A version of this story first appeared in the official website of the Association of Small & Medium Enterprises (ASME). Click here to read it.

Globally, there is little doubt that small and medium-sized enterprises (SMEs) are the driving force and backbone of economies, representing 90 per cent of businesses and contributing to 50 per cent of employment. Given their vast numbers, it stands to reason that meaningful change in the sustainability agenda cannot be achieved without them – and they can even be a key champion and driving force in industry transformations.

Historically, amongst SMEs, there have been few resources allocated towards sustainability, given that often limited resources must compete with other, perceivably more immediate, business priorities. There has also been minimal support to effect real or tangible practices. Now, however, there is growing recognition that prioritising resources toward sustainability drives business growth, and organisations with unclear sustainability agendas could face higher reputational risks.

SMEs are therefore increasingly on the lookout for opportunities to embrace sustainable practices – no matter how small – and incorporate them into their everyday operations. Recognising that this is not just part of good business in building resilience and driving long-term growth, they can be empowered to not just transform internally, but also impact their surrounding communities and industry ecosystems with positive social and environmental benefits.

Overcoming the “iceberg syndrome”

Talking about corporate sustainability is sometimes referred to as the “tip of the iceberg”. There is far too much time spent talking about the goals, ambitions or measures that are going to be put in place versus actually implementing the actions that address the root and delve beneath the “iceberg”. Ideally, there should be 95 per cent of the “doing” in solutions and only 5 per cent of the “talking”.

Yet, there is sometimes inertia when it comes to the “doing” – because SMEs may not know where to begin. Either there is a lack of know-how or they are confronted with multiple potential solutions, which can be just as overwhelming as having no options at all (often referred to as the paradox of choice). This inertia might be compounded by uncertainty as to how to prioritise available resources.

However, a global assessment of the future readiness of organisations has revealed that in fact, what sets SMEs apart and remains a potential to be harnessed is their ability to influence internal processes and their immediate external environments. These advantages can be leveraged and optimised to re-imagine solutions that not only benefit the environment but also the SMEs themselves.

Re-imagining solutions

There are several ways SMEs can unlock greater action to support the sustainability agenda and encourage innovation without incurring significant investment or upheaval:

a. Self-reflection

Knowing “where you are at” in the sustainable journey can help identify what can feasibly be accomplished. For instance, are you at the start of the journey, or has the board already approved a strategy? Do you have a plan for an individual, team, or someone in the organisation to dedicate time to this agenda? Who are the sustainability champions that can initiate this agenda?

b. Leveraging existing frameworks and resources

There is a growing number of platforms SMEs can leverage to support their sustainability journeys without reinventing the wheel. For instance, B Corp’s tools can help companies prioritise areas they estimate will have the most impact and relevance for their sectors, and Climate Hub’s free online course helps SMEs take climate action in seven achievable steps.

c. Spreading organisational awareness

By treating sustainability as a vector of SME growth, organisations can empower internal shifts in employee attitudes and mindsets, reinforced by strategic messaging. For example, whilst encouraging partnerships with sustainable stationery supply sources, the why of this could be communicated. It is also helpful to refer to any changes as a journey, and not in absolute terms.

d. Setting expectations

Given that time, cost and resources are often kept lean in SMEs, setting employee expectations might be required whilst changes are being put in place. For instance, letting executive assistants or management know that extra time and hours may be required to research sustainable supply chains or approve budgets might be necessary.

e. Harnessing the “multiplier effect”

As SMEs have close relationships with vendors, clients, and others in their immediate external environment, there is the opportunity to impact a wider marketplace. For instance, in a food business, there could be incentives offered to consumers if the option for recyclable cutlery is exercised, or credits provided to those who bring their own containers.

Enabling growth by giving more than you take

SMEs play a much bigger role than we realise in influencing communities and the surrounding industry ecosystems. They can easily debunk the myth that only large organisations with impressive resources can act for sustainable impact, and create even greater influence by strategically fostering thoughtful collaborations and partnerships (especially given two-thirds of ESG commitments lie with suppliers).

