Sovereign Magazine (Issue 23)

Have you considered an US Ambassadorship?

Nothing compared to the bigger picture.

SPECIAL SERIES

Our ongoing series profiles the women in tech who are changing the world right now!

Why a global debt crisis looks hard to avoid

Can the mainstay of business education stay relevant?

USA TECHNOLOGY

INFRASTRUCTURE ECUADOR

ENERGY

AGRICULTURE

PHOENIXGLOBAL.CO

Developing strategies.

Unlocking potential.

Delivering results.

KAZAKHSTAN SLOVENIA

SPAIN

NORTH MACEDONIA

GEORGIA

TURKEY

UAE

LIBERIA

BANGLADESH

INDIA

NIGERIA

ZAMBIA

Phoenix Global facilitates compelling investments, uniting investors with beneficial projects in strategic global markets. Working in a top-down relationship with governmental leaders, we ensure that our clients receive favorable terms and stronger than average returns on their investments. Phoenix Global maintains a global footprint, working on projects and facilitating investments in North and South America, Europe, Africa and Asia, allowing clients and investors to explore opportunities for growth and expansion in both established and emerging markets.

INFO@PHOENIXGLOBAL.US

Sovereign Magazine

Startup DAYs BERN | JUN 10 & 11 | 2020

Switzerland's leading Startup and Investors event is back for its 17th year.

Early bird tickets now available: startupdays.ch Organised by

In partnership with

Sovereign

Official media partner www.sovereignmagazine.co.uk

Sovereign Magazine is excited to announce a new media partnership with Digital Switzerland and Startup Invest for Startup DAYs 2020.

Startup DAYs is a collaboration between Digital Switzerland and Startup Invest, it is the referenced annual Startup Event in Switzerland. This yearly event pulls in a large number of investors, startups, entrepreneurs and industry leaders not just from Switzerland but from across the globe. The 2020 event will take place June 10-11 in Bern, Switzerland.

As part of the media partnership, Sovereign is delighted to create a special edition dedicated to showcasing the Swiss startup ecosystem along with the event. It will comprise featured interviews and profiles on the founders, organisations, members and participants who make the event possible. The special edition cover will feature the key players, namely Jean-Pierre Vuileumier, Nicolas BĂźrer, Daniel Bermejo and Matthias Zwingli.

To stay up to date with the latest news and articles around this special edition or to find out ways to get involved, visit: www.sovereignmagazine.co.uk/startupdays

3

Sovereign Magazine

As another year draws to a close, it’s time to look back and think about the role you played in supporting us over the past 12 months.

The question of success in business is one that boils up at the top, transforming our perception through inclusion, diversity, and awareness. Far from reaching any kind of magic formula, business success means different things for different people. When Larisa Miller contacted us, we decided to share with you what really drives her passion and determination for sustainability through beneficial investment, developing strategies and unlocking results. Larisa Miller demonstrates a ferocious confidence to dare and succeed when others give up, and inspired us to stamp her own voice on Sovereign.

We are very excited by the progress we have all made, raising the profile of Business Men and Women from five continents, elevating the concept of inclusion and equality. While we are a work in progress, each success story is another milestone to impact and effect real change over the diversity agenda in business, we need to continue to build business men and women's visibility, influence and give them the recognition they deserve.

2019 was a tough but wonderful year, the year of trailblazing together on the Sovereign Road, which took us to other shores, in well over 50 countries, where we forged life-lasting partnerships with world class leaders and loyal customers. Under your patronage we enriched our team with brilliant, visionary minds and the best is yet to come.

Thank you for choosing us as your supplier for GOOD NEWS!

