A Wake-Up Call

A couple of weeks ago I attended a seminar hosted by Smart Toronto, an organization representing the economic interests of the Toronto Technology Region. It started like any seminar does. I strolled into the conference room, found what I considered to be the best seat in the house, nodded a few hellos and visited the breakfast buffet. Once I made my way back to my post, I introduced myself to fellow participants, engaged in some chitchat, and then relaxed in my chair to contemplate the outcome of this seminar. What exactly would Jim Carroll – well-known author, speaker and journalist - share about E-business and Small Business that I didn’t already know? My curiosity was peaked.

Most seminars go one way or the other. You either fight the desire to sleep and leave with a newly organized ‘to do’ list for that day, or you are captured at the start and leave with new knowledge and ideas that make you feel like you started the day right. Smart Toronto did a great job by inviting Jim Carroll to speak.

In the last several years we have seen the information technology industry reach its peak and then come ‘crashing’ down around us. The mid-to-late 90s brought profound growth in the Internet and E-commerce. And with that growth came an electrifying excitement that sizzled in every organization. The Internet was opening up new doors for our businesses – the culmination of this realization by all of us suggested there was big money to be made on the Internet – we believed it, our eyes opened wide at the possibilities and many of us jumped in.

The companies that survived were the ones that remembered their old business models and strategies, namely - you have make money before you can spend it (it seems like such an obvious principle). These were the companies that remained realistic and knew that growth would come one step at a time. The companies that drowned were the ones that forged ahead too quickly; throwing aside their traditional business models and acumen to make room for a new model that they thought would bring big bucks-fast.

Now, here we are in the 21st century, feeling like we are traversing a sleepy town that at one time was alive with activity and prosperity. Sure, we are going about our business, but we’ve lost that excitement. We’ve let the guys who drowned bring us all down. We’ve gotten caught up in that belief that if they failed, maybe we will too.

The Internet bust did not mean that our IT industry was going to stop growing. In fact, the downturn brought us a better environment in which to work. Gone are the people who used the Internet to make their big millions fast – and what’s left are the people who see the Internet and E-business as a way to make our environments better, and make money for the long term. These are the people we want in our industry - the innovators, the thinkers, ones with the solid business acumen and desire to make our industry strong.

Unfortunately, what we have tended to do is revert to the myths out there around the Internet and E-business to justify our supposed failures.

E-business is easy. People will change their behaviour overnight. There’s a ‘killer app’ out there. Everybody understands what this is all about.

The truth is there was no failure. The industry is experiencing amazing growth. And, we know it. However, all it takes sometimes is one person to re-affirm what we already know – that opportunities are there. Jim Carroll’s presentation created an excitement that I’m sure made all of us who listened want to get back to our offices and spread the good news – that E-business is alive and well, and that the information technology industry is only in its beginning stages.