As brands on a mission to protect the environment with defined principles and a sustainable agenda are more inclined to attract and retain talent, this additionally builds organisational resilience whilst benefiting bottom lines, contributing to all-round sustainable growth. They have the potential to therefore impact and influence organisations of all sizes to be sustainable, and future-ready.

The post Driving the sustainability agenda is impossible without SMEs appeared first on Redhill | Global Communications Agency.

A version of this story first appeared in PRmoment India. Click here to read it.

According to the news, it’s gloomy days ahead on the economic front with ongoing geopolitical turbulence, supply chain disruptions, rising inflation and the very real possibility of a global recession in the next 12 months. A scenario like this usually leads to Indian businesses – especially cost-conscious startups – reducing their public relations (PR) spending to cut costs. Ironically, this is the time when good PR is most needed as it can create the positive impact that brands need to weather the storm.

Staying top-of-mind by being consistent

In 2021, India displaced the UK to rank third in the list of countries that produced the most unicorns in the world, underscoring just how competitive its startup ecosystem is. But with the volatile global markets causing a slowdown in venture capital for Indian startups, the competition for funding is fiercer than ever with a shrinking pool of funds and over 65,000 startups now recognised in the country. One way for startups to distinguish themselves is by sustaining a consistently positive public narrative.

Among venture capitalists and investors, part of their due diligence process is to research whether a prospect has a legitimate offering and a good reputation, as well as whether the founders or the founding team are thought leaders in their respective spaces.

Having a solid media presence – especially in top-tier media – supports a startup’s legitimacy as it implies that the media has done an initial round of profiling and found the company both credible and newsworthy. Regular media appearances further bolster this reputation and help the startup increase their share of voice, maintain top of mind recall vis-à-vis competitors, and ultimately own the spaces they are in.

Many startups also think that PR is only necessary on an ad hoc basis for events like funding rounds or partnership announcements. But PR is ultimately about reputation management, and maintaining a good reputation requires sustaining a consistent, authentic, and visible narrative.

Every time a business stops PR engagement, they lose the momentum they have built for their brand in the public eye, as well as the relationships they have built with the media – which will take time and energy to rebuild.

Attracting key talent and partnerships

Funding aside, a good PR strategy can help startups in India and beyond solve the age-old talent conundrum. Making the right hires with the right mindset and skillsets not only saves time and energy in hiring and training, but also forms a stable core that the business can depend on to see it through economic turbulence. Half the battle is won if startups can cultivate a reputation that best represents themselves and their goals. People tend to apply to – and stay in – companies that they resonate with.

There are many ways to tell different stories for a startup, especially as it evolves. A startup that has just closed its first Series A round may focus on introducing its founders and product to the public, which could attract experienced talent looking for new challenges. Meanwhile, more established startups may choose to highlight their company culture and career progression opportunities, which could be pivotal to attract high-calibre talent to accelerate growth, overcome funding hurdles and scale the business.

Beyond in-house talent, PR engagement can also open the door to new partnership opportunities for startups, which can lead to fruitful outcomes. For instance, appearing on interviews and speaking at panel sessions gives a startup more exposure and may attract new business and collaborations with other companies, which are especially valuable when competition is stiff.

The more active and visible a startup is, the more likely it is to be sought out – both by the media and by other companies.

Managing a crisis within a crisis

The last thing any startup wants to have to handle amid a recession is a reputational crisis, especially given how important reputation is to a young startup.

A mishandled crisis can lead to employee and business loss, as well as a drop in consumer or investor confidence, which can ultimately lead to a startup’s downfall if it happens during tough economic times. That is why it is crucial to have a sound crisis strategy on standby – both of which are part of the PR remit – in case the worst happens.

In 2019, one of our clients was the subject of an article in a leading global publication that carried a negative sentiment against the company, suggesting it did not live up to its stated expertise.

