The New Builders. Seth Levine

The New Builders - Seth Levine


Скачать книгу
id="ulink_4bec1213-7874-571f-ada4-71dd36468850">Much of America's innovation comes from companies at the smaller end of the spectrum. That many of these businesses are failing to come into existence is alarming from an economic perspective, but perhaps even more so as seen through the lens of our innovation pipeline. For example, early in the pandemic, researchers in bioscience and health spoke to us of innovations that they hadn't been able to develop, not because the science wasn't promising, but because they lacked support for projects. These included fast‐growing tissue samples for vaccine testing and better ways to build trust for testing and vaccination programs with minority populations. That America is producing fewer new businesses suggests that large swaths of innovation are simply not occurring. Whether it's due to lack of resources, lack of investment in education, training, or a changing relationship with failure that is dampening our entrepreneurial spirit, the fact is by producing fewer new companies our economy is missing out.

      A few years before Steve Murray, whose story starts this chapter, died, he helped put on a fashion show at a local nursing home. The elderly ladies put on glamorous floor‐length gowns, all silk and taffeta, with peplums and the long silhouettes of the World War II era. A woman named Vanda waltzed down the aisle of folding chairs in a fawn‐colored number with sequined shoulders that looked like it ought to be brushing the floor of a New York City nightclub to Tommy Dorsey music. And there, in the back of the room, was Steve, leaning on a clothing rack. He'd lent the dresses to the ladies, and from the smile on his face, it was clear that he was loving every minute of it. He really did have a rare eye for beauty – a gift he lent to his community.

      But strangely, Steve is being written out of the Lancaster narrative in other places. New York Times columnist Thomas Friedman wrote a story about Lancaster's revitalization that celebrated the role of big business people – the very Hourglass Foundation Murray had battled – as the changemakers.

      But we can't lose sight of the importance of these key New Builders who take it upon themselves to lift their entire communities. One of the most important things we uncovered in researching and talking with New Builders around the country is the power of an individual visionary in a supportive community. It's easy to ignore individual small businesses because, by their nature, they are small. But together, they comprise a powerful group.

      Perhaps this is what is most surprising to learn: just how impactful New Builders are in their communities. In a world where business success is too often defined by size and profit margins, these New Builders are pushing back and redefining – perhaps realigning – the metrics we use to judge success.

      1 i A 2014 Brookings Institute study by Ian Hathaway and Robert E. Litan described business dynamism as “the process by which firms continually are born, fail, expand, and contract, as some jobs are created, others are destroyed, and others still are turned over.” Importantly they note that “[r]esearch has firmly established that this dynamic process is vital to productivity and sustained economic growth. Entrepreneurs play a critical role in this process, and in net job creation.” See endnote 4 for further information.

      2 ii A fairly large portion of those who report owning stocks do so through retirement accounts, and most of these holdings are relatively modest, in the range of $25,000 to $30,000.

      3 iii Our interview was conducted outside at Sachs's home in downtown Alexandria, during the early months of the pandemic. Sachs and his wife split their time between Alexandria and the farm, and their sons are also involved in the business. Elizabeth and Fred sat outside a historic brick home, built by Albert Smoot, the grandson of the founder of the Smoot Lumber Company, in the 1930s. Seth joined them on Zoom.

      4 iv Sachs runs his businesses using a set of what he calls “Management Musts.” These are: (1) spend time identifying, and going after unique market segments rather than embarking on broad assaults on entire industries;


Скачать книгу