KOLUMNI
“In the midst of crisis lies great opportunity”
THE TERM ‘disruption’ has been part of business rhe-toric
for the past twenty years. Typically, it referen-ces
technology as the biggest disruptor in the field. In
all the business classes I’ve taken, every case study
highlighting disruption draws from either a new bu-siness
model (subscription business for instance) or
technology (smart phones). Terms like “disruptor,”
or “disruption,” like its comrade words “synergy” or
“leverage”, are so ubiquitous that at times you want
to call out ‘business buzzword bingo’ when you hear
one of them.
Yet, 2020 has given us a new application for the
word “disruption.” The Covid-19 pandemic has seen
changing workforces, shifting labor practices and be-haviors,
the rise and fall of different industries, as well
as a dramatic adoption of different technologies which
have radically changed and disrupted the business land-scape
from what it was this time last year.
Too many companies this year have passed beyond
mere ‘disruption’ and headed straight towards crisis. I
was lamenting this development over a virtual morning
coffee, when my colleague Mike Klyszeiko, Amcham
Finland’s Director of Launchpad USA, reminded me of
one of Albert Einstein’s, a proud European-American,
most famous quotes: “In the midst of crisis lies great op-portunity.”
ALEXANDRA PASTERNAK-JACKSON, CEO at Amcham Finland, is working to make Finland a more open and
international place to do business and to help Finnish companies navigate the US market. She has taught on the
importance of networking as well as held non-profit board positions, both in Finland and the US. Alexandra holds
an MBA from Haaga Helia University of Applied Sciences and a BA from the Elliott School of International Affairs
at the George Washington University. She lives in Helsinki with her Texan husband and two kids.
History has shown us that Americans navigate crisis
well and tend to bounce back faster from economic re-cessions
than other countries. In the years following the
economic collapse of 2008, both the Eurozone and the
U.S. began their economic recovery in 2010. However,
the U.S. economy grew by about six percentage points
more (4,5 % more over three years on a per capita ba-sis).
Prior to the corona virus, the U.S. was in a period
of growth that far outpaced Europe’s. There are many
structural reasons for this. For instance, the excessive
debt accumulated by households in the US had been
worked off more rapidly; once losses or bankruptcies
had been recognized people could start over, rather
than being shackled to old debt for years. The U.S. al-so
has a more fluid labor market, enabling companies
to swiftly react to downturns, letting people go with
“at will employment,” and pivoting operations which
allow the possibility of hiring additional staff in new
and developing business areas.
Now back to my morning coffee with Mike; “Re-member
what Einstein said, ‘in the midst of crisis lies
great opportunity.’” Mike smiled, taking a sip from his
Moomin mug, “Americans lean into crisis and find it a
great time to start new ventures. You see some of the
best companies forming and beginning to grow during
times of crisis. These companies are further support-ed
by America’s rich private equity markets. Capital is
poured into those that show early signs of long-term
success which accelerates their growth. Companies
like Uber and Airbnb were founded during the ‘great
recession’ of 2008.”
Much of Mike’s time is spent helping companies
and Finnish professionals understand the complexity,
risks and advantages of doing business in the U.S. He
has helped over 100 companies find their way, “I think
American entrepreneurs go in with the understanding
that their new venture is much more likely to fail than
succeed. Therefore, they take bigger risks understanding
that the upside opportunity is far greater than the do-wnside.
I heard once that we often spend too much time
thinking about all the reasons why something may fail,
when we rarely ask ourselves, “what does it look like
if it succeeds and in a BIG way?” That thought process
changes your mindset which changes your behaviors
and actions. I think Americans generally get this better
than many parts of the world.”
When I reflect on this year, it has been one of dis-ruption
and one of great change, but it has also been
one of great opportunity. I am looking forward to the
bright future that will emerge from these trying times
and to discovering the companies that will grow out of
this crisis. I am taking a page out of the American play-book,
looking ahead with great optimism and seeking
those new opportunities. I hope you are too.
SAM MAGAZINE 4/20 | 25