To counter this, we coordinated exclusive interviews with other key publications and thoroughly addressed the pain points raised in the original article by pitching opinion pieces by the CEO, as well as having him appear on podcasts and profiles. Ultimately, we were successful in correcting the narrative and further cementing the client’s reputation as a proven thought leader in its space.

In India, our client once launched a campaign that sparked suggestions of legal action from a large brand and ignited significant media and public interest. Making the wrong choice in this David vs Goliath situation could have meant disaster for our client, but we were able to conceive a strategy that helped them avoid pitfalls and convince the media to carry their side of the story.

This ultimately kept overall sentiment as neutral to positive and averted a reputational fallout without being aggressive or hostile to the other brand, which would have severed any chance of a future relationship.

Adopting a multi-market approach

Startups tend to first build a solid foundation at home before making the leap overseas, but there is no doubt that international expansion is a critical component of many overall growth strategies.

Besides expanding a company’s reach, this diversification can also mitigate the risk of decline in the domestic market during leaner periods. But while global expansion is always exciting, it can be tricky as different markets may require a tailored approach, alternate messaging, and a relevant narrative.

More and more tech startups pioneering technology-led global offerings are receiving funding, which increases their capacity for growth. As a result, many are now looking to expand across borders to find new customers in untapped markets.

Leveraging PR to devise and execute a multi-market communication strategy to achieve goals such as increasing product or brand awareness, collecting market intelligence or strengthening share of voice thus becomes a business imperative; the role of PR engagements in laying the groundwork for a smooth expansion journey cannot be understated.

For many years, we have been the lead agency for a technology startup based in India. They have witnessed rapid multi-market growth and now have offices in the United Kingdom, the Americas and Southeast Asia among others.

As their global lead agency, we streamline their overall global communications strategies and messaging, ranging from managing some of their regional agencies in international markets to showcasing their products and company updates via different media channels. Our efforts have contributed to them achieving positive brand visibility by appearing in top-tier global media titles, which has led to renewed investor confidence and strong funding rounds.  

The show must go on

Traditionally, PR was often an afterthought for startups as it was seen as an optional enhancement. But rapidly changing forms of engagement have changed the way that brands tell stories, and consistent authentic messaging can give a new company the head start it needs to be a success story.

Economic winters do not mean that startups should stop telling stories. Instead, it is an opportunity for the most interesting, creative, and relevant stories to shine brightly in dark times.

The post Why startups still need PR during an economic downturn appeared first on Redhill | Global Communications Agency.

A version of this story first appeared in Issue 88 (August 2022) of the Orient Magazine by the British Chamber of Commerce Singapore. Click here to read it.

5.30am

I wake naturally to the golden light of dawn, streaming through the open windows and kissing me gently on the cheek. There’s no better way to start a Monday morning – and seeing the brick rooftops of Holloway reminds me that I’m in dear old London for the next two weeks to set up Redhill’s new UK entity, which makes me pumped to roll out of my four-poster bed and tackle the day head-on.

6.30am

Arming myself with a huge cup of steaming hot tea, I mentally brace myself and confront my Outlook inbox. It’s overflowing with seven hours of missives from Southeast Asia (SEA), where my team and the Redhill HQ is based.

My routine is usually to have focus time in the mornings for big work, but while I’m in the UK, I only have a smaller window to speak to my team during working hours due to timezones – which means their needs come first. So I truck through the mountain of emails and sign not one, not two, but THREE contracts. Whew!

8am

I jump on a Teams call with some of the team to check on how they’re doing with two big pitches that are coming up in the next week. Emails and texts save time, but there’s nothing like real conversations for efficiency and to foster genuine connections.

I work closely with my Senior Account Managers in Thailand and Singapore to refine the deck and by the end of an hour’s hard work, everything looks great. Can’t wait for the presentation – they’re sure to kill it.

11am

Managed to put out some fires and get some planning work done before it was heels on and out the door to catch the Tube down to Soho for some meetings. Today I sat next to the only girl in a group of four that wasn’t wearing green, and sent them all into hysterics when I asked her if she was sitting next to me because she didn’t get the green memo. Interactions like these make my day.

