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As many countries around the globe continue to show signs of economic recovery, analysts are increasingly adopting an optimistic outlook.
This optimism is driven by a combination of relaxed central bank policies, a decrease in oil and gas prices, and fewer supply chain disruptions, leading to a drop in inflation in advanced economies. Inflation rates are now closer than ever to pre-pandemic targets, despite ongoing geopolitical tensions such as the war in Ukraine and recent conflicts in Gaza.
By late summer, core inflation rates had decreased to 2.6% in the Eurozone and 2.9% in the US. Emerging economies are also seeing improvements, although countries like Turkey, Argentina, and Egypt are still struggling with high inflation, according to the International Monetary Fund. In the Eurozone, while the German economy remains sluggish, the economic performance of France, Spain, and Italy continues to be lacklustre.
Outside the EU, nations such as China, India, Canada, the UK, and Brazil are benefiting from more flexible monetary policies, which are enhancing business conditions and borrowing opportunities. China made its first interest rate cut in some time in July, and the US followed suit in September, with the possibility of additional cuts before the year's end.
India has demonstrated impressive growth over the past three years, averaging 8.3%, driven by increased exports, high-value manufacturing, and robust domestic demand. This growth has contributed to a burgeoning middle class that is spending more on luxury goods.
Brazil is celebrating its lowest unemployment rate (6.9%) in a decade, which is positively impacting the economy through higher consumer spending. However, consumer inflation in Brazil remains high at around 10.5%.
The UK economy continues to show notable expansion. Inflation is currently at 2%, aligning with the Bank of England’s targets. Improved household finances and increased wage growth have contributed to this stability. As of late August, core inflation in the UK was around 3.5%. Whether inflation decreases further will depend on economic stability as we move into the autumn.
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Mars Inc. has agreed to purchase Kellanova for $83.50 per share, valuing the food manufacturing company at $35.9 billion including debt. The largest deal announced in 2024 so far has raised eyebrows not just because of its size but also for the complexity of the arrangement. Family-owned Mars is using a $29 billion “bridge loan” courtesy of JPMorgan and Citi, while it works on a long-term solution. At the end of 2023, the candy maker also had $6.6 billion cash in hand and access to a $4 billion credit line according to S&P Global.
Given the difficulty of accessing large loans in the current climate, many question if the maker of M&Ms and pet food Pedigree will be able to secure a bank loan at a reasonable rate. However, the company’s history, its deep pockets and the family’s ability to get creative with funding could help. When Mars purchased chewing gum maker Wm. Wrigley Jr. Company for $23 billion in 2008, it also had a funding problem. Berkshire Hathaway saved the day by acquiring bonds and preferred stock. The company’s steady growth rate could also convince banks to step in. Last year, the Virginia-based company had annual sales of $50 billion. When combined with Kellanova, it could reach $65 billion.
Increased speculation that President Biden might block Nippon Steel’s $15 billion acquisition of U.S. Steel has surprised Japanese dealmakers and the government. This came after a letter from the Committee on Foreign Investment in the U.S. (CFIUS) said that the proposed deal could create national security risks, as it could limit steel supplies needed for critical U.S. projects. One of the frontrunners to become Japan’s next premier said that if the deal is blocked on national security concerns, it could affect the relationship between both countries.
While there is much excitement about the deal amongst investors - shares in Kellanova are up roughly 40% since rumours of the merger started swirling - regulators will have the final say. Both companies have limited product overlap and together will account for 12% of the US snacking and candy market. Mars expects the deal to be wrapped up in H1 2025, it said it could also take as long as two years, depending on the regulatory review.
Rightmove Inc has turned down a £5.6 billion offer from Australia’s REA Group Limited. The 705 pencer per share cash and stock offer was a 27% premium on Rightmove’s closing price before news leaked. REA is part of Rupert Murdoch’s empire and is planning a secondary listing of its ordinary shares in London. The UK’s largest online real estate portal labelled the offer as “wholly opportunistics” adding that it “fundamentally undervalued Rightmove and its future prospects.” REA Group is expected to make a counter offer, or, perhaps, even a hostile takeover instead.
Softbank has announced that it has cancelled its agreement with Intel to create Artificial intelligence (AI) chips. The news is a major setback to Masayoshi Son’s grand plan to create an AI company that will rival or supersede Nvidia as the industry leader. Son unveiled a vision that would see the Japanese company leverage its subsidiaries ARM and Graphcore, and partner with the largest chip maker in the US to achieve the lofty goal. A few weeks before the deal with Intel was terminated, Son had revealed to shareholders that he was put on earth to create an artificial superintelligence that is 10,000 smarter than a human. Son was named by Time as one of the 100 most influential people in AI.
"SoftBank Group has done many things until now that have all been a warm-up for my great dream to realise artificial super intelligence," Son said at their annual general meeting (AGM). The billionaire’s flair for trendy tech has had mixed results in the past, with record highs and lows. His Vision Fund lost $32 billion between 2022 and March 2023, and his investment in WeWork lost another $11.5 billion. However, Son also had massive wins like the $74 billion he made from Alibaba and other investments helped Softbank to hit a lifetime high in July.
Softbank was forced to end its agreement after Intel missed production deadlines. The semiconductor manufacturer has had a rough couple of months. Intel recently announced plans to lay off 15,000 staff, missed earnings in Q2, and is falling further behind in the AI race. The partnership with Intel would have given the Japanese investment company access to the CHIPS Act in the US, which provides grants for semiconductor research and production.
Japan’s supermarket chain Seven & i has rejected a $38.5 billion takeover bid from Canada’s Alimentation Couche-Tard. The all-cash deal would have been the largest-ever foreign acquisition of a Japanese company, surpassing Bain’s $18 billion acquisition of Toshiba’s memory chip business. The owners of the 7-Eleven convenience stores not only felt that the offer considerably undervalued the company, but they also fear regulatory pushback in the U.S. Seven & i shares closed at 2,133.5 yen ($14.99) after the news was disclosed, higher than the $14.86 offer from Couche-Tard. 7-Eleven is the biggest convenience store chain in the US with a 14.5% share of the market in 2023, while Couche-Tard’s brands had 4.6%.
"We do not believe, for several critical reasons, that the proposal you have put forward provides a basis for us to engage in substantive discussions regarding a potential transaction," said Stephen Dacus, the chair of the Seven & i special committee of independent directors that was formed to consider the offer. "Your proposal does not adequately acknowledge the multiple and significant challenges such a transaction would face from U.S. competition law enforcement agencies in the current regulatory environment and provides no certainty to closing," Dacus added.
The deal would create the largest convenience store operator in the US by a huge margin. In 2022, grocery chain Kroger made a $25 billion offer for Albertsons, but an antitrust lawsuit torpedoed it. Couche-Tard is willing to make concessions that could ensure U.S. regulatory approval. "Given the mutual benefits of a combination, we are disappointed in 7&i's refusal to engage in friendly discussions. We are highly confident that collaborative discussions would lead to our ability to find increased value for 7&i shareholders," Couche-Tard said.
American telecommunications giant Verizon announced that it will buy Frontier for $20 billion in a bid to boost its fibre-optics service. The allcash deal will help the second-largest telecommunications company in the world to better compete against local rivals AT&T and T-Mobile. Verizon’s offer of $38.50 per share is a 37.3% premium on Frontier’s closing price before the announcement. The offer includes the internet provider’s $11.25 billion in debt, which Verizon will refinance. The acquisition will add 2.2 million subscribers to Verizon’s 7.4 million fibre users.
“The acquisition of Frontier is a strategic fit. It will build on Verizon’s two decades of leadership at the forefront of fibre and is an opportunity to become more competitive in more markets throughout the United States, enhancing our ability to deliver premium offerings to millions more customers across a combined fibre network,” said Verizon Chairman and
CEO Hans Vestberg. Frontier operates in 25 states, while Verizon is currently in nine states and Washington D.C. “Today’s announcement is recognition of our progress building a best-in-class fibre network and delivering reliable, high-speed broadband to millions of customers across the country. It’s also a vote of confidence for the future of fibre,” said Nick Jeffery, President and CEO of Frontier.
While Frontier shares increased following the announcement, analysts are not excited. "You would describe it as going from small to a little bit less small, but that's about the best you could say about it," said Craig Moffett, senior research analyst at MoffettNathanson. "There's simply no conceivable path where they can reach meaningful scale with fibre." Analysts at Motley Fool pointed out that the deal will increase Verizon’s total debt to $160 billion, which could impact its industry-leading dividend payouts.
The European Commission announced that it has cleared the blockbuster agro merger between Canadian grain handler Viterra and Swiss agribusiness Bunge. "The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Viterra Limited by Bunge Global S.A. The approval is conditional upon full compliance with the commitments offered by the parties," the European regulator said. The $34 billion merger will create one of the largest agriculture trading companies in the world. The Glencore-backed Viterra had annual revenues of $53 billion in 2023, while Bunge had $57 billion.
Swedish investment firm EQT AB has agreed to buy Singaporean real estate platform PropertyGuru for $1.1 billion. The all-cash deal will be executed via the Swedish firm’s Asian unit, EQT Private Capital Asia. PropertyGuru is the largest online property portal in Asia and is active in Singapore, Malaysia, Indonesia, Vietnam and Thailand. The firm was founded in 2007 and went public in 2022. The property portal’s largest shareholders are TPG with a 29.6% stake, KKR with 26.5% and Australia’s REA Group with a 17.19% stake.
Bill Ackman suspended plans to float a closed-end fund in the US after it failed to get enough financial commitments from suitors. The famed investor had expected to raise as much as $25 billion for Pershing Square USA, a revolutionary fund aimed at attracting regular investors. Ackman envisioned a fund with a similar setup to Berkshire Hathaway, and it would also have had a Buffet-like AGM. However, barely a few months after the announcement, he revealed that the IPO would launch at closer to $2 billion.
The Pershing founder is not one to back down and presented this as a change of tactic rather than a failure. “Over the last seven weeks, we have met with many institutions and family offices, and held numerous town halls for Pershing Square USA, Ltd. While we have received enormous investor interest in PSUS, one principal question has remained: Would investors be better served waiting to invest in the aftermarket than in the IPO? This question has inspired us to reevaluate PSUS’s structure to make the IPO investment decision a straightforward one.”
If successful, the fund would have given ordinary investors access to a fund manager that has consistently beaten the S&P 500. Pershing Square USA Fund would have stirred the fund market, as it had promised never to charge performance fees and to suspend management fees for the first year. Ackman is now working on a plan to revive the IPO by addressing concerns raised by prospective investors and by adding incentives. He wants to give early investors the chance to buy more shares at a fixed price. They will also be able to buy shares in Pershing Square Capital Management if it ever goes public. Ackman hopes to conclude the IPO before 2025.
Blackstone has agreed to buy data centre group AirTrunk for an implied enterprise value of over A$24 billion ($16.10 billion). The world’s largest alternative asset manager is partnering with Canada Pension Plan Investment Board (CPP Investments) to purchase the Australian company from Macquarie Asset Management (MAM) and the Public Sector Pension Investment Board (PSP). The deal will be the largest buyout in Australia this year and also the largest leveraged buyout of the year so far. CPP Investments will own 12% of the company upon completion, while the remaining stake will be owned by Blackstone and AirTrunk’s founder and CEO Robin Khuda, who will remain in charge of the company.
“This is Blackstone at its best – leveraging our global platform to capitalize on our highest conviction theme. AirTrunk is another vital step as Blackstone seeks to be the leading digital infrastructure investor in the world across the ecosystem, including data centres, power and related services,” said Jon Gray, President and Chief Operating Officer of Blackstone. AirTrunk is the largest data centre operator in Asia Pacific with 11 sites across Australia, Singapore, Malaysia, Japan and Hong Kong.
Prior to the deal, Blackstone already had a $55 billion portfolio of data centres, including facilities under construction and $70 billion in “prospective pipeline development.” The deal will need approval from the Australian Foreign Investment Review Board. Blackstone and CPP Investments outbid a consortium led by IFM Investors. “We look forward to working with Blackstone and CPP Investments and benefitting from their scale capital, sector expertise and valuable network across the various local markets, which will help support the continued expansion of AirTrunk,” said Khuda. AirTrunk currently has 800MW of capacity committed to customers, but its land can support over 1GW in future growth.
Although both Kamala Harris and Donald Trump’s policies are expected to increase US deficits and debt over the next decade, the consequences of Trump’s proposed tariffs threaten to cause far more damage. At a time of heightened uncertainty, the United States needs a president who genuinely cares about ordinary people.
ITHACA – The outcome of November’s US presidential election will have profound consequences for democracies worldwide and for geopolitical flashpoints like Ukraine, the Middle East, and Taiwan. But the potential economic fallout could be equally far-reaching. In today’s interconnected global economy, with supply chains stretching across continents, policy missteps in the United States could reverberate around the world, fueling trade wars, inflation, and unemployment.
Election campaigns are rarely conducive to sound policymaking, as candidates often make ambitious promises without considering their
feasibility. This is especially true of the 2024 election, with studies suggesting that both Democratic and Republican policies are likely to increase the deficit over the next decade.
The focus on short-term fixes and immediate relief could have a significant impact on America’s long-term fiscal health. According to the Penn Wharton Budget Model, Vice President Kamala Harris’s economic policies could raise the federal deficit by $1.2 trillion by 2034. While alarming, this figure pales in comparison to the potential impact of former President Donald Trump’s proposed policies, which are expected
to increase the deficit by $5.8 trillion over the same period.
Harris and President Joe Biden have been heavily criticized for presiding over the highest inflation in 40 years. But inflation has fallen dramatically since peaking in June 2022, prompting the Federal Reserve to cut its policy interest rate by 50 basis points last week. Despite this, Trump continues to attack the Biden administration over price increases, promising to tame inflation by, for example, expanding domestic oil drilling.
While macroeconomic experts are not always right when it comes to potential policy outcomes, there are
times when their concerns are well-founded. Trump’s economic proposals are a case in point.
Consider Trump’s proposed tariffs. If elected, he plans to impose a 10% tariff on all imports to the US and a 60% tariff on Chinese goods. He also aims to curb outsourcing to foreign producers, promising to “build American, buy American, and hire American” and threatening to “punish those who ship jobs and factories overseas or to places like Mexico.”
Although targeted tariffs can sometimes make economic sense, applying them across the board would inevitably drive up costs and create in-
EMPATHY,
ELECTION efficiencies. Discouraging outsourcing may appear beneficial, but blocking US companies from accessing cheap labor abroad would make American products less competitive globally, harming the economy and reducing demand for labor in the long run.
The current debate about outsourcing is often framed as a battle between workers in wealthy countries and those in developing economies. But this overlooks the fact that outsourcing is fundamentally a labor-versus-capital issue.
