Any excuse to watch a bit of Monty Python!
Anyway, I have been chatting to many people over the past week about the current financial situation and the Lehman nightmare in particular and I honestly believe that whilst absolutely dreadful for many individuals involved, a crisis such as this usually needs to happen.
Markets need to re-adjust, be it financial, housing or others and the surge of talented employees now on the market, combined with lower property and business service costs provide an opportunity for many businesses to expand, hire people they wouldn’t have been able to attract at one time and get their own businesses in better shape.
- In the same way that the financing problems of the 1980s created the junk bond, so this crunch will create a similar kind of entrepreneurship
- Unravelling the financial assets of organisations like Lehman Bros will provide a source of immense profit for organisations with deep enough pockets and sufficient smarts to find the value
- Financial institutions have traditionally been the most enthusiastic purchasers of enterprise technology. Their efforts to cut costs will provide new opportunities for things like Software as a Service (SaaS), or service bureaus like what telecoms companies use for billing services and other operational support services
- Bankrupt bank servers, storage appliances and networking gear will come on the market at rock-bottom prices and provide infrastructure for the next wave of web start-ups
- You will have a number of independently wealthy people without things to fill their 100-hour work weeks. Some of them will seek to finance productive businesses rather than just sponsoring an idle WASP lifestyle
You have a surplus of skills: IT professionals, quant / math freaks, economists and former rocket scientists – all of which could be useful in coming up with a killer technology application or web service. Think about it this way – former Morgan Stanley computer programmer Joshua Schachter came up with del.icio.us
Some interesting points about why change can be a good thing.
Been off on hols for two weeks only to find that if you turn your back for a minute, by the time you look around again, the economy has taken a few more heavy-footed steps towards disaster…….XL popped its clogs leaving me and a couple of hundred other holiday makers stranded and out of pocket….Alitalia is allegedly on the brink of bankruptcy but the sniff of an oilrag is keeping it flying…..Lehman is no more…..Merrill got bought……the women of Alaska have found their voices opposing Palin….lots of events I wanted to go to happened and the world and his dog wants a PR agency/proposal. I picked a busy fortnight to go away it seems….note to self – go away in September again next year 🙂
Closer to home, my copy of David Brain‘s book arrived and he is now lying on top of Jackie Collins on a coffee table in my lounge ( #thingsithoughtidneversay )
And finally, not known to rest on their laurels, the Ruder Finn team have been yammering away all week and I logged on see various invites to another new network sitting in the inbox ….off to give it a whirl….
Holiday was ace by the way…