11.30am

Comfortably ensconced in my favourite spot at the Blacks Club, which is a reciprocal club to Mandala Club in Singapore and has been my base of downtown operations for the past seven days.

Hospitality here has been sensational, and I have hosted divine reconnections with wonderful journalists and cracked on with my work at large whilst listening in to film deals being crunched and NFTs being sold.

Speaking of reconnecting, my lunch date – a highly talented freelance journalist – just showed up. Must remember to order the amazing fries for the table.

1.30pm

COVID-19 has made me realise how much of a luxury it is to be able to do in-person meetings again. There’s nothing like face-to-face connections – I had the best time speaking to my journalist friend over lunch, learning all about her content creation journey and discussing potential business opportunities from her network. This is how business is done the world over.

Said goodbye to her with many kisses and hugs, then popped my earphones in and hopped on to the global business unit head call. Had lots of exciting London updates to share with the rest of the Redhill leadership team.  

3pm

It’s strategy mode off, networking mode on as I pack up my things and Tube it across town to Andaz London, a beautiful Liverpool Street hotel where I’m supposed to meet my next appointment – a highly promising candidate to helm the UK office.

We’d spoken virtually while I was in Singapore, but connecting with him in person and exchanging stories about work, life and everything in between was a joy. We had tea, we had wine, we had chats, we had resonance. I’m incredibly inspired.

4.30pm

Climbed up to a rooftop warehouse in east London to poke my head in at a video shoot for an edgy, brilliant brand I’m starting to work with and was greeted by a tidal wave of exuberance and affection. I couldn’t wipe the smile off my face if I tried.

Sat and watched creative geniuses at work bringing their visions to life, then caught up with old connections I hadn’t seen for years like it was just yesterday. There was definitely some London magic in the air.

7pm

Finally peeled myself away from Dalston and zipped back into Soho to meet a dear friend and sensational PR professional for some Japanese-Peruvian cuisine she’s been insisting I try.

The place is buzzing and conversation flows like dry reds into our glasses as we talk about writing, business, and her twin daughters over plates of fresh salmon sashimi. She’s an amazing writer and is definitely up for working with us, which I’m so excited for. Minutes, then hours tick by, but the atmosphere never gets less buzzy and neither do we.

10pm

After treating ourselves to a post-dinner jaunt in Selfridges and emerging with a haul of MAC makeup, it’s time to part ways and I find myself on the Tube for the last time tonight.

Signal’s not the best underground so I spend that time composing notes to myself on my phone for tomorrow and people-watching from my seat. Some well-dressed people chatter to each other about the actors and the theatre show they’ve obviously just come from, while others set their briefcases between their legs and lean tired heads against the window as our train rattles through the night.

I remember London’s end-of-day face well, and the sight is somehow comfortingly familiar.

10.30pm

Housemate’s still awake when I get home, so we have a 20-minute debrief of our respective days over a half bottle of a nice red before I say goodnight and head upstairs.

I scan a few quick emails, get in my 10-minute yoga session to de-kink my spine and go through my nightly routine – skincare is a must, everyone – before finally slipping in between comfy sheets and settling down to rest.

Goodnight, London. I can’t wait to do it all again tomorrow.

The post A day in the life of a PR Managing Director appeared first on Redhill | Global Communications Agency.

The ongoing crisis in Ukraine highlights a continued tragedy of our world. Although we now live in an era where advancements in technology and the overall human experience have helped foster greater connectivity and dialogues between nations and their myriad communities, conflicts — and the consequences arising from them — remain.

Tens of millions of innocent lives in Ukraine are now at risk; people and their families are being uprooted and being denied the basic human right of living in a secure and safe environment.

The turmoil we are seeing unfold greatly saddens Redhill. Our work is inherently tied to fostering dialogues and building bridges between stakeholders across the various spectrums of businesses, governments and communities. The escalation of conflicts — especially to the degree we are observing in Ukraine — has pushed us to reflect on how we can play a positive role.