Every time a job is moved overseas, profits increase, benefiting owners while workers bear the costs. The solution is to tax capital and redirect some of the revenue to workers without sacrificing competitiveness. Yet Trump, who has pledged to cut corporate taxes, has embraced the opposite approach.
Argentina’s experience should serve as a cautionary tale about the threat that Trump’s policies pose to America’s economic prospects. In the early twentieth century, Argentina experi-
enced remarkable growth, with some even predicting that it would eventually surpass the US economically. But in 1930, José Félix Uriburu launched a military coup and declared himself president. Backed by the far-right Nacionalistas, he restricted immigration and nearly doubled
tariffs by 1933. Consequently, Argentina’s economy stagnated, and its hopes of rivaling the US were dashed.
To be sure, macroeconomic policymaking is inherently fraught with error and uncertainty. This is why simple correlations, such as pointing out that economic indicator Y worsened under President X, are misleading and largely irrelevant. Political leaders are not expected to know everything; they are expected to have empathy for ordinary people and base their decisions on sound reasoning and the best available scientific knowledge.
Trump falls far short of this ideal. His lack of empathy is evident in his dehumanizing rhetoric, especially his claims that migrants are “poisoning the blood” of the country. Throughout his career, he has consistently shown disdain toward the disadvantaged.
At a time of rising geopolitical tensions and economic turmoil, the US needs a president who may not have all the answers to the world’s problems but genuinely cares about ordinary people and approaches policy challenges with empathy, integrity, and humility. Only one candidate fits the bill.
KAUSHIK BASU A FORMER CHIEF ECONOMIST OF THE WORLD BANK AND CHIEF ECONOMIC ADVISER TO THE GOVERNMENT OF INDIA
SOURCE: WWW.PROJECT-SYNDICATE.ORG
New research on the importance of cross-border knowledge and technology spillovers suggests that government support alone cannot guarantee success in an industry. That is why Taiwan and South Korea's semiconductor industrial policies succeeded, while China's has not.
NEW HAVEN – Contrary to expectations, the Taiwan Semiconductor Manufacturing Company (TSMC) semiconductor plant in Arizona is reportedly on track to meet its 2025 production targets. This announcement poses a challenge to the many observers who predicted that the effort to bring chip manufacturing back to the United States would fail. What went right this time?
Skepticism surrounding the Arizona plant stemmed from the belief that chip manufacturing benefits heavily from learning-by-doing and dynamic economies of scale, both of which give incumbents a significant cost advantage. That is how TSMC maintains its dominant market position, especially in cutting-edge technologies, producing around 92% of the world’s most advanced logic chips at its Taiwan plant.
It was this high concentration that prompted calls to diversify production in the interest of ensuring supply-chain resilience. But the same learning-by-doing imperative is an obstacle for new entrants, casting doubts on projects like the one in Arizona. Moreover, with anti-immigration sentiment on the rise, concerns about America’s ability to attract skilled labor added to the pessimism.
Yet the gloomy predictions turned out to be overstated. While learning is crucial in chip manufacturing, new entrants’ ability to compete with incumbents depends more on the nature of the learning. In new research, my colleagues and I find that in semiconductors, learning-by-doing is not as technology-node-specific as it is firm-specific. Thus, TSMC’s advantage isn’t necessarily in producing advanced chips more ef-
ficiently, but in transferring its knowledge and expertise across different technologies. That means its success could well be replicated in other locations, as long as new plants can build on the Taiwanese parent’s experience, rather than starting from scratch.
Another important factor is the cross-border spillover of knowledge. The same research finds substantial spillovers in the transmission of learning across borders. While the exact mechanisms are unclear, foreign technology transfers – including through foreign direct investment and cross-border recruitment of skilled professionals – are likely to play a significant role.
Moreover, since the semiconductor supply chain is structured on the “fabless-foundry” model (whereby chip design companies outsource chip fabrication), it, too, facilitates knowledge transfers between countries. Chip design and manufacturing involve close collaboration between buyers and manufacturers around the world, with buyers often a major player in the dissemination of practical knowledge.
These beneficial cross-border knowledge spillovers suggest that government support alone cannot guarantee success in an industry. Taiwan and South Korea owe their dominance in chip manufacturing not only to significant government subsidies, but also to access to foreign advanced technologies. By contrast, China, despite heavy government support, has not
yet reached the frontiers of semiconductor technology. China’s experience shows that while government support can be beneficial, access to foreign technology is crucial. China’s struggles – set against Taiwan’s successes – offer valuable lessons for technologically innovative sectors.
In fact, a similar pattern appears in China’s far more successful industrial policy for the automobile sector, where joint ventures between domestic firms and more technologically advanced foreign manufacturers proved instrumental. As with semiconductors, collaboration between firms in different countries stands out as the main driv-
er of technology and product-quality improvements.
Such cross-border learning spillovers have three big implications for current policy. First, the US does indeed stand a strong chance of catching up with Taiwan in semiconductor manufacturing, given the close cooperation between the two countries and America’s leading position in research and chip design. Second, efforts to slow China’s progress in semiconductors are likely to succeed, considering that US export restrictions have effectively cut China off from foreign advanced technology.
Lastly, other countries looking to become major players in the semiconductor indus-
try (such as India) are dependent on US technological leadership. No matter how much financial support these countries provide, they are unlikely to succeed without US technological backing. An industrial policy that might work for the US, the technology leader, won’t necessarily work for others.
The key takeaway is that the US remains in the driver’s seat. With its technological leadership and scale, it is poised to meet its semiconductor policy goals: strengthening supply-chain resilience and weakening China’s position. Still, one must ask whether these objectives are worthwhile.
While diversifying the supply chain away from a single, geopolitically sensitive location makes sense, it is unclear why chip manufacturing must be brought back to the US, as opposed to other allied countries that may be able to produce at a lower cost. Moreover, the need to slow China’s chip-making progress remains debatable, except in specific cases where there are legitimate national-security concerns.
Historically, the US achieved technological leadership while also lifting up many other countries. America stayed on top in innovative activities such as research and design, but the gap between it and the rest of the world narrowed. In recent years, however, the strategy has shifted to one in which the US remains on top by pushing others down. Yet as Vice President Kamala Harris argued at the recent presidential debate: “The true … leader actually understands that strength is not in beating people down, it’s in lifting people up.” This applies not only to people, but to countries.
PINELOPI KOUJIANOU GOLDBERG IS PROFESSOR OF ECONOMICS AT YALE UNIVERSITY, AND A FORMER WORLD BANK GROUP CHIEF ECONOMIST
SOURCE: WWW.PROJECT-SYNDICATE.ORG
While it is understandable for business leaders to focus on greater efficiency, using AI and other new technologies merely to upgrade current products and processes is not enough. Success lies in questioning longstanding assumptions about the way things are done, and whether they should be done at all.
BOSTON – From artificial intelligence and electric vehicles to blockchain and composites, we are in a golden age of innovation. To unlock value from these technologies, though, businesses must transform themselves, and, according to a McKinsey & Company study, over 70% of such efforts fall short.
Obviously, businesses adopting a new technology need the right key performance indicators (KPIs) and internal alignment of their operations to ensure they get what they want out of it. But there is a bigger, often neglected, factor that determines whether they are unlocking durable returns, rather than merely chasing expensive tech trends.
While upgrading old use cases and creating new ones both constitute innovation, only the latter creates lasting economic and social value.
This tension is playing out now with generative AI. As Goldman Sachs noted earlier this summer, companies have poured $1 trillion into AI without much to show for it yet. To maximize the return on investment in technology, business leaders should think like architects who are starting from a blank page.
When digital cameras emerged a generation ago, consumers still took memory cards to brick-and-mortar stores to print their files. Today, we share images instantly with our phones and social networks.
This evolution reflects a common pattern in technology adoption. As entrepreneur Chris Dixon notes in Read Write Own: Building the Next Era of the Internet, we initially use new technologies merely to continue old behaviors with greater speed, ease, or quality, or at lower cost. Only later do we leverage them in new ways to produce disruptive, lasting outcomes.
The leap from “skeuomorphic” thinking (when digital interfaces are designed to mimic traditional physical ones, like the “desktop” on your computer) to native thinking takes time. For example, the journey from the first digital cameras to the rise of Instagram lasted 15-20 years. Businesses that deploy technology in skeuomorphic ways
can improve margins, such as by using QR codes instead of printed restaurant menus. But those who come up with new uses can create entirely new markets, like GrubHub did with its food-delivery platform.
How can more businesses make the leap to a native mindset that unlocks greater gains? One way is to look for friction. When you assume that points of friction in existing business models are fixed facts, you will struggle to escape older ways of thinking. But when you identify and focus on the sources of friction, you will often discover that they can be eliminated.
The standard business imperatives of “faster, easier, cheaper” tend to keep us mired in skeuomorphic mode.
They are so ingrained that we don’t question whether the product or process we seek to improve should be preserved at all.
Amazon’s approach to innovation at Whole Foods epitomizes this dynamic. In some locations, it has made checkout faster by allowing customers to scan their palms instead of inserting a credit card. Some of its stores have eliminated checkout altogether via “dash carts” that tally goods as you shop.
There’s a profound difference between speeding up a step and eliminating it. “How can we improve checkout?” is a skeuomorphic question. “Why do we still need checkout?” is a native one.
Friction points are the proverbial elephants in the room. In our own industry, financial technology, some of them feel like permanent market features. When was the last time you waited three days and paid $6 to send a “cross-border email”? The very notion is ludicrous because we all transmit messages instantly, globally, and for free.
Sending money across borders can and should be just as seamless, given that the internet financial system is now well established. But much of the broader industry is still captive to skeuomorphic thinking that views fees, delays, and walled gardens as facts of life. Globally, the average fee on remittances is 6%. It’s as if we were still printing
store.
When it comes to applying technology, users and functions should trump materials
and attributes. Every genuine innovation has a unique power. To think natively, we must identify and tap into it. Digital photography’s unique power wasn’t high resolution; it was instant distribution. AI’s power is pattern recognition, not truth-telling.
Using AI to augment a web search is skeuomorphic. Using it to scan medical images for anomalies that humans may miss is a superior application. Moreover, AI can reduce or eliminate friction points across health care. By monitoring changes to our baseline health metrics, for example, AI-powered wearables could help us spot an illness before it becomes serious. The US Defense Department has already piloted such a program to detect COVID-19 two and a half days prior to patients becoming symptomatic. All business leaders seek greater efficiency. When it comes to gaining the most from technology, however, upgrading current products and processes is not enough. Success lies in questioning longstanding assumptions about the way things are done, and devising entirely new use cases.
ELISABETH CARPENTER
COO
CIRCLE
JOSH BUREK SENIOR DIRECTOR OF STRATEGIC POSITIONING
CIRCLE
SOURCE: WWW.PROJECT-SYNDICATE.ORG
The company owns and operates roof and ground-mounted solar plants in target markets within Morocco, Egypt, Nigeria, Ghana and Kenya, and is currently also maturing solar investment opportunities in Tunisia, Cameroon, Zambia.
“A future powered by clean, affordable, and reliable energy solutions driving sustainable development across Africa.” That’s how Terje Osmundsen, one of the early pioneers of solar energy in Africa, describes the vision of Empower New Energy.
A political scientist of education, Terje played an active role back in the early 1980s shaping the future of Norway’s petroleum policy when he served as Chief Adviser to the Prime Minister. With his deep interest in environment and development, it’s no coincidence that he soon became an advocate for climate action and development. His engagement with solar and Africa started in the then newly established company Scatec Solar (now Scatec) back in 2009. After eight years of successfully developing large-scale solar projects in South Africa, Egypt and other emerging markets, the then 60-yearold seasoned entrepreneur and business leader decided to make a further career
shift. Together with his co-founders, Alexander Pedersen and Susie Cook, they launched Empower New Energy with a mission to bridge the finance gap that held back the deployment of solar energy for enterprises and communities across Africa.
Empower New Energy (Empower) is not only an investor, but works closely as a co-developer with the project partners preparing and de-risking the projects before investing. The company’s unique platform allows for a lean and efficient due diligence process significantly speeding up the deployment of solar energy for companies, supporting decarbonised growth across Africa.
Africa’s businesses suffer from the world’s highest electricity costs, and this continent is the only region where the share of renewables in the energy mix has been at a standstill since the signing of the Paris Agreement six years ago. The share of hydropower, solar and wind in the continent’s electricity generation is still below 20%. As a result, Africa has become even more dependent on coal, natural gas and diesel to meet its fast-growing demand for power, fuels that not only are polluting but also have become ever more expensive. Large utility-scale renewable projects are important to address this challenge, but take years to develop, finance and build. In contrast, decentralised solar can be developed and built in less than a year, and is therefore essential if Africa is to meet its development and decarbonisation targets.
While sharing insights into his motivations and vision for establishing Empower New Energy, Mr Osmundsen highlighted how Africa has become highly vulnerable to the impacts of climate change, including extreme weather events such as drought, floods, and storms. Additionally, he noted how the continent’s businesses are facing challenges such as costly and unreliable electricity, especially in sub-Saharan Africa. “This has affected health, education and wellbeing of communities, impacting people’s livelihoods and countries’ economic growth.”
This is despite Africa’s unique opportunities for renewable energy investments, as it holds approximately 60% of the world’s solar energy potential, yet as of 2022, it accounts for less than 1% of global solar installations. This vast untapped potential highlights a significant opportunity to harness renewable energy sources such as solar power, which can provide clean, sustainable electricity across the continent.
In addition, the continent’s often over-burdened grids, coupled with a reliance on diesel backup generators is
a significant pollution factor and economic burden. In Nigeria alone, the government estimates the cost of operating the diesel generators to 20 Trillion Naira annually, equal to more than 1.3 Billion dollars. Currently, there are over 20 million diesel backup generators in Africa, equivalent to 150-gigawatt capacity or 250 – 300 large coal power stations, contributing to over 20 % of Africa’s total energy and industry-related CO2 emissions
Mr Osmundsen noted that shifting towards renewable energy will help mitigate these emissions, aligning with global climate goals and commitments to reduce greenhouse gas emissions. “By
investing in renewable energy, particularly decentralised systems like solar PV and wind, communities can also enhance their resilience to these climate risks, ensuring continuity in periods of disruptions of infrastructure services," he said.
This transition for the continent is crucial as international markets are increasingly penalising products and services with high carbon footprints, thereby protecting Africa’s export competitiveness and creating sustainable economic growth.
Moreover, replacing expensive fossil fuel imports with domestically sourced renewable resources is expected to re-
TERJE OSMUNDSEN CEO EMPOWER NEW ENERGY
duce energy import bills and enhance energy security. This will free up financial resources that can be redirected towards other development priorities such as healthcare, education, and infrastructure.
Empower has mobilised investment capital from a consortium of highly recognized private and public financiers, led by the global blended finance manager, Climate Fund Managers(CFM) as well as Norfund, the Norwegian Fund for Development. “By partnering with a platform like Empower, large financiers like CFM and Norfund are able to invest in multiple high-impact renewable energy projects that individually are too small for the international investors,” Osmundsen says.
