Human progress has depended on economic disruptors since long before the advent of the internet. The internal combustion engine was a hugely significant invention, but motor cars remained rare luxuries until a disruptor called Henry Ford perfected the assembly line that enabled the Model T to be mass-produced at a price the ordinary citizen could afford.
If we define a disruptor as an entrepreneurial business that radically changes its own marketplace, numerous examples spring to mind, from the low-cost no-frills airline to the flat-pack, home-assembly bookcase. Today’s online auction, home-stay, ride-share and crowd-funding sites have generated markets and money flows that barely existed before, to the great benefit of providers and consumers. That’s what we mean by ‘disruptors’ — and that’s why Julius Baer and The Spectator have come together to present the Economic Disruptor Awards 2018, spotlighting creative entrepreneurship across the UK.
The good news is that there’s never a bad time to be a disruptor. But periods of uncertainty — when the status quo is more open to challenge, and consumers are more acutely aware of choice and value — can be particularly fruitful for the courageous, lateral-thinking entrepreneur. David Durlacher, head of Julius Baer in the UK and Ireland, says the current political landscape, including the approach of Brexit, ‘is encouraging businesses to think differently’, not least in their willingness to venture into international markets.
What kind of businesses are we looking for? Entrants may be digital, and about connecting buyers and sellers; groups with common interests, or businesses to businesses. They may have physical products or financial ones. They may be farm-based or laboratory-based. They may offer solutions in healthcare, home energy or environmental issues that fundamentally improve customers’ lives. Or they may be about entertainment and fun.
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