The lurch to the right (see above) may prompt a resurgence of left-leaning activism and social unrest. Business tends to carry on regardless, but it may find that the grey pound (ever so important) is less willing to play, keeping consumer confidence lower and economic activity weaker.
CONSUMER TRENDS – The Negative Effect of EVA Footwear
EVA (ethylene-vinyl acetate) is fast becoming the latest summer fashion trend, which could undermine fashion's desire to be seen as more sustainable. The Crocs and sliders that many choose to wear could also be part of the fast fashion cycle many are trying to fight. EVA products can be biodegradable and made of vegetable matter, but many are still derived from petrochemicals and can hang around for years. According to a Fast Company article, Crocs started the whole EVA shoe construction trend, and other brands developed similar products, including gel sandals and sliders that are being sold by running shoe brands, so after the run, they can slip into something more comfortable. The trend aligns with a desire for colour, speed and convenience as we use them to travel no more than a ‘2-mile radius’ from our homes.
As with any high-end product (top-end Crocs sell for ￡200+), the market leaders are focused on sustainability, with Crocs introducing their recollection programme and many switching to non-petrochemical formats. However, cheap imports selling fast fashion are eroding these values. As the article states – they love the comfort and style, but in 2024, do you want to buy more plastic?
With sales of $11 billion in 2023 and heading towards $19 billion by 2032, that’s a lot of sales and plastic. It is not that EVA can’t be recycled; it is that, as with all our fashion, we tend to move on and leave the problem to someone else. Biodegradable products are available, but not in the quantity needed, and programs run by the market leaders help, but they do not stop the cycle of cheap imports.?
What can we do?
·?????? Get educated and consider what we buy and how we use it.
·?????? Encourage clear labelling on all the products to show how consumers can return their items, recycle and repurpose the product
·?????? At a minimum, we need to ensure that those companies that offer to recycle/repurpose processes are the ones we buy from and use.
·?????? In the meantime, if there is a biodegradable alternative, consider that and buy one pair and not three.
Sustainability News – What we learned from World Environment Day
June 5th was World Environment Day, highlighting the global commitment to the environment and society's positive consumer attitudes. It was also a chance for the voices of the climate deniers to sound out against what they see as the propaganda that scientists have been peddling about our deteriorating climate.
So, who is winning, and what should businesses do about it?
The current UK elections have propelled Reform into the limelight once more. This political party is gaining traction in the polls for several reasons, not least the clear language opposing much of the current ‘evidence’ around human-caused climate change. This resonates with some in business who see the costs imposed as detrimental to growth and are part of a backlash against climate action.
Ditching net-zero targets and eliminating renewable subsidies while increasing drilling for fossil fuels may feature in their manifesto. But does it have public backing, and is their stance changing minds?
The evidence suggests not: Over two-thirds of the UK population, especially the next generation, see climate change as a critical threat. Baby boomers and Gen X are the most apathetic, with 30% disagreeing. This leans into the Reform demographic and appeals to sceptics and conspiracy theorists.
The evidence contradicts this: Over two-thirds of the UK population, especially the next generation, see climate change as a critical threat. Baby boomers and Gen X are the most apathetic, with 30% disagreeing. This leans into the Reform demographic and appeals to sceptics and conspiracy theorists.
We believe switching to an environmentally positive business model is both commercially astute and effective in working towards a climate-neutral economy. Common sense says the world has finite resources, and if humanity is to survive, we must create more efficiencies that do not harm our future potential, whether the harm is real or imagined. ?This can only happen if we focus on sustainable practices. A world of high, unfettered asset disposal is not great for anyone. Productivity is a measure of return; the more we can get from something, the greater the productivity.? That should be our focus!?
INNOVATION: LEARNING OPPORTUNITIES TO BRING ABOUT VALUABLE CHANGE
Overcoming Inertia
One of the many challenges that change agents must overcome is inertia. This force dictates how the target user resists adopting an idea, no matter how much we believe the new idea should be valued. In our work with innovation, we must embed change into the organisation, which often requires us to use visualisation to establish consensus.
I first came across Holger Nils Pohl's work when I attended a masterclass workshop on the Business Model Canvas and Value Proposition Canvas by Alex Osterwalder. I became an advocate and fan of Holger and his drawing techniques that capture and display thinking. In 2019, his guide to visualisation emphasised the use of visual storytelling and metaphors to facilitate understanding and engagement with complex concepts.
The speedboat analogy is particularly useful for overcoming inertia when adopting innovation and change, as it vividly illustrates the dynamics and challenges involved.
Here’s how you can use this analogy:
Speedboat Analogy for Overcoming Inertia in Innovation and Change by Holger Nils Pohl
1. Identify the Speedboat:
-??????? Speedboat: Represents an organisation's agile, innovative initiatives or projects.
-??????? Captain and Crew: The leaders and team members driving the change.
-??????? Engine: The resources, skills, and technologies powering the innovation.
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2. Understand the Waters:
-??????? Calm Waters: The current stable, risk-averse environment where operations are predictable but slow.
-??????? Choppy Waters: Represents the initial resistance and challenges when starting new initiatives.
3. Visualize the Journey:
-??????? Starting Point: The organisation's current state is characterised by inertia and resistance to change.
-??????? Destination: The desired future state where innovation is embraced and the organisation is more dynamic and competitive.
4. Overcoming Resistance (Inertia):
-??????? Anchors: These symbolise inertia, representing old habits, fear of change, and established processes that hold the organisation back. The deeper the anchor, the harder it is to break free.
-??????? Cutting the Anchor: Represents the actions needed to overcome inertia, such as:
-??????? Clear Vision and Communication: Establish a compelling vision for the change and communicate it effectively to all stakeholders.
-??????? Empowerment and Support**: Equip the team with the necessary tools, training, and authority to make decisions and drive the change.
-??????? Quick Wins: Identify and execute smaller, manageable projects that demonstrate the benefits of the new approach, building momentum and confidence.
-??????? Feedback Loop: Implement a continuous feedback and improvement system, allowing the team to adapt and refine their approach in real-time.
5. Navigating the Journey:
-??????? Adjusting Course: Be prepared to change direction based on feedback and new information, ensuring the speedboat stays on the path to the desired destination.
-??????? Balancing Speed and Stability: Strive to push for rapid innovation while ensuring the changes are sustainable and integrated into the organisational culture.?
6. Celebrate Milestones:
-??????? Milestone Markers: Recognise and celebrate achievements to maintain motivation and demonstrate progress.
Applying the Speedboat Analogy in Practice
1. Workshops and Visual Storytelling:
-??????? Use workshops to involve team members in mapping out the speedboat journey. Visual storytelling tools, as emphasised by Pohl, can make this process engaging and clear.?
2. Role-playing:
-??????? Have different team members take on the roles of the captain, crew, and other elements of the analogy to foster a deeper understanding and personal connection to the change process.
3. Regular Reviews:
-??????? Conduct regular reviews of the journey, using the speedboat analogy to assess progress, address challenges, and make necessary adjustments.
By leveraging the speedboat analogy, you can create a compelling narrative that simplifies the complexities of innovation and change, making it easier for stakeholders to understand, engage with, and support the transformation process. This approach aligns with Holger Nils Pohl’s emphasis on visual tools and storytelling to drive effective communication and change management.
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