As an example, he cites the partnership between Empower and Miniplast, a plastic manufacturing company in Ghana that resulted in the implementation of a 700-kW peak solar energy project. This transition towards sustainable power further sparked Miniplast’s drive to pioneer plastic recycling, securing international funding for recycling facilities powered by rooftop solar.
Empower also partners with Nuts for Growth, a new Ghanaian business
processing shea nuts and soyabeans for export. Empower provides financing to build and operate a 1.2 MW rooftop solar plant that will secure clean, reliable and low-cost electricity for the company, saving more than 800 tons of CO₂ equivalents per year while at the same time supporting 300 new jobs and significantly improving the revenues for thousands of women collecting shea nuts.
Morocco is another important market for Empower. In 2023 the company successfully commissioned a $2 million investment in rooftop solar installations at four agro-processing plants for the local company Zalar Holding. The plants, with a combined capacity of 2.5 MWp, generate 3.76 GWh of clean energy annually and are estimated to save approximately 37 tonnes of CO2 over a lifetime.
Empower also invests in solar with battery storage. In Nigeria the company recently commissioned ten pioneering rooftop solar plants with battery storage system (BESS) for Justrite Superstores, the leading neighbourhood retail supermarket chain in Nigeria – a first of its kind in the West African supermarket chain space. The investment allows Justrite Superstores to meet up to 85% of its energy needs with clean electricity generated on its roofs
Although the company relies on local project engineering and construction companies to execute the projects, Empower New Energy still needs essential in-house talent.
“We have built a team of 25 with 15 different nationalities who work seamlessly from seven different locations, including offices in West Africa, East Africa, and North Africa,” said Mr Osmundsen.
Looking ahead, Empower is preparing a pipeline of projects that can be expanded with high-integrity carbon credits, offering a unique blend of climate action and economic and social developments. Mr Osmundsen added: “By pursuing our plan to invest more than 150 MUSD into decentralised solar power over the next two years, we not only serve our project partners, but we are supporting the creation of thousands of new jobs whilst simultaneously cutting greenhouse gas emissions by approximately 500,000 of CO2 by 2030”
For updated articles, blogs, podcasts and videos on the latest Empower New Energy projects together with investment news, case studies and contact details, please visit the company website: https:// www.empowernewenergy.com/
The most recent tech slump and economic environment is reminiscent of the dot com bubble. Is history about to repeat itself or was this just a glitch? >>
By Kevin George
The recent tech slump sent a wave of panic, dread and vindication through the market. Panic for those who didn’t expect the hottest stocks to cool so quickly, dread for those who fear that the worst is yet to come and vindication for those who saw it coming.
Considering how quickly the market rebounded, it was clear that the market overreacted and swiftly regained composure. However, has the underlying cause of the correction been addressed or is there more to come?
To the logical investor, there was no rhyme or reason behind tech’s massive drop-off. While the global market slump can easily be explained, the technology collapse is more nuanced.
Towards the middle of June, the perfect storm of disappointing earnings from some of the largest companies in the world, weak US economic data and the Bank of Japan’s interest rate hike sent the market into a frenzy. Naturally, investors had to offload assets to cover their trades, and fears of an economic recession hurt stocks, but why was tech battered so much?
The reality is the tech slump had little to do with reality and more to do with artificial expectations, and of course, artificial intelligence.
In the past four and a half years, US tech stocks have risen 142% while non-tech stocks are up only 38%. This rapid surge has been largely fuelled by AI. Considering that the revolutionary technology is still in its infancy, nobody expected it to fall so soon.
THE REALITY IS THE TECH SLUMP HAD LITTLE TO DO WITH REALITY AND MORE TO DO WITH ARTIFICIAL EXPECTATIONS, AND OF COURSE, ARTIFICIAL INTELLIGENCE
Sure, some of the leading tech companies including Microsoft, Alphabet and Tesla posted less than impressive results, but the sharp selloff was still melodramatic. If this was any other industry, the market wouldn’t have panicked, but tech has an ugly history of overcorrections and some feared (or hoped) that it was overdue for another one.
“I JUST DON’T SEE A TECH BUBBLE. YES, A FEW STOCKS HAVE DONE WELL, AND THEY HAVE DONE WELL ON EARNINGS THAT THEY HAVE DELIVERED,”
MANISH SINGH, CHIEF INVESTMENT OFFICER AT CROSSBRIDGE CAPITAL
The last time the market saw a flood of high-valued tech stocks with zero profit, the worst tech crash in history happened and 2024 is eerily similar.
One of the primary drivers behind the recent tech selloff is AI’s failure to launch. The cumulative hundreds of billions of dollars spent on AI so far have not transformed the market as expected. According to Vox, there are over 200 AI startups globally that have reached unicorn status, but very few, if any, are profitable. Again, this is similar to the dot com bubble, which prompted many to ask: has the tech bubble burst?
While there are many similarities between what is happening now and what happened two and a half decades ago, some investors believe that there is no bubble to burst.
“I just don’t see a tech bubble. Yes, a few stocks have done well, and they have done well on earnings that they have delivered,” Manish Singh, chief investment officer at Crossbridge Capital, told CNBC’s “Squawk Box Europe.” Singh’s argument is that outside of the Magnificent Seven, other tech stocks are fairly priced. He also argued that Nvidia, Microsoft and others have delivered on earnings and deserve their rapid stock lifts.
However, this does not change the fact that the substantial investments into AI have yielded nothing. Over the next few years, companies are expected to invest $1 trillion into the technology with no timeline as to when they will begin to reap the rewards. The rebuttal to that by others is that AI adoption is just kicking in and it will take some time before the rewards kick in and when they do, it will be unstoppable. Accounting firm PwC expects that AI will add nearly $16 trillion to the global economy by 2030, mainly via enhanced labour productivity.
DESPITE A FEW DISAPPOINTING RESULTS IN RECENT TIMES, THE MARKET IS STILL BULLISH ON TECH STOCKS AND THE MAIN REASON IS AI.
This increase amounts to nearly the entire GDP of China, and in under six years no less. Given its slow start, PwC might need to revise this figure. To make matters worse, research from Gartner and a separate study from Washington State University show that customers are less likely to buy products with an AI label.
It is no wonder that firms like Goldman Sachs and Elliot Management have questioned if AI is “overhyped.” Of course, not every asset manager agrees. “We think it’s too early to call that,” said Stephen Yiu, fund manager at Blue Whale Capital. “There are enough developments to show that actually generative AI is going to be game-changing.”
The irony in all of this and what makes this different from the dot com bubble is that while AI seems to be the problem, it is also the solution.
Even before a new set of US indicators in the middle of August showed that the economy was doing better than many imagined, tech stocks were already rebounding. While they are yet to return to where they were barely a month before the crash, the resurgence is a good sign. The reality is despite a few disappointing results in recent times, the market is still bullish on tech stocks and the main reason is AI.
Besides that, this minor correction was a great time for investors to get into or return to the market. "In technology, the froth has been removed from the valuations," said Willem Sels, CIO for Global Private Banking and Wealth at HSBC. "We do believe that AI and technological innovation more broadly will endure, will continue to create productivity gains... We don't flee from it," he added.
While the tech market has recovered pretty strongly, there is still a lot of scepticism. Recession fears still linger and we are still in a high interest rate environment, but AI is the wild card.
The good thing is that at least one of those three will no longer be a problem, as the Federal Reserve is due to cut rates in September from 5.5% to 5%.
However, will that be enough to convince more investors to flood back in or is the AI bubble still waiting to burst? Only time will tell.
At Business Worldwide Magazine, our CEO Awards celebrate not just individual merit but also the exceptional teams that drive it. While personal achievements are central, these awards also honour the collective effort and synergy of teams working under visionary leaders. It’s this blend of leadership and teamwork that truly defines excellence and sets our winners apart.
Our awards highlight key attributes of outstanding leaders, including unwavering dedication, the ability to engage and mentor staff, and a genuine commitment to the community. This goes beyond sponsoring local events; it’s about being recognised as an integral part of the community itself, rather than just a benefactor.
Charisma helps in engaging with staff, but our winners offer more. They inspire and encourage their teams through initiatives like training programmes and leading by example. It’s crucial that our CEOs are approachable, especially to younger members of the staff.
Innovation is a significant factor for our winners. They demonstrate creativity in product development,
strategic planning, and engaging with customers. Equally important is their focus on sustainability. Our judging panel looks for leaders who integrate environmental responsibility into their operations, whether through eco-friendly practices, sustainable materials, or other initiatives that reduce environmental impact.
Nominations for our CEO Awards came from across the globe, representing a wide range of industries including oil & gas, manufacturing, e-commerce, healthcare, financial services, and green technology.
Explore the following pages to discover the exceptional leaders who exemplify these qualities. Their achievements are a powerful source of inspiration and may very well motivate you to pursue excellence yourself.
Aleksandar Simic, FTC Aviation Srl ‘CEO of the Year in the Business Aviation Industry’
Alessio Perrucci, Climaconvenienza.it
'Most Innovative E-commerce CEO of the Year - Italy' & 'Digital Transformation CEO of the Year - Italy'
Ali Osman, PFx Biotech
'Most Innovative Biotech CEO in Advanced Nutrition Markets'
Anders Kristoffer Holst, Varelotteriet 'Business Transformation CEO of the Year - Denmark'
Andreas Reimer, riha WeserGold Getränke "Best CEO in the European Beverage Sector’
Bram Moerman, Padel Kiosk
‘Most Influential CEO in the Padel Sports Industry’
Carolina Winterliv, Card Group International AB 'CEO Innovator of the Year - Franchise Industry' & 'Digital Transformation CEO of the Year - Sweden'
Christian Pflaum, Cerabyte
‘Most Innovative CEO in Data Storage Solutions’ & ‘Growth Strategy CEO of the Year - Germany’
Cristiana Carpini, Tara Home Consulting
‘Best Real Estate CEO/Consultant for Vacation Rentals’
Dagfinn Hallseth, NEO Consulting AS 'Norwegian Healthcare CEO of the Year’
Doug Costello, Clicktrip ‘CEO of the Year in the Online Hotel Booking Industry’
Emmanuel Flaam, Netalux 'Most Innovative CEO | Laser Cleaning Technology Industry'
Francesco Ranaudo, VAULTED AG
'Most innovative CEO in the Swiss Construction Industry'
Francois Garaude, GARAUDE
'Growth Strategy CEO of the Year - France' & ‘Most Innovative CEO in the Coloured Gemstones Industry'
Frédéric Dormeuil, SOS Yachting 'CEO Innovation in Niche Services Award'
Gerhard Fahnenbruck, HF Human Factor GmbH
'Most Innovative CEO in Aviation Safety Solutions'
Gero Lange, BTT Solutions
‘Business Transformation CEO of the Year – Germany’ & ‘Industrial Engineering CEO of the Year - Europe’
Gustaf Høskuldsson, Pascal ‘Growth Strategy CEO of the Year - Denmark' & 'Visionary CEO of the Year - Denmark’
Haakon Larson, Booty Builder®
'Most Innovative CEO in the Fitness Equipment Industry - Europe'
Hugues Péribère, Overseed ‘CEO of the Year in Europe's Biopharmaceutical Industry’
Jakob Dedenroth Bernhoft, WHISTLE TOOLS
'Most Innovative CEO in the Lawtech Industry'
Jerome Leclanche, Seven Seed 'Belgium AI Innovation Leadership Award’ & 'CEO Start-Up Catalyst Award - Belgium'
Jonathan Brown, Eco Fuel Trading SA
‘Most Innovative CEO in Energy Trading’ & ‘Business Transformation CEO of the Year – Switzerland’
Karlheinz Brandenburg, Brandenburg Labs
'Most Innovative CEO in Wearable Audio Industry'
Kenneth Van den Bergh, Carbon+Alt+Delete ‘Best CEO in Climate Tech Software Industry’ & ‘Growth Strategy CEO of the Year - Belgium’
Marc Saillon, Almage Alzheimer Centers 'Healthcare CEO of the Year - France'
Mark Edwards, ViewMind Inc 'Healthcare Technology CEO of the Year – USA’
Martin Reich, MoreThan Capital ‘Financial Technology CEO of the Year- Germany’
Matthijs Wilhelmus, BASI Systems 'Best CEO in the Pilates Equipment Industry' & 'Growth Strategy CEO of the Year - Netherlands'
Mikolaj Sekutowicz ‘CEO of the Year in Urban Sustainability Innovation’ & ‘Leading Visionary in Impact Investment’
Michael Muehlberger, SPACE44 'Most Innovative CEO in Software Engineering Talent Management' & 'Global Leadership Excellence Award for CrossCultural Collaboration'
Morten Rynning, CityQ ‘Most Innovative CEO in the E-Mobility Industry’
Pernilla Almström, coeo Inkasso SE 'Finance Industry Digital Transformation CEO of the Year' & 'Swedish Change Management CEO of the Year'
Pierre-Yves Cohen, eolos GmbH 'Best CEO in the Sustainability Consulting Industry'
Raffaele Frontera, Aurelia Green Ship Concept Design ‘Global Maritime Sustainability CEO of the Year’
Rune Skov, Gryphon Audio Designs
‘Best Executive in HighEnd Audio Technology’ & ‘Growth Strategy CEO in Luxury Goods Industry’
Sandra Würmli, IIA Switzerland
‘Outstanding Leadership in Professional Development Award’ & ‘Top Executive in Event Management’
Stefan Vinberg, Insig AB ‘Sustainable Real Estate Leadership Award’ & ‘Growth Strategy CEO of the Year – Sweden’
Sven Häuser, Twinvay GmbH 'Visionary CEO Leadership Excellence Award - Germany'
Terje Osmundsen, Empower New Energy 'Best CEO for Solar Energy Investment & Development in Africa'
Therese Riiser, Sparebankforeningen 'CEO Excellence Award for Marketing and Communications'
Tobias Drage Roti, OmniMod ‘CEO of the Year in Warehouse Automation and Logistics Technology’ & ‘Growth Strategy CEO of the Year – Norway’
Led by award winning CEO Dr. Aleksandar Simic, FTC Group combines expertise with a forward-thinking vision. With a multinational team and a commitment to safety and customer satisfaction, the company is carving a unique role in business aviation through strategic growth and innovative services.
In a rapidly evolving world, businesses must constantly adapt to change and seize opportunities to stay ahead. FTC Group exemplifies this adaptability, emerging as a young, dynamic, and ambitious player in the business aviation sector. As a company built on the unique blend of Western and Eastern European cultures, FTC Group’s core strength lies in its multinational team of passionate professionals. The company’s commitment to its people is central to its ethos, and this culture of inclusivity and diversity has paved the way for a collaborative and innovative working environment.
