Making Lemonade…

While many small and medium sized businesses have been hard hit by prolonged lockdowns, creative entrepreneurs have been coming up with innovative ways to turn lemons into lemonade. And it’s likely that one particular flavor will help quench the thirst for sustainable, diverse business ultimately boosting a recovering economy.

It’s not a new flavor, but it is one that’s recently gaining in popularity. (When there aren’t too many flavors available, we naturally pay more attention to those that are available.) The flavor I’m referring to is the ‘competitive startup’.

Bubbly and refreshing… the competitive startup:

We’re not talking just any startup. We’re talking about those that are taking advantage of a window of opportunity - one which provides all the ‘magic ingredients’ necessary to attract talent, great clients and supportive public perceptions. What are those ingredients? I’m glad you asked!  

The ‘magic ingredients’: Ownership, Freedom and Flexibility.

Ownership:

I’ve been talking a lot about the importance of feedback, employee engagement and other topics relating to healthy and productive work relationships and dynamic, growing organizations.  Here’s an aspect I haven’t spoken about in any depth: ‘ownership'.

We already know when team members are engaged in decision making, they’re more likely to buy into implementing those decisions than if they’re a ‘top down’ mandate. It effectively turbo charges that buy in when team members aren’t just employees, but are also owners of the organization.

Many talented people have traditionally set their job-hunting sights on the bigger, more glamorous and blue-chip giants who offer great salaries, perks and stability. Getting a job at one of these also looks great on their resume. With the recent economic shake-up these talented individuals are now weighing up other options with other kinds of benefits that might previously have appeared a little more risky. For instance, signing up with an exciting and ambitious unicorn could be a hugely exciting and rewarding choice - or a big bust.

Now, however, remote working is more viable. Shares don’t necessarily mean more money in the pocket immediately, but the risk can be worth it if expenses can be significantly cut by changing where you live. Now creative startups can not only attract better talent, but also build significantly more engaged teams. When team members own shares in the organization, they take their ownership responsibilities seriously and their engagement and commitment intensifies. 

While this trend is reasonably common in America, it’s lagging behind a little in Europe, frustrating tech founders and investors who are calling for changes to legislation to allow for quicker visas and incorporation and better stock option regulations. 

Freedom:

Necessity is the mother of invention. A true statement and not just for tech startups. While obviously all things IT and AI are developing exponentially, we’re also seeing other types of grass-roots startups popping up and carving their own niches. When we’re talking ‘ownership’, there’s nothing more grass-roots than the owner-operator setting up shop to provide a product or service that’s in demand courtesy of the unique set of circumstances we are currently experiencing.

From dog-walkers, to baby-sitters, to all kinds of consultants, we’re seeing people make innovative use of their interests, hobbies, skills and talents to create an income to replace their former employment.

On a stranger note, there is a rise in ‘virtual companions’ and we’re not talking about social media buddies. Virtual worlds where people can meet as avatars and hang out together. These startups aren’t new but never really took off until now.

How about the virtual ‘gym’? There have been a number of personalities who’ve broadcast exercise classes either online or via TV. Classes for children kept out of school and parents kept out of the office by the pandemic. On a more glitzy note, Peloton, a virtual ‘trainer’ startup has become very popular across the western world over the last year courtesy of the pandemic.

Virtual ‘experiences’ are another good example of an innovative startup. Can’t go traveling? Missing out on that vacation? All is not lost. Some travel operators, tourism associations, museums and other attractions are offering 3D VR tours where you can enjoy anything from an African safari, to classical art appreciation, to scuba diving from your living room - and then attend a video conference session with a guide who can answer your questions and give you the ‘on the ground’ experience details.

All of these startups offer us freedom, but, their real success is created by their ability to be agile and pivot under trying circumstances. Having a flexible and opportunistic mindset is key!

Flexibility:

When it comes to flexibility and on a much larger scale, we’re seeing traditional industries such as shipping and supply chain logistics becoming very agile and innovative in a bid to avoid experiencing a Titanic type disaster.  

With grid-lock moving from the highways to the ports, some supply chain logistics companies made plans early to divert shipments to less busy ports.  

In some instances, due to the rise of e-commerce, the containers in which products are being shipped are now doubling as warehouses from which the products are actually dispatched. We’ve become used to quick delivery and those who’re able to satisfy that demand definitely have an edge over slower competitors.

It’s Inspiration, Innovation, Implementation:

All the examples we’ve looked at so far should help inspire us to look for the opportunity in the obstacle. Instead of allowing circumstances to dictate our success or failure, they help remind us that when we’re faced by a mountain, we have options to get to the other side: over, under or through! Not forgetting, of course, that it takes more than inspiration, even more than innovation - it takes the willingness and persistence of implementation!

#Startup #Diversity #Agility #Pivot #Leadership #Nimbulis #CWM #business #technology #innovation