It is our duty as global citizens to take a stand, and Redhill stands in support of Ukraine.

We are fully backing all efforts to end the conflict. We are not the first in our industry to take this stance, nor will we be the last; we must continue building our collective voice to generate more meaningful impact, regardless of where we are in the world.

The situation in Ukraine affects us all, no matter how far removed we may appear to be from the crisis. Echoing what Dr Vivian Balakrishnan, Minister for Foreign Affairs of Singapore, noted in his recent statement to Parliament, the aggressive encroachment of a nation’s sovereign territory by an ostensibly larger power sets an extremely dangerous precedent — especially for smaller sovereign states like Singapore that have always needed to consider their size whenever they engage with larger players in the international arena.

Words alone can only do so much to affect change, and the level of change needed must be carried out in concert by as many people as possible.

To that end, Redhill is driving efforts to support the people in Ukraine by donating funds to the Singapore Red Cross, which is supporting communities affected by the war. We implore everyone to do whatever they can to help Ukraine’s people by supporting the many organisations focusing their efforts on easing the situation in the country.

We must be united in our voices and our actions to stand firmly in solidarity with Ukraine in this time of deepest crisis.

The post Redhill stands with Ukraine appeared first on Redhill | Global Communications Agency.

2022 is kicking off with a bang for us. Today, the Hong Kong-based Creative Consulting Group (CCG), led by the very capable and experienced Belinda Chan, officially joins our Redhill family. This also marks Redhill’s first-ever acquisition — a huge milestone for us.

This move is very exciting for us because of the sheer potential we’ll be able to unlock. With CCG in our stable, Redhill will now have a much stronger presence in Hong Kong, China and Taiwan. We can do more work for and bring more value to clients in these regions, which are growing very quickly and generating high interest across markets and industries.

The same is true for CCG. They’ll be able to tap into Redhill’s global network for their clients. If there’s a client in Hong Kong looking to expand into other markets, the team can leverage the Redhill platform and work with our local teams to make it happen. This creates a multiplier effect for their clients as we can amplify their goals from Estonia all the way to Australia.

How it happened

In 2017, I wrote an article called “Don’t settle for Boutique”. It was about how we knew, when we started Redhill, that we were never going to settle for just being a ‘small’, ‘boutique’ or ‘startup’ agency.

Even from day one, we wanted to be a global agency with strong Asian roots. We had two main goals:

i) Find opportunities to grow across regions

ii) Invest in strong local talent in all markets we were present in

We began by establishing new offices in different markets. After that, we started looking into acquisitions.

We were first introduced to Belinda and CCG two years ago. We worked together with them on various projects for different clients — including the Relaunch Hong Kong tender in 2020 — and found that there was a lot of synergy between our teams and in our business objectives.

CCG wanted to expand their network, and we wanted a stronger presence in China, Hong Kong and Taiwan. Both of us also felt that there was a lot of growth potential in these markets that we could leverage together.

So, after many discussions and back-and-forths with bankers and lawyers, here we are today.

A different M&A story

The common merger and acquisition (M&A) practice for most network agencies is to acquire an up-and-coming agency, then take full charge and assimilate it.

When this happens, the culture often becomes monolithic and the agency being acquired loses what made it special. This is especially so when Western-headquartered network agencies acquire Asian entities; there’s often an expectation that the culture and practices should change to follow HQ.

Part of this is because many acquirers look at new agencies as a financial asset first. The initial question is ‘how many millions will it add to our revenue?’ But this is a very finance-first way of approaching an acquisition and ignores the nuances of integration.

Another M&A avenue is earnouts, where the business sellers receive more compensation if the business hits future targets. We also explored this, but ultimately felt it ignored the idea that founders might still want to be involved with the business and watch it grow.