At the heart of FTC Group is a forward-thinking strategy that focuses on quality over quantity. With a fleet of eight aircraft currently under its management, the company is not aiming for explosive growth, but rather for consistent, controlled expansion.
After covid we had 13 aircraft, all heavy jets. To fully comply and implement restrictive measures of Council Regulation (EU) No 833/2014 and Council Regulation (EU) No 269/2014, especially Article 3d, we terminated most of our Aircraft Management Agreements (AMA). Our operating bases were Moscow Sheremetyevo (UUEE) and Moscow Vnukovo airports (UUWW). We managed not to make layoffs or salary cuts while our business bore the brunt of Ukrainian crisis. The situation presented a massive headache for us but we survived the second big crisis in a row.
Unlike many of its competitors, FTC Group is not trying to compete with the largest players in the business aviation market. Instead, the company seeks to become a role model for new entrants
in the industry. By creating a collaborative environment with a clear vision and shared priorities, the company is well-positioned to inspire the next generation of aviation businesses. This unique positioning is strengthened by FTC's culture, which balances the work ethics and values from both Western and Eastern Europe, making it a dynamic and resilient entity.
The business aviation industry is complex, and recent global events such as the COVID-19 pandemic and international
conflicts have introduced unprecedented challenges. The pandemic, in particular, forced the entire aviation sector to reinvent itself. While business aviation was better able to adapt to the restrictions compared to commercial aviation, it still felt the impact, especially in terms of passenger traffic and increased operational costs. However, as Dr. Simic points out, the industry is showing signs of recovery, though it might take another year or two to return to pre-pandemic levels.
Customer demand has also shifted since the pandemic. "People are now looking for affordable transportation solutions," says Simic. Rather than focus-
ing on cabin size or luxury, customers are prioritising cost efficiency, a trend that is reshaping the way aircraft are chartered. In this environment, FTC Group has been proactive, ensuring its fleet and service offerings are well-suited to meet the changing needs of its clients.
The aviation sector continues to be impacted by global conflicts, particularly the ongoing war between Russia and Ukraine, and the Israel-Hamas war. These conflicts have disrupted flight routes, increased fuel prices, and introduced new challenges for operators
across the globe. In response, many aviation companies, including FTC Group, have implemented measures such as fuel price hedging to mitigate the risks posed by these events. By proactively addressing these challenges, FTC is ensuring the continuity of its operations and maintaining a high level of service for its clients.
As FTC Group looks to the future, the company is focused on exploring new opportunities to enhance its service offerings. One of the key areas of growth is in
CAMO (Continuing Airworthiness Management Organisation) services. With existing approvals from San Marino and Cayman Islands aviation authorities, FTC is planning to expand its CAMO services to third-party clients, offering comprehensive airworthiness management to operators beyond its own fleet.
Another potential area of expansion is the brokerage market. FTC has already gained valuable experience in aircraft leasing and purchasing, and the company is keen to build on this experience to provide brokerage services to its clients. Whether it’s helping clients buy or sell an aircraft, FTC’s extensive network and partnerships with major manufacturers and brokers ensure that the company can offer unparalleled support in navigating the complexities of the market.
DR. ALEKSANDAR SIMIC CEO OF FTC GROUP
Moreover, the company is exploring opportunities in consulting and training services, particularly in aviation safety, security, and management. With Dr. Aleksandar Simic’s extensive experience as a professor and aviation expert, FTC is well-positioned to offer tailored training programmes for both operational staff and management. These programmes, based on Dr. Simic’s own academic work, will provide clients with the knowledge and skills needed to maintain high safety standards and improve overall operational efficiency.
At the core of FTC’s success is its unwavering commitment to customer satisfaction. The company operates with a clear set of priorities: safety, reliability, friendliness, and economy. Safety is always the
top priority, and FTC’s management is dedicated to ensuring that every aspect of its operations meets the highest safety standards. This commitment is reflected in the company’s focus on compliance with regulatory directives and manufacturer recommendations, as well as its collaboration with industry partners to continually enhance the safety of its fleet.
Reliability is another key pillar of FTC’s operations. By ensuring that its flights are punctual and its services meet the expectations of clients and partners, FTC has built a reputation for dependability. Simic emphasizes that "punctuality and reliability form the foundation for a safe operation," and this principle guides the company’s approach to every aspect of its business.
Friendliness is equally important in FTC’s service philosophy. Every employee, from the flight crew to the ground staff, plays a crucial role in creating a positive experience for customers. "Our employees are the face of the company," says Dr. Simic. "It is our ultimate goal to exceed customer expectations and provide an exceptional overall experience."
Finally, FTC’s focus on economy ensures that the company remains competitive in a challenging market. By carefully managing operational risks and maintaining financial stability, FTC can continue to offer high-quality services at a fair price, ensuring long-term success and stability for both the company and its employees.
To conclude, FTC Group is not just a company; it’s a vision for the future of business aviation. By staying true to its core values and prioritising quality, safety, and customer satisfaction, FTC has positioned itself as a leader in the industry. Whether through strategic acquisitions, expanding service offerings, or maintaining a customer-centric approach, the organisation seeks to constantly evolve to meet the needs of its clients. As the company continues to grow, it remains focused on its mission: to set a new standard for excellence in business aviation.
Comprehensive details on FTC Group and its range of aviation services, together with contact points, can be found on the company website: https://www.ftc.aero/ftc-about-us/
Insig AB is at the forefront of transforming the real estate sector through innovation and sustainability. Under visionary leadership, the company drives growth and sets new industry standards, balancing strategic expansion with a strong commitment to environmental and social impact.
Stefan Vinberg's journey in leadership is one of passion, innovation, and a commitment to sustainability. As the CEO of Insig AB, a rapidly growing property company based in Malmö, Sweden, Stefan has navigated various industries, from sales and marketing to telecommunications, before finding his niche in real estate. Under his leadership, Insig AB has made significant strides in developing, managing, and newly producing residential and commercial properties, primarily in the Skåne region.
A diverse background in leadership
Stefan began his professional leadership journey in 1998, where he honed his skills across different sectors. His expe-
rience ranges from sales and marketing to headhunting and telecommunications, providing him with a broad perspective and a diverse skill set. However, it was his time as a football coach that profoundly shaped his leadership philosophy. For 11 years, Stefan coached youth football teams, starting with six-yearold boys and progressing to 19-year-old youths. This experience taught him the importance of empowering individuals to find solutions independently.
"Leadership is about guiding others to discover answers themselves," Stefan reflects. "It's not about telling them what to do but fostering a sense of ownership and pride in the team."
In 2012, Stefan transitioned into the real estate industry, bringing his leadership expertise to project management, real estate development, and energy optimization. His tenure as the real estate manager at the publicly traded real estate company Signatur Fastigheter AB from
2014 to 2021 was marked by remarkable growth and value creation as the company's value skyrocketed from 2.5 million SEK to over 700 million SEK. The founder´s strategic vision in combination with Stefan's management skills were instrumental in this transformation.
"Creating value goes beyond financial gains. It's about transforming proper-
ties, creating sustainable living environments, and making a positive impact on society," Stefan explains.
Following the acquisition of Signatur Fastigheter by a larger publicly traded real estate company, Stefan continued to focus on environmental sustainability and energy efficiency. He identified and transformed underperforming proper-
ties, demonstrating his commitment to positive impacts beyond financial gains.
In May 2022, Stefan received a call from Signatur Fastigheter's former CEO, Dan Astrén, inviting him to start a new real estate company with him and co-founder Tomas Magnusson. Without hesitation,
Stefan accepted the offer to become the CEO of Insig AB. Despite the economic uncertainties and market fluctuations, Stefan and his seasoned colleagues seized the opportunity to acquire undervalued assets and drive growth through innovative restructuring and development strategies.
"Embracing challenges is where true leadership shines. It's about turning obstacles into opportunities and navigating uncharted territories with confidence and determination," Stefan says.
As the CEO of Insig, Stefan is steering the company towards ambitious goals. These include reaching 3 billion SEK in real estate value, going public within the next few years and significantly reducing the company's environmental impact by 2030. Insig aims to achieve environmental certification for all new productions and reduce its environmental impact by 50%.
"Sustainability is not just a buzzword; it's a commitment to creating a better future for generations to come," he asserts.
Stefan's leadership philosophy extends beyond financial success to encompass social sustainability, inclusion, and diversity. He strives to create safe and healthy living environments for tenants while promoting equality within the organisation. This holistic approach is about balancing economic interests with social responsibility, contributing to a better society.
In the face of a constantly evolving and often uncertain market landscape, Stefan's experience, creativity, and clear leadership are instrumental in guiding Insig towards continued expansion and success. With a focus on innovation, sustainability, and team building, Stefan is leading Insig towards a future where economic growth aligns harmoniously with environmental and social responsibility.
"I am fortunate to navigate a difficult market surrounded by creative, talented colleagues full of brilliant ideas on how we can best achieve our economic, environmental, and social goals," Stefan
notes. "Moving forward, we will continue our expansion, acquire and build more properties, and welcome new shareholders in the upcoming capital raising."
As Insig continues its journey in a dynamic market, Stefan's leadership is pivotal in driving the company's success. His dedication to innovation, sustainability, and social responsibility sets a benchmark for the real estate industry. With clear goals and a committed team, Stefan and Insig are poised to make a lasting impact on the real estate landscape. Stefan's journey exemplifies the power of visionary leadership, creativity, and a commitment to positive change. As he navigates the challenges of the market, his leadership continues to inspire and drive Insig towards a future where success is measured by financial gains and contributions to a sustainable and inclusive society.
To learn more about Insig AB and Stefan Vinberg's leadership journey, visit www.insig.se.
In a dynamic market environment marked by recently declining real estate values and escalating interest rates, Insig seized the moment to acquire assets below historical peaks. Our specialization in revitalizing underperforming properties in southern Sweden positions us to expand our property portfolio to 2,000 MSEK by 2025–2026, with a target value of 3,000 MSEK on the horizon.
Backed by a proven track record that includes achieving remarkable growth from 0 to 700 MSEK in company value and orchestrating the strategic exit of the publicly traded Signatur Fastigheter AB within a short timeframe, our seasoned team is primed to unlock value and leverage emerging opportunities.
Join us on this transformative journey towards growth and success. Professional investors looking to be part of a dynamic and forward-thinking venture are invited to explore the possibilities with Insig AB.
To discover more about Insig AB, visit www.insig.se
OmniMod, led by Tobias Drage Roti, is revolutionizing logistics with its cutting-edge, AI-powered modular system. This Norway-based start-up is set to disrupt traditional processes and challenge industry giants with its scalable, flexible solutions that transform warehouse automation.
Automation has become a vital tool for businesses seeking to improve efficiency and optimise operations. OmniMod, a forward-thinking logistics company led by entrepreneur Tobias Drage Roti, is spearheading this transformation. The Norway based tech start-up is on a mission to challenge logistics giants like Amazon with its cutting edge, modular hardware system that combines AI-powered control with unprecedented flexibility.
Tobias Drage Roti’s journey to founding OmniMod began in an unexpected place—electric bikes. On January 2, 2020, Drage Roti was focused on converting standard bikes into electric versions, a hobby he had pursued throughout his university years. But when one of his electric bikes was stolen, he began to
think about ways to integrate security features into his designs, such as inbuilt locks, alarms and advanced tracking systems.
Soon afterwards a conversation with a family friend, a successful entrepreneur in logistics, shifted Tobias’ focus to warehouse automation. Introduced to the inner workings of logistics systems, he was struck by how outdated and inefficient many processes were. The reliance on bulky conveyor belts and manual labour seemed ripe for disruption and he set out to find a better way.
At the heart of OmniMod’s success is its modular hardware solution. The system is composed of one-metre x one-metre modules that can move parcels or objects autonomously within a warehouse.
These modules can be easily scaled to suit warehouses of any size, offering businesses unmatched flexibility. Whether a small distribution centre or a large fulfilment facility, the system allows for customised configurations controlled by AI, making it adaptable to the ever-changing demands of modern logistics.
The OmniMod team have developed a technology that addresses one of the key pain points in logistics — the rigidity of traditional conveyor belt systems. Historically, warehouses have relied heavily on manual labour or fixed automation solutions to sort and move parcels. OmniMod’s modular approach allows for the automation of specific processes or entire warehouses, providing a more adaptable and scalable solution.
With the explosive growth of e-commerce, logistics operations must now
handle increased demand while maintaining efficiency. OmniMod’s AI-driven system enables warehouses to manage the complex series of steps that each online order undergoes before it reaches the customer, all while optimising speed and accuracy.
Studying Cybernetics and Robotics at university, Tobias already had much of the technical expertise needed to bring his vision to life. However, as he quickly learned, running a business required much more than engineering abilities. The transition from engineer to entrepreneur was one of the most significant lessons in his journey.
"Thinking like an entrepreneur is different from thinking like an engineer," he acknowledges. "It’s about managing risk,
conducting market research, and ensuring your business model is viable." This shift in mindset has been critical to OmniMod’s rapid growth.
Despite OmniMod’s focus on AI and automation, Tobias emphasises that the company’s success is built on its people. Drage Roti has cultivated a team of passionate individuals who share a vision for revolutionising logistics, and this collective enthusiasm is what has driven the company forward.
“I may be the name that people hear when talking about the success of the company so far, but I’m only one person. It’s very much a team effort, so we work hard to create a place where everyone feels valued, is able to share their ideas and has fun.”
2024 has been a particularly transformative year for OmniMod. The company has not only matured in terms of business strategy and leadership but also grown significantly in size and scope. One of the most crucial aspects of this growth has been its highly scalable partnership with Element Logic, which handles OmniMod’s marketing, sales, installations, and maintenance. Element Logic is also in the midst of its own hyper growth journey, and both companies share similar structures and approaches to efficiencies and productivity. As demand for OmniMod’s product continues to grow, both companies look forward to taking the next steps on their journeys together.
Initially, OmniMod found itself guiding Element Logic through the correct processes, but now the tables have
TOBIAS DRAGE ROTI CEO OMNIMOD AS
turned. "We’ve gone from expecting them to deliver, to being pushed ourselves," he remarks. With demand growing, OmniMod is now preparing to deliver its first customer systems — a major milestone in the company’s evolution.
OmniMod’s growth is also reflected in its expanding team. The company currently employs 17 people, including both full-time staff and interns. It’s a dynamic
young team, where everyone is committed to pushing the boundaries of logistics automation.
Looking back, Tobias reflects on how far the company has come. From its humble beginnings, OmniMod has evolved into a business that is poised to take on larger, more complex projects, while continuously innovating its core technology.
As the CEO of a rapidly growing company, Tobias’ day-to-day routine varies greatly depending on the demands of the business. While training for the upcoming Norway marathon, he emphasises the importance of maintaining a balance between work and personal well-being.