MarinaNani Dr Marina Nani Editor-in-chief

www.sovereignmagazine.co.uk

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22

08

10 Marina Nani

Edition-in-chief, Founder

Darie Nani

Managing Editor, Art Director

Christian Demetriad Graphic Designer

Alexis Boddy

Writer & Researcher

In this issue

13

08. The Frequency of Success All that glitters: How Shaun Leane built one of the world’s pre-eminent jewellery houses

10. It’s Very Lonely at the Top A

38. Ways to change the world From pattern recognition to perhaps one day quantum computing. Interview with Paola Bonomo

woman who was bashed, thrashed, ignored, laughed at and bullied, but made it on her own

42. Quid pro quo The origins of the

12. Through the Camera Lens

44. The MBA is changing but can

Anthony Grant Guest Author

#ANDME: In the quest for equality, why are women NOT represented at the other end of the spectrum?

Brigitte Lawler

14. Sheila Gemin Senior leaders set

Columnist

38

Latin term and how its uses evolved in English it keep up?

46. Uber’s troubles in London are nothing compared to the bigger picture

Guest Author

the tone within any organisation and lead the way in shaping the culture in a way that can strengthen diversity and inclusion at all levels

Dennis Jett

COVER STORY

Nicholas Harding, CEO of Lending Works shares his knowledge of funding in this month’s guest article.

Elaine France

Larisa Miller, CEO Phoenix Global

50. Watching The Whistleblowers Two new spy films

Elaine Pringle-Schwitter

22. Tesla’s business strategy is not chaotic - It’s Brilliant!

52. Mind Over Matter Penney

Gavin Brown

24. Marking Thirty Years Since The Fall Of The Berlin Wall Three

Catherine Edwards

Guest Author Columnist Columnist

Guest Author

John Colley Guest Author

Joseph Coppolino Guest Author

Lesley Calvó Columnist

16. Sustainability Through Beneficial Investment Interview with

decades later, we ask if the reunification of Germany is complete.

26. Buckle up for turbulence Why a

48. 3 Tips For Scaling Up A Startup In The Finance Industry

tailor-made for an age of paranoia Megginson is Pioneering a New Approach to the Mind-Body Connection

55. Healing & The Modern Business Man A remarkable story of a businessman turned healer.

global debt crisis looks very hard to avoid

58. Depression Men far more at

28. Are women offered leadership roles just to fill quotas? A new

61. A Truly Bespoke Experience A

risk than women in deprived areas property refurbishment and construction service like no other.

Nathan Furr

perspective on the current state of women in tech

Nicholas Harding

30. Learn to Move Mountains: Write a new story of hope and action

64. A Lesson from our Prehistoric Past other humans the first victims

Nick Longrich

32. More than 1,000 cryptocurrencies have already failed

66. The Ultimate Christmas Gift

34. Redefining Business Success

68. 9 Good News Stories about Climate Change After a year of

Guest Author Guest Author Guest Author

Olivia Remes Guest Author

here’s what will affect successes in future

Guest Author

Why discernment is the most needed competence in business

Rodrigo Olivares-Caminal

36. Changing Fashions Why Vegan

Richard Whittle

Guest Author

Clothing is Good Business

Published by MTN Press Limited. Printed in the United Kingdom

of the sixth mass extinction?

An US ambassadorship

devastating fires, lets remember that positive things are happening for the environment.

5

Sovereign Magazine SUCCESS STORY

Frequency of Success All that glitters: How Shaun

Leane built one of the world’s pre-eminent jewellery houses

E

veryone who achieves success goes through a personal journey of deep transformation.

We have to dig deep within ourselves to discover our true creative source and passion.

People often think that success is an external quality, a list of accomplishments we achieve through our lives and material wealth. The biggest success stories are the people who have succeeded in finding peace within themselves and true joy in their work.

Today I interview the multi-award winning and iconic International jeweller Shaun Leane (shaunleane.com).

Leane lives in London, United Kingdom. In February 2006, he was made a Freeman of the City of London which is the highest honour in the city. He is one of the UK’s most innovative jewellery designers and through his partnerships with Alexander Mcqueen, Sotheby’s and Royal families around the world he has created some of the most incredible fine jewellery pieces of the 21st century.