We knew, when we started Redhill, that we were never going to settle for just being a ‘small’, ‘boutique’ or ‘startup’ agency. Even from day one, we wanted to be a global agency with strong Asian roots.

Redhill has always done things differently. Since we started seven years ago, our focus has always been people and culture first. This time was no different.

I didn’t want Redhill to take over and revamp the outstanding work that CCG was already doing in its markets. We knew the value that Belinda and her team would bring. I wanted Belinda herself to continue with CCG and grow the outfit, as well as play an increasingly greater role in Redhill overall.

So, I said to her: “Let’s look for a different way to work together.”

Playing to our strengths

CCG has a very successful track record over the last 20 years because of its great team. We didn’t and don’t want to make any significant changes in that team because it’s what made them successful.

Instead, we’ll work together to ensure that we’re delivering more effective services and products to our clients. Most of the integration will focus on getting the tech infrastructure right — especially with PR moving towards becoming a more tech-based industry — and centralising backoffice functions like finance and human resources. There will also be more streamlined processes for better workflow.

Beyond that, though Redhill has different teams and offices all over the world, we’ve always worked as one organisation. That philosophy will stay the same no matter how many acquisitions we make, now and in the future. We run our business as one unit, and now Belinda and her team are part of it.

Looking towards the future

This is a very exciting next chapter for Redhill. The first acquisition is always special, but it’s by no means the last. We’re already in similar talks with three other agencies, so watch this space. There’s no shortage of opportunities for everyone at Redhill.

It might seem ambitious, but I’ve always believed in thinking big. There should be no self-limitation on how fast and where we can grow. I often tell my team, “If you shoot for the stars, even if you fall and land on the top of a coconut tree, that’s a good place to be too.”

Asia is the largest market in the world and there’s still enormous capacity for growth. As Asians, we know better than anyone how deeply personal reputation can be. We understand it and now we have the skills to manage, build and nurture it. There is strength in unity. We can do so much more and grow faster together by joining forces.

Our goals are global, but our hearts are still Asian, with firm roots in Singapore. We’ll always have that Asian culture and character in the way we operate and deal with clients. That won’t change — no matter how fast we grow or how far we go.

The post The story of Redhill’s first acquisition appeared first on Redhill | Global Communications Agency.

The Startup Ecosystem Deep Dive series offers an in-depth look at startup ecosystems around the world. In this edition, I look at Iceland, a small island in the north Atlantic, and marvel at the quality and quantity of its entrepreneurship.

Key Stats

• Population: 340,000
• 63.6% Global Entrepreneurship Index (GEI) score (1 of 7 European countries that made it into the global top 10)
• 12th on the Investment Safety Rankings list
• 1 week to setup an LLC at a cost of US$1,300
• 20% corporate tax rate
• 3rd on the list of World’s Most Literate Nations
• US$70,588 per capita GDP (2017)

Key Startups

FlowVR – a VR-assisted meditation app that combines beautiful Icelandic scenery with meditation sounds, allowing the user to escape from reality at the tap of a button. The company is currently fundraising on Funderbeam and has already exceeded its initial goal of €100,000.

Authenteq – a blockchain-based identity verification platform that issues a digital identity (like an electronic passport) after a 60-second identification process. The company has recently secured US$5 million in funding led by Draper Associates and Capital 300.

Meniga – a white-label digital banking platform which now has offices in London, Stockholm and Warsaw. The company has raised US$34 million since it was founded in Reykjavik 10 years ago.

“There are more startups founded than babies born in Iceland nowadays,” an attendee told me at a networking event organized by the Icelandic Embassy in Helsinki, Finland last year. And though I can’t find verifiable data to prove the anecdote, the statement itself shows that there is something exciting happening on the startup front on this small island tucked away in the northernmost part of the Atlantic Ocean.

Prior to my trip to Helsinki, I admittedly knew little about Iceland and its startup ecosystem. I was expecting a niche event with a few small startups and a handful of investors. But after talking to the investors, founders, incubators, and others in attendance, I was amazed at how Icelandic startups thrive both inside and outside of Iceland. And that, of course, got me wondering why. What is it about the country that makes its startups so successful?