"I’m at my best when I wake up early, exercise, and meditate," he says. "But balancing that with running a company can be tough, especially when we’re delivering our first system to a customer. It’s all about getting the balance right, and it’s a work in progress!"
With the first customer systems set for delivery in just a few weeks, OmniMod is entering an exciting new phase. The company is poised to become a disruptive force in logistics, challenging giants like Amazon and continues to commit to innovation, teamwork and a company culture that values both technology and its people. But beyond that, Tobias and the team are also keen to inspire others. “We’re keen to work with young people and inspire them to go into tech. I think entrepreneurship is one of the most important things you can do for society and it’s an exciting space to work in.”
When asked what advice he’d give to other young entrepreneurs he replied: “I rarely regret the things I’ve done - it’s the things we don’t do that cause regret. As humans we need to feel pleasure and fulfilment, so do something you love. Find situations that challenge you and push yourself. And most of all, have fun!”
To find out more about OmniMod’s revolutionary technology and approach, visit https:// www.omnimod.com/
Gerhard Fahnenbruck, a pioneering aviation psychologist and founder of the HF Human Factor GmbH, has brought together the worlds of psychology and aviation to enhance the lives and performance of those working in high-risk industries. His career, spanning several decades, highlights the critical role that aviation psychologists and peer support programs play in maintaining safety through supporting mental health. In the long run, this helps organisations boost productivity.
Fahnenbruck learned to fly gliders at the age of 14, but instead of dreaming of flying professionally, he saw it as more of a hobby. He enjoyed and still enjoys flying, but his primary interest has always been in psychology.
Despite his now extensive flying experience as an airline Captain on Airbus A320 family aircraft, Fahnenbruck defines himself not as a pilot but an aviation psychologist—a professional who understands the psychological demands of flying and how working in a high-risk environment can impact someone’s mental health. When he set out on this niche career path in the 1990s, only three professional psychologists worldwide were also qualified as professional pilots. Today, there are several hundred, which is a testament to the growing recognition of this field and his innovative, outstanding and exceptional work in the space.
After becoming a psychologist, he worked for the German Aerospace Research Establishment (DLR), responsible for selecting pilots, astronauts, and deepsea divers. All three career paths involve challenging, gruelling, and physically demanding experiences that require a particular mindset, making proper screening and selection essential. After he left DLR, he worked in the developing field of Crew Resource Management, where team training is used to optimise performance, primarily to increase safety.
Today, aviation psychologists like Fahnenbruck play a crucial but different role in the aviation industry. In addition to selecting and training pilots, their work involves supporting crews involved in accidents or critical incidents and also supporting pilots in demanding life situations. Fahnenbruck's innovative approach in the 1990s led to the creation
and evolution of peer support programs in aviation in Europe and elsewhere, training pilots and other safety-critical personnel to support their colleagues. This peer-based approach is vital because pilots, in particular, fear that discussing any problem or mental health issue with a psychologist might jeopardise their careers, which depend on having a clear medical record. When a pilot seeks professional psychological and/or psychiatric support, it’s immediately recorded on their medical record, which—even if it’s only for mild versions of any mood disorder such as depression or anxiety—can lead to them being deemed unfit to work. However, by talking to fellow pilots who have been specially trained, they can receive the necessary support without judgment or fear for their careers.
Explaining the motivation for his chosen career path, Fahnenbruck said:
“In the 90s, when I first had the idea of combining being a professional pilot and psychologist, I started asking questions about what we were doing with pilots who had been involved in critical incidents or accidents. At the time, there was a lot of resistance from psychologists as they said it wouldn't be possible to get pilots to work with pilots because they were non-psychologists and, therefore, not qualified as such. There was also significant resistance from pilots, who argued that they are trained to deal with demanding situations. From my experience as a pilot, I knew the opposite was true. By talking to a psychologist, pilots would have felt like they were risking their career, but they naturally felt able to confide in others from their peer group who understood what was at stake.”
Despite initially meeting with resistance, peer support programs have become mandatory in the European aviation industry. These programs are designed to ensure that pilots remain fit to fly, addressing issues like processing critical flying events, depression, anxiety or substance misuse earlier before these concerns escalate into more severe conditions that could endanger their medical certifications and careers. Fahnenbruck's work demonstrates that early intervention and peer support can significantly reduce the incidence of mental health issues among pilots and those working in similar safety-critical fields. The success rates of these aviation programs have been proven to be very high. They are now applied in other high-risk areas,
such as healthcare, chemical industries, maritime or the energy sector.
Fahnenbruck's extensive and diverse training in psychology, as a pilot, in IT and business (he has both an IT degree and an MBA) has given him a unique grounding in the business world in a technology-driven environment. His early work in a drug addiction clinic and a psychiatric unit further honed his ability to identify extremes of human behaviour, identify early signs of mental health issues, and how to provide appropriate support.
At HF Human Factor GmbH, the focus is on prevention rather than cure. It’s about leveraging the power of mutual understanding to prevent problems before they become exacerbated. Fahnenbruck emphasises that flying a plane under normal conditions should only occupy about 5% of a pilot’s capacity, with the remaining 95% devoted to managing potentially critical situations. When they’re preoccupied with other problems, their ability to deal with those situations and react to challenges can be dramatically compromised. However, with the appropriate support, pilots can deal with critical incidents or personal issues and continue to work calmly and mindfully, enabling them to stay well-prepared for every eventuality beyond the technicalities of flying.
A key takeaway for corporates from HF Human Factor GmbH’s work in the aviation industry is that businesses do better economically when they take care of their people. Productivity increases, sick leave and staff turnover rates decrease—this is true across virtually any business or industry.
The HF Human Factor GmbH approach begins with assessing the specific risk and potential problems personnel are facing in the business at hand.
In the airline industry, for example, socalled critical incidents include onboard fires, engine failures, death on board a plane, and severe weather conditions. In the 1990s, Fahnenbruck started by focusing on such critical events and training peers to support individuals dealing with such situations. Feedback indicat-
GERHARD FAHNENBRUCK FOUNDER
ed that 99% of those involved in these kinds of events did not require further assistance after initial support from a peer, highlighting the importance of simply making these resources known and available.
Gradually, pilots started coming forward with all kinds of well-being issues, whether domestic, financial or legal problems, training or medical issues. At that time, peers had already been trained to work with these topics under the supervision of a psychologist. In 80% of all cases, talking to such a trained peer is sufficient to help a colleague get out of his or her challenging situation.
For those pilots requiring additional guidance, a network of specialists, including lawyers, doctors, and financial experts, are available and can provide more targeted and specialised support.
To make a program work in other environments, it’s essential to understand the specific industry and the needs of its personnel so that peers can be trained accordingly. As an example: If no critical incidents are expected, it doesn’t make sense to train peers to deal with trauma.
To make a program work, it is essential to inform the personnel that peers are
available and that the support is confidential. Any breach of that confidentiality destroys trust in the program and any further attempt to set up such a program in the foreseeable future.
The program's success relies on matching people with a peer they feel they can talk to and emphasising that every conversation is confidential. They are matched according to their job roles, gender, and mother tongue to promote mutual understanding, which makes people more likely to open up. The HF Human Factor GmbH is entirely independent and operates outside of unions and companies, which is integral to participants feeling safe and supported.
Feedback from HF Human Factor GmbH’s programs has been overwhelmingly positive.
Fahnenbruck said: “At first, companies felt they didn’t need it, but we asked big corporations to look at their numbers and conduct a study to compare people being taken care of with people not being taken care of in similar situations. The results
are very convincing. It’s so obvious when you see the increase in health, productivity, and overall well-being showing that establishing a peer support programme is worthwhile. Our work changes lives and helps businesses grow at the same time, and that’s the whole reason why we do it.”
The COVID-19 pandemic shifted the emphasis of peer support in aviation again from critical incidents to overall well-being. Prior to COVID-19, the aviation program dealt with about 80% critical incidents and 20% well-being cases. Now, it’s 30% critic al incidents and 70% well-being. The current program caters for that and offers peers trained in a broader range of issues, such as family problems, financial issues, and health concerns. This adaptability has reinforced the value of peer support in maintaining the mental health of aviation professionals during those unprecedented times.
Fahnenbruck's work underscores the importance and value of implementing peer support programs across various industries. These programs are most effective when they focus on and prioritise the affected individual's perspective while ensuring confidentiality. Depending on the circumstances, their proven Return On Investment lies between 5:1 and 10:1.
Fahnenbruck says the success of any peer support program relies on ensuring it’s correctly set up from the outset and that all work is person-centred: “The key to successful peer support is that the centre of the universe is always the affected person—so try to think how they think. Understand their mindset, feel like they feel, see through their eyes, and hear through their ears. When your peers know how the affected person ticks, the solutions to their problems often emerge naturally.”
To find out more about HF Human Factor GmbH’s work, visit https://human-factor.biz/
Do you work in and have the responsibility for the care of human beings in a safety critical industry?
If yes, you may have found the resource you need.
As Human Factors Ltd. (HF Human Factor GmbH), our primary focus is on safety-critical industries. We have more than 30 years’ experience, primarily in aviation and maritime, but we also conducted projects in medicine, the chemical industry, and the energy sector.
Our main focus has always been the human being:
How well is the individual prepared?
How can team efficiency be improved?
How can teams be trained, accompanied, or even taken care of in a crisis?
How well is a company prepared to handle a crisis?
What kind of preparation and structures are needed to ensure that the particular tasks demanded in a crisis are completed successfully?
Answers to the above questions are always specific and unique to the context. Sometimes the questions need conceptualizing, sometimes the answers need training or coaching, sometimes research is required. We love to walk alongside you to help to find answers to your questions.
Eco Fuel Trading SA is revolutionizing supply chains with innovative strategies, AI, and global partnerships. Discover how the company is setting new standards in energy, agriculture, and beyond, while enhancing efficiency and sustainability.
Unsurprisingly, the transportation of energy and other large-scale products presents significant environmental challenges. From high carbon emissions to the complex logistics of moving resources across borders, the industry is under increasing pressure to innovate. It currently accounts for nearly 28% of the world’s CO2 emissions.
As more companies seek sustainable alternatives, the need for efficient, transparent, and eco-friendly supply chain solutions is more urgent than ever. Switzerland based Eco Fuel Trading SA is stepping up to the challenge to find a
greener, smarter way for companies to move their products.
Innovation and teamwork at the core
Jonathan Brown, CEO of Eco Fuel Trading SA, Managing Director of NextWave Swiss Capital, and Board Member of Mileto Tech, has recently been recognised by Business Worldwide Magazine for his contributions to the field, being awarded "Most Innovative CEO in Energy Trading" and "Business Transformation CEO of the Year – Switzerland." These honours are not just a reflection of Jonathan's personal accomplishments but also celebrate the collective dedication of his tal-
ented team, who have worked tirelessly to reshape global supply chains and set new standards of excellence.
The acquisition of Eco Fuel Trading SA marked a key milestone in a long-term, carefully crafted strategy led by Jonathan Brown and his business partner, Frederic de Raemy. Their journey, which spans several years, has been focused on creating a comprehensive plan that integrates strategic acquisitions and investments to develop a physical trading platform with a far-reaching vision.
Their goal? To redefine supply chain management and operational excellence. With a commodity-agnostic framework, Eco Fuel Trading SA aims to create an integrated platform that transcends traditional boundaries, offering cutting-edge solutions across multiple sectors.
At the core of Eco Fuel’s success is its strategic use of private investments, leveraged through the company’s private equity arm NextWave, established in 2019. By taking advantage of NextWave’s
influence across numerous industries, Eco Fuel has been able to address weak points in supply chains such as inspection, quality testing, financing, and distribution.
This approach empowers natural resource-producing countries in sectors like oil, agriculture, and medicine to maximise the value of their resources. By significantly reducing reliance on intermediaries, Eco Fuel is fostering a more efficient, transparent, and fair supply chain that provides a win-win solution for all stakeholders involved.
One of the most exciting developments at Eco Fuel is the integration of natural language understanding (NLU) and other advanced AI technologies in the inspection process. By implementing these tools, Eco Fuel aims to enhance field efficiency, improve safety, and capture comprehensive data, all while reducing administrative burdens.
These innovations are not theoretical –they are already in advanced discussions with major inspection companies, promising to revolutionise how operations
are conducted. The benefits of such cutting-edge technology will extend to traders, financial institutions, and insurers alike, making the industry more efficient and data-driven.
Eco Fuel has long-standing relationships with the US and UK militaries and the United Nations, where it plays a pivotal role in supporting critical operations. By continuing to participate in new tenders and investing in infrastructure, the company ensures it remains a reliable partner in global security and operational efficiency.
Seafarers face significant mental health challenges, with around 25% experiencing depression and 26% reporting severe anxiety, often exacerbated by long hours, isolation, and limited access to support. Over 50% of seafarers feel lonely during voyages, and the suicide rate among them is three times higher than the general population. Long working hours are common, with 72% working more than 13 hours a day, leading to fatigue and stress. Despite these challenges, 55% of seafarers hesitate to seek help, fearing it could affect their careers. These statistics highlight the urgent need for improved mental health support in the industry.
In a groundbreaking initiative, Eco Fuel is tackling these mental health challenges. Partnering with neurotherapeutics leaders like MindMaze, the company is developing solutions that address issues like isolation, long working hours, and poor physical health. This focus on crew welfare extends to aviation, with similar strategies being applied to enhance the well-being and safety of pilots.
In an unexpected yet innovative move, Jonathan Brown has applied his extensive knowledge of oil trading to the growing field of cryptomining. Through his ownership of a crypto mining operation in Patagonia, Argentina, Brown has integrated oil trading principles into the operation’s infrastructure, gas contracts, and risk management. This unique approach further demonstrates Eco Fuel's adaptability and its ability to thrive in diverse and emerging markets.
For Eco Fuel, physical trading represents the final component in a carefully orchestrated strategy. Over the last four years, the company has invested heavily across sectors, with physical trading now serving as the critical link that integrates these investments. It’s a forward-thinking model that positions Eco Fuel to drive growth and innovation in
alignment with its impressive long-term goals.
Jonathan Brown’s approach to energy innovation has been profoundly influenced by his own background as a biomedical engineer. His early experience with complex mathematical models has equipped him with the skills to solve problems in unique and effective ways, giving him a different perspective that’s been key to the company’s success.
The recent recognition of Jonathan Brown and Eco Fuel Trading SA highlights the strength and dedication of a talented team. Under his leadership, collaboration and innovation are encouraged at every level, allowing experts across fields to contribute to the company’s ongoing success.
As Eco Fuel looks to the future, the company remains committed to driving innovation, maintaining transparency, and fostering collaboration across industries. The team’s collective efforts will continue to push boundaries, shaping the future of energy trading for years to come.
