Share the ideas that lead to wealth.
Posted on December 8, 2008
It’s interesting the themes that are gripping our politics in these post-election times. We’re talking about a transportation industry that needs to be reinvented. There’s talk of a new deal on the horizon that will create millions of jobs in the green energy sector. We have a new Senator who knows a thing or two about investing in technology. And, we’re finally taking healthcare policy seriously and looking for new ways to increase efficiency.
Our state’s capital has been hit very hard by the financial downturn. There couldn’t be a worse concentration of industries in these times than financial services, real estate services and retail. Some companies are laying off employees. Others are filing bankruptcy. And a few have seen their stock prices sink so low, so quickly, they were gobbled up by larger competitors and simply disappeared. When the new economy dawns on Richmond, the landscape will look very different.
In the meantime, markets like Richmond are crawling with talented people looking for new opportunities. Not to minimize the anxiety and havoc that accompany losing a job, but there’s a new energy on the street as all of these people make new connections. Before long, those big empty buildings will fill back up with smaller companies hatched during the downturn. Companies that weather the storm will emerge leaner and more focused.
On this side of the state, we are more insulated from the collapse of public companies. But, that doesn’t mean that we should just ride out the financial crisis and wait for things to pick back up. Instead, it’s a time to make new connections in the broader valley and pursue them as if our livelihoods depended on it. If thousands of people were suddenly out of work in our area you would see people you know out searching for new opportunities. And, you would be thinking about how you could make referrals that would help them out. Just because we’re not losing as badly doesn’t mean we shouldn’t play like it’s the fourth quarter.
When things do begin to rebound, those who benefit most will be the ones who built new relationships during the downtime. The natural inclination is to circle the wagons and look for anything that will pay the bills. Of course, the bills do have to be paid. What we miss is that every company is trying to find more efficient ways to do what they do. The innovators during downtimes find those solutions that help other companies retool and emerge stronger and more profitable.
What’s different about such a broad recession is that it’s not just companies that will be retooling. It’s the whole economy. National policy will drive innovations to make our overall economic infrastructure more efficient. How do we transport goods and people more fuel efficiently? How do we retrofit a power grid to incorporate alternative energy? How do we lower the cost of healthcare by introducing new technologies? There’s an entirely new economy waiting to bud and our region can be positioned to provide the solutions to make it happen.
As companies downsize and even disappear, we look for a silver lining. Then we talk about bailouts in amounts we couldn’t have imagined a decade ago, and all we can see are massive clouds of doubt. But when we look closer to home, we see pockets of talent, capital, and intellectual property that have an incredible amount of value. As it happens, these pockets are ideally situated to take advantage of new investments in the technologies that will drive a major shift in our economy.
If you connect the dots of companies already doing business in the broader valley that deal with alternative technologies, you would think that someone had planned it that way. Add to that a higher education system that is educating a nice mix of engineers and entrepreneurs, and you have a valley of a different sort. Then there’s a burgeoning presence of healthcare technology interests supported by a new, research-oriented medical school. This place seems ideally suited to benefit from the financial rebound.
Our legislators will be looking for new sources of funding to support any innovations that will create jobs. Our universities and healthcare systems will be looking for ways to commercialize new technologies and bring investment dollars to the area. And, a whole new crop of engineers and entrepreneurs will be entering a workplace where the traditional job is in short supply. The building blocks are there to create a bright spot that breaks through the clouds of recession.
While it may not be time to whistle away the fact that our nation made some bad errors of financial judgment, it is time to accept the new ground rules and move on. And, it’s a great time to do some digging and find the hidden opportunities in the broader valley that will be real gems in the new economy. As you dig, bookmark what you find and share your discoveries with other business contacts who may have an interest. The more you share, the more opportunities will come back your way.
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