Back home in Berlin, a self-proclaimed “startup hub” where 17% of all German startups are founded, I started trying to answer that question. There were obvious answers, like Iceland’s 7th position on the Global Entrepreneurship Index, but nothing about how Iceland got there in the first place. To find that out, I reached out to the co-organisers of the event, Icelandic Startups.

Icelandic Startups is a community-driven startup organisation that helps accelerate startups and connect them with industry experts and leading startup hubs globally — totally free of charge. Its CEO, Jarþrúður Ásmundsdóttir, was kind enough to answer my questions and provide insight on the secret sauce behind Iceland’s startup success.

Strong government support

The Icelandic government has recognised the importance of entrepreneurship. It has significantly reduced barriers to company registration, maintained a favourable corporate tax rate for LLCs, and encouraged direct foreign investment. On that last point, the government is aware of the need for foreign investment to lift startups from the idea stage to profit stage. Therefore, it provides foreign investors with numerous possibilities to both publicly or privately finance Icelandic businesses.

“The government’s focus on innovation and entrepreneurship is increasing as we see our startups bring larger amounts of capital into our country,” Ásmundsdóttir tells me. “A workgroup is now forming a new innovation policy for the Icelandic government which will be launched in spring 2019. The government has been taking small steps towards the future in these matters by implementing tax deduction for R&D and lifting the capital controls, but we still need to attract international talent and increase access to capital for our ecosystem to grow.”

They’re resilient

2008 hit Iceland hard: the stock market plunged 80%, 3 major banks collapsed, the króna lost 35% against the euro in the space of 9 months, inflation hit 14%, and half of the number of businesses were technically bankrupt. The financial crisis was the worst experienced by multiple generations of Icelanders.

8 years later, the country’s economic growth rate is 2% higher than the pre-2008 rate. How’d they do it? Household debt relief, punishment of corrupt officials and business leaders, fiscal responsibility, and a reformation of the banking system, among other things. Today, the country is considered a recovery success story.

The current crop of entrepreneurs learned its resilience during the crisis. Those that were in business before 2008 emerged stronger, while those that incorporated after 2011 benefited from the new economic environment.

“The Icelandic startup ecosystem is flourishing and has been growing more mature in the past 10 years,” says Ásmundsdóttir. “We are seeing the second generation of entrepreneurs emerge and international interest in our country growing stronger.”

Iceland has shown that not only are they resilient in the face of harsh weather conditions, they’ve also proven they can take a strong economic hit.

They teach their children well

Education has been obligatory in Iceland since 1907. Today, children aged 6–16 are required to attend school. The education system prides itself on equal access: every single person has the right to be educated. This is made possible by the fact that pre-schools are heavily subsidized by local councils, primary and secondary education are free — with the exception of one private school — and university is free of charge. Student loans are available to cover living expenses.

What this all adds up to is not only a highly educated population but also a high baseline. Icelanders excel at speaking multiple languages, and they are given the tools early to excel as entrepreneurs.

The country is like a sandbox

It’s easy to assume that large markets are the best to start your business in. However, not everyone wants to test their idea as a small fish in a big pond. They prefer to surround themselves with a tight-knit, supportive community that helps them incubate their idea, expand their knowledge and capabilities, and achieve a little celebrity status once they’ve “made it.”

This is exactly what Iceland offers: a small country, yes, but an ideal proving ground for any idea. Customers are easy to reach, competition is relatively light. Startups can keep costs low while spending time fine-tuning their ideas. Once perfected, they can look to expand to global markets.

Now this isn’t to say that a product/service will be successful in other markets just because it works well in Iceland, but local success is a strong determining factor to global success. Only proper market research, due diligence, and a coherent go-to-market strategy can ensure a smooth entry into a new ecosystem.

They know they’ll have to venture out at some point

Operating in a small market will only get startups so far, however. To achieve the level of success seen by global unicorns, Icelandic startups know they need to expand outside Iceland.