In conjunction with Kerry Taylor Auctions, Leane’s personal archive of couture jewellery was offered for auction by Sotheby’s New York, and showcased 45 of the most iconic designs produced in the last two decades for Alexander McQueen, Daphne Guinness, Sarah Jessica Parker, Isabella Blow and Kate Moss. The Metropolitan Museum of Art and the Victoria & Albert presented Leane’s most inspiring artistic creations.

What inspired you to create your business?

In the beginning I never really set out to create my own business it developed organically. While working full time for English traditional jewellery, in 1994 Alexander McQueen asked me to start working with him on his first fashion shows, here we struck a beautiful partnership where I could fuse my traditional, classical gold smith training with an Avant Garde fashion platform.

Here the identity and the Signature handwriting of the house of Shaun Leane was born. It was throughout these four years I created an identity and began to create a name for myself as my work was on catwalks from Paris, London and New York. In 1998 I was then approached by department stores worldwide to purchase Shaun Leane collections, at this point I hadn’t created collections so due to demand I began to design a range of commercial works that were a fusion of my classical goldsmithing training and contemporary design inspired by my works for the McQueen shows. Through this demand I left English traditional jewellery after 13 years (where I served my apprenticeship) rented a single bench in a shared workshop and began my business in 1999.

What do you feel has been the most important part of your journey so far?

I feel for me the most important part of my journey so far is after all these years I have realised the love and the importance of understanding my medium, metal!

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Leane’s unwavering commitment to break with entrenched traditions, play with conventions and bring a fresh dynamic to exquisitely crafted fine jewellery has led to esteemed collaborations including his longstanding partnership with Lee Alexander McQueen.

Being able to translate my concepts into different forms with it, from crafting Platinum diamond tiaras for Asprey’s to creating aluminium corsets on the McQueen runways, to now working in architecture and decorating seven story buildings with bronze works which embrace and captivate the building. Learning not to be afraid to explore the different possibilities of how I can manipulate and work with this beautiful material has allowed me to create the diverse body of works to date.

What has been the greatest revelation behind achieving success?

I think for me the revelation of success is a deep personal achievement. Growing up in a very strict academic school and being a child suffering from dyslexia at some points I had feelings I had no talent and confusion as I didn’t fit in…to then discover at the age of 14 a foundation course in jewellery making and jewellery design of where I learnt I had a skill and a natural taking to craft which has enabled me over the last 35 years to create the objects from jewellery to body sculpture to architecture. To me this is the revelation of success that I discovered my talent and embraced it and nurtured it to this very day.

What has been your biggest challenge?

To be honest I feel the biggest challenge has been to find a work life balance. I am so driven by creativity and a passion to explore new disciplines that throughout my career and passion for my business and for my work sometimes over ride my personal life so this has made it at some point very difficult to find a work life balance.

Thankfully now in my later years I have learnt to balance the two which now feeds my creativity even more.

What have been the gifts you have learnt?

To know my medium and approach everything with an open mind to not let fear of new exploration or experiment hinder me; but drive me to push boundaries and create the Avant Garde.

If you could go back and give the Shaun first starting out one piece of advice what would it be?

I have no regrets in my journey as I feel every crossroad positive and negative has been a learning curve and led me to be the artist I am today. On a logistical view I think if I were to go back working alongside my creative development, I would’ve invested in a short business course as I feel this would have helped me make easier business decisions and along the way.

How did you find your definition of success, what does it mean to you?

My definition of success is being able to look back at early works, even going back as far as 30 years and still feeling inspired, provoked and excited knowing that the energy I put into my early works is still a force I understand today. This consistency and deep understanding of myself portrayed in my work is the definition of success to me. This means to me that I am truly grateful that my craft has been the vehicle for me to express my thoughts, emotions and inner-self.

How do you keep hold of your dream?