To learn more about Eco Fuel Trading SA and their innovative approach to energy trading, visit https://www.eftrading.com/
Overseed, a French biotech company, leads the development of pharmaceutical-grade medical cannabis. With expertise in agronomy and pharmaceutical chemistry, the company is prepared to meet patient needs, ensuring national sovereignty and advancing medical research ahead of France’s 2025 legalisation.
As France prepares to authorise the use of medical cannabis in January 2025, the healthcare landscape is set for a historic transformation. Overseed, a pioneering French biotech company, is poised to lead this transition. Combining expertise in genetics, agronomy, and pharmaceutical chemistry, Overseed is becoming the first French manufacturer to produce 100% medical cannabis-based medicines. With an emphasis on therapeutic quality, the company is well-prepared to meet the growing demand for cannabinoid treatments.
At the helm of Overseed is CEO Hugues Péribère, an agronomic engineer with extensive experience managing the cultivation of specialised plants across Europe. Before founding Overseed, Péribère worked in the agri-food industry, managing supply chains for highly
specialized plants. His knowledge of geopolitical and climatic issues related to production prepared him to lead Overseed’s efforts in the emerging medical cannabis industry. In 2020, after discovering the significant medical benefits of cannabis, particularly for treating certain types of pain, Péribère became convinced of the need to develop a dedicated French project for medical cannabis. His expertise in agronomy and supply chains is now the foundation of Overseed's approach to producing high-quality, pharmaceutical grade cannabinoid products.
One of Overseed’s primary missions is to address the unmet medical needs of patients across France. An estimated 800,000 people in France suffer from conditions such as refractory neuropathic pain, the side effects of chemotherapy
(nausea, appetite loss, anxiety, sleep disorders), multiple sclerosis, palliative care, and refractory epilepsy. Of these, approximately 350,000 patients are expected to benefit from medical cannabis treatments once the market opens in 2025. Overseed is dedicated to improving the quality of life for these individuals by providing safe, effective, and high-quality cannabinoid-based medicines.
In addition to addressing the pressing medical needs of patients, the company is committed to producing these treatments domestically. It recognises the importance of national sovereignty in medical cannabis production, and by ensuring that medicines are manufactured in France, Overseed guarantees better product information for prescribers, more reliable access for patients, and reduced risks of drug shortages. This fully French industry also helps strengthen the economy by creating jobs and foster-
ing innovation in the medical cannabis sector.
Overseed’s leadership in the French medical cannabis sector began in 2021 when it became the first company to obtain R&D authorisation for the cultivation of Cannabis sativa L. This authorisation enabled the business to conduct crucial research into varietal selection, stabilise its production processes, and develop pharmaceutical-grade cannabinoids. Overseed has since built a robust research programme, ensuring its products meet the highest standards for purity and efficacy.
Collaborations with key partners such as Stanipharm for extraction and Pharm&Beauty for manufacturing finished pharmaceutical products allow Overseed to maintain a seamless supply
chain. These collaborations ensure the final products meet strict pharmaceutical standards, and the company’s research and experimentation are in direct connection with medical scientific studies, enabling it to offer patients the best possible solutions.
Overseed’s R&D efforts also extend beyond its internal operations. The company is engaged in ongoing research collaborations with the CNRS/CBM (Molecular Biology Center) and the University Hospital of Orléans, where they are conducting preclinical and clinical trials to study the potential for extending cannabis-based medicines to treat other pathologies. This research is crucial for validating the efficacy of cannabis in treating additional conditions and posi-
tions Overseed as an innovative leader in the medical cannabis field.
In July 2024, Overseed raised €6.7 million in a successful fundraising round, following a €2.5 million seed round in 2022. This investment, led by Anthony Bourbon's Blast.Club and the seed capital fund of the Centre-Val de Loire region and Crédit Agricole bank, ensures that the business is financially well-positioned to scale its operations as France moves towards full legalisation of medical cannabis in early 2025.
From the outset, Overseed will offer a range of pharmaceutical-grade products, including CBD-dominant oils, THC-dominant oils, and balanced CBD/ THC oils. These formulations will address the specific needs of patients suffering from conditions approved for
HUGUES PÉRIBÈRE CEO OVERSEED
medical cannabis treatment. Overseed is also exploring future innovations, such as fast-acting inhalation solutions, to expand its product offerings. With its advanced infrastructure and expertise, it is poised to deliver high-quality, high-volume production.
Overseed’s role in France’s medical cannabis industry goes beyond merely meeting demand—it also ensures that France maintains its sovereignty over
the production and distribution of these essential medicines. By producing cannabis-based treatments domestically, Overseed reduces France’s reliance on international suppliers and ensures secure, uninterrupted access for patients. This strategic focus on local production strengthens the country's healthcare system and helps protect against global supply chain disruptions.
In addition to the economic benefits, French production guarantees that doctors and patients receive the most accu-
rate, up-to-date product information. Overseed’s commitment to production within France also supports the emergence of a new industry that is set to boost both economic and social activity across the nation.
As France moves towards legalising and reimbursing medical cannabis in early 2025, Overseed is positioned to lead this new market. Under the visionary leadership of Hugues Péribère, the company is not only prepared to meet the immediate demand but is also driving the development of innovative treatments that will shape the future of medical cannabis in France.
Through its strategic collaborations, research programmes, and dedication to French sovereignty, Overseed is leading the way in providing high-quality, pharmaceutical-grade cannabis medicines that will improve the lives of thousands of patients. As a founding member of Santé France Cannabis, Overseed continues to play a critical role in shaping industry standards, ensuring that as soon as the market opens, patients will have access to safe, effective, and thoroughly researched cannabinoid therapies.
Overseed’s pioneering efforts ensure that France’s medical cannabis industry will remain competitive, innovative, and, most importantly, focused on patient care. From research to production, this innovative biotech company sets the standard for the future of medical cannabis provision throughout the country.
Please visit the company website: https://www.overseed.fr/ to learn more about Overseed’s journey in the world of medical based cannabis production and distribution, its collaborative partnerships, ongoing work and contact details.
strategic advisor to a complex and critical healthcare sector
Experts from the Nordic healthcare sector advising public and private healthcare systems and leaders around the world
● Sustainable healthcare systems
● Healthcare reforms and population health
● Technology, AI and healthcare digitalization
● Strategy and strategic planning in healthcare
● Infrastructure, investments and hospital building
● Healthcare innovation, markets, growth and transactions
● Turnarounds and re-organisation of healthcare organisations
● Governance, healthtech architecture and compliance in complex healthcare systems
Private equity deals hit what felt like rock bottom in 2023. But with dealmaking on the rise and record dry powder, 2024 could be one of PE’s best years ever. >>
By Kevin George
No matter how kindly you want to put it, 2023 was a terrible year for Private Equity (PE) dealmaking. S&P put it mildly when it called it a “challenging year.” Bain & Company was just as kind when it said it was “a year of portent.” But perhaps the most apt description was from Harvard Law School, which said it was “A Year (Not) to Remember.”
Every key metric was much lower in 2023 than it was in 2022. Deal value was down 37%, falling from $699 billion to $438 billion. The number of funds closed dropped 38%, exit values fell 44% from $613 billion to $438 billion, and the number of significant deals also tumbled drastically.
The one good thing that did come out of it was the cash private equity firms were able to pile up. The only questions coming into 2024 were: would the global economy be better and would forms be able to deploy their dry powder?
The answer so far has been emphatic.
The return of private equity dealmaking
2024 began on a frightening note for PE dealmaking. Both the number of significant deals (deals over $100 million) and the value of deals dropped significantly from Q4 2023 to Q1 2024. With interest rates still high and recession fears still looming, general partners (GPs) could not make the deals they wanted to.
While the start was disappointing, it helped boost the PE dry powder to a record $2.6 trillion, according to Preqin. So, as soon as inflation started reducing and the likelihood of a rate cut started increasing, GPs went to work.
The value of deals announced in Q2 was $196 billion, which was almost double the $100 billion announced in Q1, making it the best quarter in two years. What was also impressive was the size of the deals. The market went from 25 significant deals in January to 46 in May.
The number of megadeals (above $5 billion) has also increased and according to S&P Global, this figure is on pace to match the 22-year record set in 2021. By the end of July, there had been 13 PE/VC-backed megadeals, compared to just eight in 2023, and it could possibly reach the record of 25 set three years ago.
“The deal market is back,” said Scott Nuttall, the co-head of KKR. “This year, we not only have an open market, we have pent-up supply of deals . . . coming to markets. So we are optimistic.”
THE VALUE OF DEALS
ANNOUNCED IN Q2 WAS $196 BILLION, WHICH WAS ALMOST DOUBLE THE $100 BILLION ANNOUNCED IN Q1, MAKING IT THE BEST QUARTER IN TWO YEARS.
ACCORDING TO DATA FROM MARKET INTELLIGENCE, SILVER LAKE HAD $18.4 BILLION IN DRY POWDER AS AT AUGUST 12. APOLLO AND KKR REPORTEDLY HAD $42 BILLION, WHILE CARLYLE HAD $23 BILLION.
“THE FACT THAT WE’RE SEEING RATES COMING DOWN, MARKETS BEING MORE CONDUCIVE, MORE PEOPLE ARE THINKING ABOUT SELLING ASSETS, I THINK AS THE IPO MARKET REOPENS WE SHOULD SEE MORE,” JON GRAY, BLACKSTONE PRESIDENT.
The largest private equity deal of the year so far is Silver Lake’s acquisition of Endeavor Group Holdings Inc. According to Silver Lake, the equity value of the deal is $13 billion, but the combined enterprise value is $25 billion making it the largest private equity sponsor public-to-private investment transaction in a decade and the largest ever in the media and entertainment sector.
Novo Holdings accounted for the second largest deal of the year as it spent $16.5 billion acquiring Catalent Inc. Not to be left behind, Apollo Global Management Inc also recorded one of the largest deals of the year. The asset manager spent $11.2 billion acquiring a 49% stake in a joint venture with Intel Corp’s factory in Ireland. Another noteworthy megadeal was KKR & Co Inc. and Carlyle Group’s deal to buy prime student loans from Discover Financial Services for $11 billion.
According to data from Market Intelligence, Silver Lake had $18.4 billion in dry powder as at August 12. Apollo and KKR reportedly had $42 billion, while Carlyle had $23 billion.
Silver Lake and KKR have been involved in other megadeals this year. Silver Lake partnered with Digital Bridge Group to invest $9.2 billion in Vantage Data Centers, while KKR and Veritas Capital acquired Cotiviti Holdings Inc. for $10 billion.
In terms of exits, the largest in 2024 so far is Home Depot Inc’s $18.5 billion acquisition of SRS Distribution from Leonard Green & Partners and Berkshire Partners. Leonard Green & Partners purchased the building products distributor in 2018 for roughly $3 billion. The deal is the fourth largest US private equity exit since 2006. Another milestone exit was BlackRock Inc.’s purchase of Global Infrastructure Partners for $12.5 billion.
Besides the mega private equity deals, private capital has also been making an impact on the market.
In the last quarter, four US private capital groups deployed over $160 billion in anticipation of increased merger activity and a lower interest rate. Apollo led the way with $70 billion, followed by $34 billion from Blackstone, while Ares and KKR accounted for the rest.
Considering that PE deals are not at the pre-covid levels yet, a lot of this capital was deployed into credit and infrastructure. This has shown how creative and eager funds are to deploy. If they are able to keep up the pace, 2024 will be a very special year indeed.
Given how it began, nobody would have expected PE to pick back up this quickly. But now that appetites have been whet, expectations just keep climbing.
“My briefcase indicator continues to be getting full and indicates that there should be increasing solid levels of transaction activity,” said Jon Gray, president of Blackstone. “The fact that we’re seeing rates coming down, markets being more conducive, more people are thinking about selling assets, I think as the IPO market reopens we should see more,” he added.
If the Federal Reserve lowers interest rates in September as many expect, the last quarter in 2024 could see a flurry of activity at levels we have never witnessed before. There is still trillions of dollars worth of spending power left and firms and that money cannot sit idly any more.
Will GPs keep waiting for the Fed or will they keep finding novel ways to deploy their capital? Only time will tell, but odds are we won’t have to wait much longer to find out.
Paris-based Garaude stands at the forefront of the gemstones trading industry, celebrated for its meticulous craftsmanship and dedication to ethical sourcing and production. Here, we explore founder François Garaude's pioneering legacy which shapes industry with innovation and unwavering commitment to excellence.
In the prestigious gemstones trading sector, innovative award winner François Garaude has carved a remarkable legacy spanning more than four decades. His journey began unexpectedly in Bahia, Brazil, where an encounter with an emerald sparked a passion that would define his life's work. Today, as the driving force behind Garaude, a renowned name in coloured gemstones, François Garaude embodies a commitment to excellence and innovation that has earned global acclaim.
At its core, the gemstone sector involves the discovery, mining, and processing of precious stones such as diamonds, emeralds, rubies, and sapphires. These stones are then supplied to various markets, from high jewellery houses to independent jewellers, designers and auction houses. The journey of a gemstone - from mine to market - requires
expertise, ethical practices, and a deep understanding of the materials.
Ethical practices play a pivotal role throughout this journey. Responsible sourcing is essential to ensure that the mining and processing of gemstones do not harm the environment or exploit labour. Leading companies like Garaude set the standard in adhering to stringent ethical processes which promote transparency and sustainability at each stage.
Once polished, the gemstones enter the market where they are sold to a diverse range of clients. High jewellery houses seek the finest, most exquisite stones for their exclusive collections, while independent jewellers and designers look for unique and varied gems to create custom pieces. The global demand for these precious stones drives a vibrant market, with auctions, trade shows, and direct transactions facilitating the flow of gemstones from source to consumer.
The gemstone sector is dynamic and ever-evolving, influenced by trends in fashion, technology, and consumer preferences. Innovation in cutting techniques, advancements in gemology, and growing awareness of ethical practices continue to shape the industry.
François Garaude's career journey unfolds with a captivating journey through the world's most prized gemstone regions. It began fortuitously in Bahia, Brazil, where an encounter with an emerald set the course for his lifelong fascination with coloured gemstones. From the emerald-rich mines of Bahia Garaude ventured onward to the vibrant markets
and remote mining communities of Sri Lanka, Burma, and Colombia. Driven by an insatiable curiosity and a deep respect for the art of gemstone mining, he sought to unearth the stories and secrets hidden within these landscapes.
However, it was in Mandalay, Myanmar where Garaude made a transformative discovery. Here, he discovered a trove of polished roughs of rubies, sapphires and jade – unique gems which had yet to be fully appreciated in the European market. Garaude's keen eye for quality and his commitment to authenticity led him to showcase these gems to the world, reshaping perceptions and setting new standards in the gemstone industry.
His journey through these gemstone-rich regions not only expanded his expertise but also solidified his reputation as a visionary within the industry. Each gemstone discovered added to his narrative, illustrating his dedication to uncovering the finest, most ethically sourced materials and sharing their beauty with a global audience.