“Icelanders are taught to think global from day one,” Ásmundsdóttir tells me. “As a small island in the middle of the Atlantic Ocean we always aim to be the best in the world in something rather than the ‘best in Iceland.’ With that mindset we have scaled companies like Marel, Össur, Meniga, and CCP in recent years with great success.”

This wasn’t always easy. There was a time when global expansion was seen has available only to the privileged few with foreign connections. This has changed significantly since the crisis.

“International relations used to be an obstacle for us, but today many successful 5- and 10-year-old startups are reaching out to international markets and investors with promising results,” adds Ásmundsdóttir.

Iceland’s startup ecosystem isn’t without its challenges: the risks associated with expanding globally; an increase in the cost of living due to an influx in the number of tourists; fierce competition for available commercial space; the island country’s location and geography do little to attract foreign talent; the strict immigration laws that make it difficult for those that do want to relocate; and the small size of the domestic market.

And, yet, I remain optimistic about the startup ecosystem’s prospects. Resilience, education, and government support will win out over time, as will the examples set by successful startups paving the way for the next generation. Countries of similar size to Iceland would be prudent to study how it bounced back from a catastrophic financial crisis and built a thriving startup ecosystem in only 10 years.

Any ecosystem builder or decision maker, for that matter, should engage with the Icelandic government and community to learn more about their take on innovation, entrepreneurship, and economic growth.

The post Startup Ecosystem Deep Dive: Iceland appeared first on Redhill | Global Communications Agency.

What attracted me to the term is the doubtful niyat of many of the business founders I interacted with. Many wanted to do a startup because it was a lifestyle choice, a new form of tackling a mid-life crisis. Why do you start a business? Sounds like a basic and fundamental question to ask yourself before you start. On paper it says all the right things — solve a problem, build a fast growing successful company, become a unicorn, exit with many multiples… but is that really, truly, your niyat?

As the cost of setting up a business, especially online, becomes more affordable, more people are taking the plunge. For many it is an easy escape from the routine of life — the rat race.

So what if you fail? It adds character to your resume. What if it really takes off? I will try this for a few months and see how it goes.

Being an entrepreneur sounds sexy and many want the limelight. It’s a good conversation starter at any gathering, making you stand out as the adventurer; no more sizing each other up based on the year’s bonus cheque figure or office dynamics. You have escaped that orbit and launched yourself into a brave new trajectory. You have balls.

This is perception. If your niyat for being an entrepreneur is to be perceived like this, you will fail.

Here is the hard truth. Entrepreneurship is brutal. I think it is either a mental disease, or it is thrust upon you out of necessity. Why would anyone give up a stable, well-paying job and risk everything unless they are insane? Especially when you have a family to be responsible for?

Week after week, I come across entrepreneurs who come to talk to me about their experience with starting out, fundraising, product development, etc. The first thing I do is a niyat test. Why are you doing this? The truth comes out in a matter of minutes, after the initial pleasantries and a well-rehearsed pitch. I look for the craziness or the necessity, or both, driving the entrepreneur.

It’s not difficult to tell. Having Saaf (clean) Niyat will make things easier. You are just being you. There is no put-on hustle, no buzzwords — just you selling your story. Big data, AI, ICO, Crypto… don’t get carried away by the hype. Being an entrepreneur is not about being famous, it’s about creating a sustainable business model that creates value for all stakeholders, over the long term (yes, I’m old fashioned, I know).

Intentions (Niyat) play a big role in how we behave, feel, say and do. If you want to know what my niyat is, it’s simple: I want to create a legacy business. I want REDHILL to be a global, integrated marketing communications player with strong roots in Asia.

Fifty years from now, I hope my grandchildren will find it worth their while to intern or work at this firm. We are building for the long term, and every decision Surekha and I have made, since we started as a two-person organisation from an attic on Boat Quay, and the ones we will make as we grow, is guided by this niyat.

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