Garaude continues to distinguish itself from its competitors with more than simply the brilliance of its stones, but also its unwavering dedication to ethical sourcing and transparency. Long before these principles became industry norms, Garaude pioneered the concept
of traceability from "mine to market". This forward-thinking approach not only earned the company recognition as one of Les Échos magazine's top 65 Champions of Growth in 2024, but also fuelled a remarkable 280% growth from 2019 to 2022.
In 2016, Garaude expanded its global footprint by opening a strategic office in Bangkok, a pivotal move that positioned the company at the heart of the international gemstone trade. Bangkok was chosen specifically because it is where auctions for rough gemstones – Mozambique rubies, Colombian and Zambian emeralds and Australian sap-
phires – takes place. Each gem undergoes meticulous scrutiny and is crafted into homogenous, color-coordinated sets highly sought after by jewelry connoisseurs. Today, Garaude's international reach extends to supplying gemstones to many prestigious brands across Europe, especially in France, as well as the United States and Asia, cementing its reputation as a trusted supplier in the global market.
Far beyond the sparkle and allure of its gemstones, Garaude remains unwavering in its commitment to the communities and environments from which these precious stones originate. At the heart of its operations lies a deep-seated dedication to ethical sourcing and sustainability. By adhering to stringent ethical standards, Garaude ensures that every step of its supply chain upholds the highest industry benchmarks. This commitment is reflected through its RJC certification,
FRANÇOIS GARAUDE FOUNDER & CEO GARAUDE
making the company a trusted and ethical supplier for jewellers and designers with the highest ethical standards. Moreover, full traceability, from ‘mine to market’ is ensured by the production, cutting and sorting of gemstones.
At the core of Garaude's success lies a relentless pursuit of innovation and quality. The establishment of a New York office in 2023 marked a new chapter in the company’s growth trajectory, highlighting its commitment to expanding its influence while upholding its founding principles.
In addition, the company had the opportunity to master its excellence in the cutting process of Estrela de Fura in 2023, the largest ruby in the world. The 55.22ct stone, cut in the Bangkok atelier of Garaude, was a historical discovery. The rough stone, weighing 101 carats and discovered in Mozambique, was ac-
claimed for its "pigeon's-blood red" hue, a mark of the finest rubies. Using innovative techniques and cutting-edge materials, Garaude’s skilled artisans transformed this extraordinary rough stone into a magnificent gem. The meticulous cutting and polishing of Estrela de Fura not only enhanced its natural beauty but also set new standards for transparency and traceability within the industry. This landmark achievement was solidified when the Estrela de Fura sold for an impressive USD 34.8 million at Sotheby’s Magnificent Jewels auction on June 8, 2023 – the highest price ever achieved for any coloured gemstone at auction. Through these initiatives, Garaude not only enriches the world of high jewellery with its exceptional gemstones but also leaves a lasting legacy of positive impact. By championing sustainability and ethical integrity, the company demonstrates an important concept—that luxury and responsibility can harmoniously coexist, setting a standard that resonates throughout the global gemstone industry.
As François Garaude reflects on over four decades of influence in the gemstone and jewellery industries, his vision remains resolute: to consistently redefine boundaries, present unique stones and maintain high standards in ethical gemstone sourcing. He is committed to presenting his unique vision, and has never been afraid to be a pioneer in the industry.
Garaude's journey transcends mere business triumph; it stands as a testament to the profound impact of unwavering passion and integrity in the realm of gemstone sourcing. His commitment to innovation and ethical standards shapes the future of the industry, inspiring a legacy of excellence which undoubtedly resonates globally.
Further information – (including a unique video showcasing how the company recently had the opportunity to cut the Estrela de Fura, the world’s largest gem quality ruby ever discovered) – together with contact details and social media links can be found on the company website: https://garaude.com/
CEO Awards 2024
GRYPHON
Gryphon Audio Designs, founded in 1985, has set the standard for high-end audio with its minimalist, high-performance gear. Under the leadership of Global Sales Director Rune Skov, the brand has grown globally, continuing to push the boundaries of luxury audio excellence.
Founded in 1985 by Flemming E. GrRasmussen, Gryphon Audio Designs was born out of a passion to bring the purest essence of live music into people’s homes. The company’s pioneering CEO Rune Skov has been named "Best Executive in High-End Audio Technology" & "Growth Strategy CEO in Luxury Goods Industry" in the Business Worldwide 2024 CEO Awards. Here we learn about the company’s journey so far.
Originally an offshoot of 2R Marketing, Gryphon’s first product—the now-legendary Gryphon Head Amp—began as a personal project for Rasmussen's own system. But after receiving widespread acclaim at the 1986 Chicago Consumer Electronics Show, including a “Best Buy” nod from the Japanese audio press, demand for the Head Amp led to the formal establishment of Gryphon Audio Designs as an independent entity. By 1993, Gryphon had ceased all import activities, allowing Rasmussen to focus solely on the brand. Gryphon quickly earned a global reputation for its state-of-the-art
performance, intuitive ergonomics, and luxurious design.
Since joining Gryphon in 2015, Rune Skov has played a key role in the brand’s evolution. In 2018, after a brief tenure with another company, he was invited back to join the executive board as Global Sales Director, becoming a shareholder too. His contributions have been instrumental in shaping Gryphon’s global strategy and fostering relationships with partners and customers. He believes that high-end audio is not just about the product but about building trust, integrity, and lasting connections. Ensuring that Gryphon remains approachable has been a priority, establishing strong client and partner relationships through open communication, attentiveness, and respect.
His approach to leadership is founded on vision and innovation. Since his return, he has implemented a strategy that has elevated Gryphon from an esoteric brand to one recognized for its exclusivity. Drawing inspiration from a Portuguese architect's philosophy — "To
think outside the box… break it, re-shape it" — he believes true leadership is about inspiring and guiding others toward a shared vision, building a community of followers both within the company and among external partners and customers.
A significant milestone in Skov’s career was the creation of Gryphon Audio NA Inc., a fully-fledged distribution and marketing subsidiary in the U.S. With Skov now serving as President and CEO, this new venture has significantly contributed to Gryphon’s growth and brand recognition in North America. Skov says that much of this success can be attributed to the strong personal support system he has at home, especially from his wife, whose unwavering partnership has ena-
RUNE SKOV
GLOBAL SALES DIRECTOR
GRYPHON AUDIO DESIGNS AND CEO OF GRYPHON AUDIO NA INC
bled him to balance extensive travel and family life.
Gryphon stands apart from other highend audio brands with its minimalist, nofrills design philosophy. Each product is engineered to maintain the integrity of the input signal, without adding or subtracting any colorations. Features like wide bandwidth, high slew rates, and ultra-wide frequency response ensure that the systems can reproduce soundscapes with remarkable precision. The company’s designs are heavily focused on Class A amplification, frequently incorporating zero negative feedback and dual mono configurations to guarantee optimal sonic performance.
This is a brand that ignores trends and sets its own. Much like Lamborghini in the automotive world, Gryphon is unapologetically unique, fully aware that their style and approach isn’t for everyone. However, Gryphonistas — the brand’s loyal customers — are fans for life. They appreciate the company’s commitment to pure sound and personal, communicative customer relationships. Many choose Gryphon as their complete audio solution, building entire systems
from Gryphon electronics, cables, and loudspeakers.
When not travelling to meet partners, clients, or attend events, Skov’s day begins early with a 90 minute drive to the office, where he takes time to clear his head and prepare for the day ahead.
“Travelling is essential to my role, and around 150 days a year are spent on the road meeting people, building relationships, and expanding Gryphon’s presence. While it demands long hours and endless flights, seeing different parts of the world fuels my passion for the industry and inspires me to drive the company forward” he explains.
As a leader, Skov is competitive, driven, and constantly striving for improvement. He fosters an open environment, encouraging creativity and collaboration, with diverse perspectives valued within the team. He believes in flexibility and problem-solving, approaching challenges with a positive mindset. Compassion, empathy, and authenticity are central to his leadership style, both professionally and personally.
While more focused on the bigger picture than on finer details, he prefers to innovate and inspire rather than get bogged down in minutiae. His ultimate goal is to inspire others — whether colleagues, friends, or family — to dream big and achieve their goals.
The vision for Gryphon’s future is one of growing influence in the ultrahigh-end audio scene, with plans for significant expansion in key markets such as Asia and the U.S. Skov’s aim is for Gryphon to become the most coveted brand in the world of ultra-high-end audio, beloved by audiophiles and music lovers alike.
Skov is deeply proud of his journey with Gryphon and excited for what the future holds. Gryphon has always been about pushing boundaries, and with curiosity and courage, the company will continue exploring uncharted territories. Together, Gryphon will deliver the ultimate audio experience to its loyal Gryphonistas, as he looks forward to leading the brand into new and exciting directions.
To find out more visit the company’s website at https:// gryphon-audio.dk/
To experience The Gryphon APEX & COMMANDER, contact your local dealer or see Gryphon- audio.com for more information.
Clicktrip, led by CEO Doug Costello, transforms the travel experience with exceptional customer care and innovative technology. Based in Copenhagen, it sets new industry standards by blending personalized service with cuttingedge solutions, ensuring memorable journeys and strong customer loyalty.
The travel industry is highly competitive, so standing out and fostering loyalty are notoriously tough. Today’s holiday makers are presented with an abundance of options, so the way a company treats its customers is pivotal to its success. Clicktrip, a leading travel brand based in Copenhagen, is bringing the "above and beyond" back to travel, ensuring their customers have amazing experiences that keep them coming back for more.
When travellers spend a lot of time and money on their trips, they want to know everything will go smoothly, and that depends on having personal experiences
from a team who genuinely cares. Clicktrip’s business is built around a friendly, specialist team of customer service experts and travel concierges who not only facilitate the booking process but build lasting relationships that go way beyond the holiday.
AI has changed the travel industry, making things more efficient and saving costs. But the rise of technology can sometimes make interactions feel less personal. Clicktrip is all about using AI smartly without losing the human touch. It balances tech and personal service,
making sure customers get the best of both worlds.
Clicktrip was founded in December 2020 by two big name Scandinavian investors: Fundamental ApS and Polynom
Invest AB. Visionary leader Doug Costello was then recruited as Director and CEO in January 2021, leading the company’s mission and developing it into the global business it is today.
Doug has a lifelong passion for travel, moving to Denmark from the UK at
18 and attending university in Copenhagen. It was here that he was awarded the branding rights to launch a fully independent TED platform in Denmark, following a lengthy examination and application process. Once he had won the rights he operated the business as
a fully independent start-up, all whilst undertaking his university studies. By the time he finished his Master's degree he already had 120 people working for him and had connected with some of the brightest minds in business and tech. He met a girl, fell in love, and is now happi-
ly settled in this vibrant city, whilst continuing with his personal quest to see as much of the world as possible.
With a growing international team and inspirational leadership, Clicktrip is quickly becoming a leader in online hotel booking and already outrunning some of the biggest names in the business. The search function is both user-friendly and advanced, empowering customers to find the perfect hotel and the best rates at the touch of a button.
Clicktrip may be rapidly emerging as one of the world’s favourite online hotel booking tools, but as well as its popular
open B2C online services, the company also offers two more specialist options: Members Only: A special service with 24/7 global travel concierges who take care of every detail, from travel arrangements to having champagne ready on arrival.
VIP Loyalty Programmes: Tailored services for high-end clients.
Whichever model is being deployed, Clicktrip understands what customers want and tailors services to meet those needs. With so many options out there, having a unique and attractive USP is crucial, and Clicktrip nails it with a truly tailored approach.
Doug Costello’s leadership style is inspired by Danish principles, favouring a flat hierarchy. "My door is always open to everyone, from entry-level staff to senior board members," Doug says. He supports his team and encourages them to try new things. "If it doesn’t work, I’ll take the fall," he adds.
Clicktrip started small but has big dreams and is already outpacing the goliaths that have monopolised the industry for decades. Doug credits the success of the company to his talented team, many of whom are based in Ukraine. "I’m consistently blown away by their resilience," he says. "We have initiatives to create safe spaces for our teams and their families. They work hard for us, so we do everything we can to look after them."
Travel in 2024 is booming as people continue to embrace their post-pandemic wanderlust. Doug says that Clicktrip is noticing that young people in particular are looking to expand their horizons and discover new countries. “We’re seeing the younger generation is more explorative, looking off the beaten path away from the major attractions and finding new slices of heaven away from the crowds.”
Overall, 2024 is shaping up to be a dynamic year for travel, with a mix of thoughtful planning and spur-of-themoment adventures making it an exciting time to explore the world. Whatever the audience, Clicktrip stands out in the travel industry as a brand that has something for everyone and consistently puts customers first by combining advanced technology with a personal touch. With Doug Costello’s visionary leadership and a talented team, Clicktrip is leading the online hotel booking market, proving that going above and beyond for customers can make all the difference.
Booty Builder has revolutionized the fitness industry with its innovative hip thrust machine, setting new standards for workout equipment. The brand's global success and impact reflect the visionary leadership of CEO Haakon Larsen and his dedication to enhancing fitness experiences worldwide.
Haakon Larsen, the visionary CEO of Booty Builder, has played a pivotal role in transforming the fitness industry over the past decade. As the inventor of the world's first ever hip thrust machine, Larsen not only established a new standard in gym equipment but has also pioneered a global brand that continues to lead in innovation and customer satisfaction. Booty Builder’s journey, marked by its rapid growth and widespread influence, highlights the significance of the hip thrust exercise and the brand’s commitment to enhancing fitness experiences worldwide.
Ten years ago, the concept of the hip thrust exercise was relatively unknown, with few gym-goers incorporating it into their routines. Haakon Larsen saw the potential of this exercise and invented the first hip thrust machine, setting the stage for a fitness revolution. Today, the hip thrust is a staple exercise in gyms globally, and nearly all gym equipment manufacturers offer some form of a hip thrust machine.
Booty Builder began with a cable machine and later developed the world's best-selling plate-loaded hip thrust machine. This enabled the company to
penetrate the market and set itself apart from competitors. Larsen’s innovative approach extended beyond product development, as he strategically branded Booty Builder to create a lasting impact on the industry.
In the early days of Booty Builder, Haakon Larsen recognised the importance of social media in reaching a global
audience, even though he initially had no experience with it. He crafted a strategic plan to build Booty Builder's social media presence, allowing the brand to connect with millions of people worldwide. A testament to this success is a recent Instagram post that garnered over 8.3 million views.
Booty Builder's social media efforts not only promote the brand but also serve as a source of inspiration and motivation for fitness enthusiasts. The company's posts
highlight the versatility and performance of Booty Builder machines, encouraging users to push their limits and transform their workouts .
Expanding the product line and reach Booty Builder's commitment to innovation is evident in its continuous product development and expansion. In addition to the hip thrust machines, Larsen holds several patents and has introduced the new selectorized back extension ma-
chine. This machine addresses common challenges associated with the hyperextension exercise by eliminating the need for gripping weight plates or kettlebells for added resistance. Its design includes multiple height adjustments and dual usage capabilities, making it a versatile addition to any gym.
The Booty Builder back extension machine is a testament to the brand's dedication to improving workout efficiency and safety. By providing a convenient
and effective solution for targeting the posterior chain, Booty Builder ensures that users can achieve their fitness goals with minimal risk of injury.
Booty Builder's global presence is impressive, with products sold in 180 countries and a robust distributor network. The brand has experienced consistent growth, even during challenging periods such as the COVID-19 pandemic .
As Booty Builder continues to evolve, its focus has shifted to creating dedicated workout spaces known as the Booty Builder Zone . These zones are designed to meet the growing demand for glute-focused workouts and provide a comprehensive solution for gyms and their members.
The Booty Builder Zone offers numerous benefits, including:
•Improved athletic performance: Strong glutes are essential for generat-
ing power and speed in athletic movements. They help athletes run faster, jump higher, and lift heavier weights .
•Reduced risk of injury: Strong glutes stabilize the pelvis and lower back, reducing the risk of injuries and compensations in other body parts .
•Better posture: Proper alignment of the pelvis and spine is crucial for maintaining good posture and reducing back pain .
•Increased metabolic rate: Working the glutes, a large muscle group, boosts metabolism, aiding in calorie burning .
•Enhanced overall health: Strong glutes contribute to overall fitness, making daily activities easier and reducing the risk of chronic diseases .
The Booty Builder Zone is a complete solution that maximises workout efficiency while minimising injury risk. It occupies less floor space than traditional machines and enhances gym flow, allowing more people to train simultaneously .
Under Haakon Larsen's leadership, Booty Builder has become a global leader in fitness innovation, and the company's dedication to customer feedback and continuous improvement ensures that it remains at the forefront of the industry.
As Booty Builder expands its product offerings and strengthens its international presence, it continues to inspire individuals to achieve their fitness goals and push their limits.
Haakon Larsen's vision and commitment have undoubtedly changed the fitness industry for the better, creating a legacy that will endure for years to come.
As Booty Builder evolves, it remains focused on transforming workouts and empowering individuals worldwide to live healthier, more active lives.
To find out more, visit https://bootybuilder.com.
CEO Awards 2024
PADEL KIOSK
The COVID-19 pandemic underscored the need for cost-effective solutions in sports clubs. Under the leadership of award-winning CEO Bram Moerman, AUTOKIOSK BV developed Padel Kiosk, an automated racket rental system that has now expanded across Europe, revolutionising club operations.
In the wake of the COVID-19 pandemic, sports clubs faced the unprecedented challenge of maintaining essential services while minimising their operating costs. Recognising this need, AUTOKIOSK BV, led by award-winning CEO Bram Moerman, introduced a groundbreaking solution: the Padel Kiosk. Their innovative system revolutionised racket rentals and product sales, providing a unique, automated service that has since become a game-changer in the padel world.
Founded in March 2021, AUTOKIOSK BV (trading as Padel Kiosk) began its journey in the Belgian cities of Lokeren and Ghent. The initial rollout of five kiosks proved highly successful, prompting expansion across Belgium. Today, Padel Kiosk is present in more than 100 clubs in Belgium and the Netherlands, with aspirations for further growth across Europe.
A crucial factor in AUTOKIOSK BV's rapid growth has been its partnership with RedSport Padel Belgium. From the
outset, RedSport Padel Belgium, the largest padel court construction company in the country, joined forces with AUTOKIOSK BV. This partnership has been instrumental in the company's success, both in terms of knowledge and financial support. RedSport Padel Belgium, a division of Herwebo BVBA, has been a leader in the padel industry for over a decade, designing, building, and maintaining high-quality padel courts across Belgium, and producing high quality grass with AFP Spain to distribute around the world. Their expertise in construction and innovation has made them an invaluable partner, allowing AUTOKIOSK BV to place numerous kiosks at RedSport’s sites and share office space, further fuelling their rapid expansion.
RedSport Padel Belgium, as the exclusive distributor of RedSport and Adidas padel courts in Belgium, has been committed to enhancing the player experience by designing custom artificial grass in collaboration with Adidas All For Padel Spain and offering comprehensive services including environmental works, car parks, and catering facilities. This close involvement in the
PADEL KIOSK
construction and continuous innovation of padel courts has enabled them to act as pioneers in the padel industry, perfectly aligning with AUTOKIOSK BV's forward-thinking approach.
“The Padel Kiosk was borne out of necessity,” Moerman explains. “After the pandemic, clubs needed a way to offer racket rentals and product sales without incurring high staffing costs. We saw an opportunity to provide a solution that was both innovative and cost-effective.”
The Padel Kiosk stands out with its unique payment system, allowing clubs to rent out rackets and sell essentials like balls, grips, and snacks without requiring staff presence. This innovation not only cuts costs in terms of staffing, but ensures that clubs can offer their members a consistent service throughout the day and night. “Our technology integrates a high-tech weighing system and advanced cameras to ensure accurate and efficient transactions,” states Moerman. “We wanted to make sure that clubs could operate seamlessly and provide an elevated experience for their members.”
“We take pride in our ability to listen to our clients and adapt our offerings accordingly,” Moerman adds. “When clubs asked for a solution to include drinks with a cooling system, we quickly delivered. It’s all about being responsive to our customers’ needs.” This customer-centric
approach has been a cornerstone of the company’s business model, ensuring the kiosks evolve with the needs of the market.
By the end of 2023, the Padel Kiosk was a refined, comprehensive product ready to tackle new markets. In early 2024, AUTOKIOSK BV expanded into Cyprus, Austria, and Spain, receiving an overwhelming response. Its presence at the Padel World Summit (PWS) further solidified its reputation, leading to interest from potential distributors in Portugal, the UK, the Baltics, and Greece, with a signed deal already in place for Spain.
In June 2024, AUTOKIOSK BV took a significant step by collaborating with Matchi, a big Scandinavian player on the court rental service, thus embarking on an exciting Scandinavian venture. With over 125 kiosks currently in operation, the company aims to reach 150 by the end of 2024 and 250 by the end of 2025.
“Padel is just the beginning,” Moerman is keen to point out. “We see immense potential in applying our kiosk technology to a range of other sports and even non-sporting applications such as computer rentals. Our goal is to be at the forefront of innovation and provide versatile solutions that are tailor made to meet our clients’ evolving needs.”
Padel Kiosk's journey from a local initiative to a European contender exemplifies innovation and adaptability.
PADEL KIOSK
From its roots in Belgium's padel clubs to its growing presence across Europe, AUTOKIOSK BV has set a new standard for automated sports equipment rental and sales. As the sport of padel continues to flourish, Padel Kiosk is poised to be at the forefront, delivering unmatched convenience and efficiency to clubs and players alike.
For clubs seeking to enhance their service offerings without the burden of additional staffing costs, Padel Kiosk offers an unparalleled solution of three distinct yet flexible options. The company's Full Service Option even provides a 20% commission on all sales and rentals, further benefiting partner clubs. This approach ensures that Padel Kiosk not only meets but exceeds the expectations of its clients, solidifying its position as the go-to solution for automatic racket rental and sales.
Padel Kiosk provides three flexible and customisable options tailored to the needs of any club. These choices allow sports club management to select the level of involvement and service that best aligns with their operational preferences and financial goals.
When a club opts to purchase a Padel Kiosk, they gain full control over the machine. This option allows the club to determine the products stocked and manage all aspects of the kiosk's operation. The revenue generated from the kiosk remains with the club, while a monthly service and software contract covers ongoing support. The kiosk is equipped with a contactless payment system for app and bank card transactions. Installation and placement are handled at no cost within Belgium, with the club responsible for stocking the kiosk.
For optimal performance, the kiosk must be placed in a location that is frostfree (> 5°C), anhydrous, shielded from direct sunlight, and heat-free (< 30°C). If these conditions cannot be met, AUTOKIOSK BV offers solutions including a specially designed container equipped with a heating element, motion sensor lighting, and necessary internet and electricity connections.
With the kiosk rental option, the club retains control over the machine and the choice of stocked products. A fixed
monthly rental fee includes service and software costs, and all revenue generated is retained by the club. As with purchased kiosks, rental kiosks use a contactless payment system. The Padel Kiosk team provides free placement and installation, and the club manager is responsible for refilling the kiosk.
The same environmental conditions apply with renting, but should a club be unable to meet these requirements, a container solution is available.
The Full Service option offers a comprehensive, hassle-free management solution for a Padel Kiosk. Under this model, the Padel Kiosk team handles every aspect of the kiosk's operation, including free placement and installation within Belgium. The team manages regular refills, maintenance, and repairs, ensuring that the kiosk remains fully operational without additional costs to the club. The kiosk operates with a contactless payment system, and the team monitors the kiosk online to ensure products are restocked and any technical issues are promptly addressed. Clubs benefit from a 20% commission on all sales and rentals, paid out every three months. This option ensures that clubs can focus on their core activities while enjoying the advantages of automated equipment rental and sales. The kiosk must be placed in an appropriate environment, with container solutions available if necessary.
In conclusion, AUTOKIOSK BV’s Padel Kiosk has successfully addressed the operational challenges faced by sports clubs in a post-pandemic era. By offering an automated, user-friendly solution for equipment rentals and sales, the company has not only reduced costs for clubs, but enhanced convenience for their members. As Padel Kiosk continues to grow across Europe, it stands as a model of innovation, efficiency, and customer-focused service in the sports industry.
To find out more about AUTOKIOSK BV and how Padel Kiosk can transform efficiency, please visit the company website: https:// autokiosk.be/padelkiosk/
Padel Kiosk is an automated vending machine that rents out padel rackets and sells balls and accessories, allowing clubs to offer these services without managing them directly.
24/7 service for players
Contactless payment
Easy to use
Rackets, balls, grips, etc.
Contact us!
Each issue, Business Worldwide Magazine will report on the latest transactional VC intervention, M&As, buyouts, refinancing and privatisations deals from across the globe to keep you fully informed.
Trade Interchange provides supplier management software that facilitates various organisations to reduce the risk and costs associated with managing large supplier bases. Their customers include NHS professionals, Sodexo, Whitbread and more. Their software is used by companies in 28 countries with 10 languages supported on the platform.
With this new support from Everfield they will be able to begin their plan to double in size in the coming years. The co-founder and chief-executive of Trade Interchange, Mike Edmunds will continue to lead the business. The acquisition also enables four other shareholders to exit the business.
This is Everfield’s 19th acquisition in Europe. They were given advice regarding technology from Shiker consulting.
TECHNOLOGY ADVISORS TO EVERFIELD:
LEGAL ADVISORS TO EVERFIELD:
FINANCIAL ADVISORS TO EVERFIELD:
CORPORATE FINANCE ADVISORS TO TRADE INTERCHANGE:
LEGAL ADVISORS TO TRADE INTERCHANGE:
QX Global Group is a leading provider of business process management (BPM) services. It specialises in business and digital transformation, BPM, and consulting services within the accounting, recruitment, real estate, manufacturing, public sector, higher education, healthcare, CPG, retail, and utilities sectors. With over 3,000 staff operating across 18 countries, QX saw revenue grow by approximately 30% over the past 12 months. Long Ridge's £100 million+ investment will help support further platform development and global expansion.
QX spent over a year considering the attributes of potential investment partners. Ultimately, the QX leadership team hand-picked Long Ridge because of their experience in the tech-enabled services industry and excellent track record of partnering with fast-growing, high-potential businesses like QX.
Pom Chakravarti, who previously served as QX’s Chief Strategy Officer, assumes the role of Group CEO, and Abidali Neemuchwala, an advisor on Long Ridge's Executive Council, joins as Chairman. Founder and Executive Chairman Chris Robinson has stepped down from the Board after leading the business for the past 20 years.
CORPORATE FINANCE ADVISOR TO QX GLOBAL GROUP:
LEGAL ADVISOR TO QX GLOBAL GROUP:
FINANCIAL, DUE DILIGENCE & TAX ADVISOR TO QX GLOBAL GROUP:
TAX ADVISOR TO LONG RIDGE EQUITY PARTNERS:
DEPT FINANCING TO LONG RIDGE EQUITY PARTNERS:
With advisory support from Gecic Law and others, Remus acquired a controlling stake in GLM from Star Capital Sgr. Remus specialises in manufacturing exhaust systems for the automotive and motorcycle industries, while GLM is an Italian manufacturer of automotive components. Gecic Law highlighted that this acquisition involved an indirect takeover of GLM RS Zrenjanin, which is part of GLM's global manufacturing capabilities.
The Gecic Law team included Partner Ognjen Colic, Senior Associates Milos Petakovic and Nemanja Sladakovic, and Associates Bojan Tutric, Marko Jovic, Nikola Ivkovic, Vasilije Boskovic, and Zarko Popovic.
LEGAL ADVISORS TO REMUS HOLDING:
Thermo Fisher Scientific Inc. is the world leader in serving science, working and researching life science as a clinical research company. They are also a global supplier in analytical instruments, clinical development solutions and more. They work to deliver a cleaner, safer and healthier world with their customers at the forefront of their research.
With the completion of this acquisition of Olink, valued at approximately $3.1 billion with a net of $96 million this enables Olink to become part of Thermo Fisher’s Life Sciences Solutions segment.
Olink will support Thermo Fisher Scientific to level up in the high-growth proteomics market. Baker McKenzie served as legal counsel for Olink throughout this acquisition.
LEGAL ADVISOR TO OLINK HOLDING AB:
FINANCIAL ADVISORS TO OLINK HOLDING AB:
LEGAL ADVISOR TO SUMMA EQUITY:
LEGAL ADVISORS TO THE VENDOR:
INFLUENCE IS YOUR SUPERPOWER
by Zoe Chance
With so many self-improvement books out there, I wondered why I should get exactly this one.
But there are great reasons for that.
Most books focus on how you work more efficiently, be happier, or how you earn more money. But I argue this book does all of that at once. Zoe Chance wrote the book in a way that apparently resembles a course she teaches at Yale for several years already. It is easy to follow along, explains the science and logic behind her tips and advice, and most importantly, really leads to improvement across all areas.
By focusing on interpersonal relationships, she helps you to overcome what is holding you back the most:
Yourself, and others. For yourself, she teaches you ways to become more confident, to just go and ask, and literally go places. And for others, she teaches you how to deal with them in a manner that ingeniusly leads to great relationships, and to you being helped whenever needed.
My main take away from this book is that we just need to be friendly, ask for help, and help others. And the book teaches you how and why.
ZOE CHANCE AUTHOR
INFLUENCE IS YOUR SUPERPOWER: THE SCIENCE OF WINNING HEARTS
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