I remain forever teachable, this entail gives me an open mind which allows me to explore new mediums and disciplines allowing the dream to continue.

Leane’s significant design legacy has led to further collaborations with Daphne Guinness, Nick Knight, Boucheron, Damien Hirst and more, propelling Leane to global recognition.

What does the future hold for the brand?

As innovation and impeccable hand-craftsmanship remain central to the brand’s ethos, the House continues to take the noble art of the jewel onto new levels and into the future. I remain at the heart of the business as Creative Director working on new concepts and projects both in our London atelier and worldwide. For me, continuing to mentor the team and ensuring meticulous attention to detail is paramount to our enduring legacy.

Lesley Calvó Lesley Calvó ran an internationally-successful jewellery company alongside her work as a design consultant for Hugo Boss, Dior, Vivienne Westwood, Swarovski and Cartier. For almost two decades, Lesley mentored thousands of people to unleashed their infinite potential. She is a world class Business Growth Coach, and passionate Self Awareness and Transformational Change Advocate.

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Sovereign Magazine WOMEN OF EXCELLENCE

It’s very lonely at the top

A woman who was bashed, thrashed, ignored, laughed at and bullied, but made it on her own terms | By Dr Marina Nani

K

aren Boers is the co-founder and Managing Director of Startups.be – a unique organisation which supports startups in Belgium. Karen is also a board member and former CEO of the European Startup Network.

Entrepreneurs are known for their desire to lead a meaningful life. Finding the spark of ikigai is key to entrepreneurial fulfilment. What drives you and keeps you motivated and focus when times are tough?

I thrive on societal purpose – as long as I feel I am contributing to creating a better life for someone (and preferably a lot of people) I can throw myself through a brick wall. Whenever I’m in doubt I try to focus again on the why – or rather the “for whom am I doing this exactly”? As soon as I can visualise the people benefiting from my efforts, I recharge my batteries and keep going.

What ideas come most naturally to you?

I’m a problem solver. Whatever problems people throw at me, I will start looking for solutions, examples of similar problems in another context and how they were solved, who could help fix it… and start testing, failing, learning and improving until I get it right.I’m not a creative in the “artistic” sense of the word but I have become very good at putting pieces of a complicated puzzle together.

What brings you joy in life?

My family & friends, my teams, my learners, my peers… basically people all around me! I feel great when they feel great – enabling their happiness is my life’s mission.

How is your mind hard-wired to deliver a dream, from internal clarity to reality?

I am very goal-oriented. Once I have set myself a target, I can smell it, feel it, sense it and see it – and every move I make will somehow help me get closer to it. Set-backs are OK, as long as you find another route to the target ahead. I try to spend

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the least possible amount of energy on regrets and negative emotions and keep asking myself: “what is the very next thing I can do to move forward”.

Even (or especially) when the goals are big, hairy and audacious, it’s equally important to set out a path of many small steps, each of which are feasible and meaningful and give you gratification.I also try to communicate to my teams on every achievement and win, big and small. They must feel part of the success at all times.

What you can’t get tired of?

Achieving things others told me were impossible…

What are the top challenges you had to overcome?

I want to prove that you can be a social entrepreneur, yet run a healthy, scalable and sustainable business.

Combining the purpose of a social mission with zealous business principles, forging public-private partnership to combine the best of both world and building an economic return model to scale and sustain our activities has probably been the biggest professional challenge of my career so far.I’ve also found out it’s very lonely at the top – and especially as a woman.

I’ve been bashed, thrashed, ignored, laughed at and bullied. The only way to keep standing in such a continuous and never ending storm is to have someone by your side (in my case my partner) who supports you through the toughest moments and keeps challenging you as well as nurtures you.

What is your best project so far?

The coding school BeCode, since it’s the culmination of all the things I’ve learned from previous projects. We’re building social value, by re-skilling job seekers into sought after developers, through an active pedagogy that mostly teaches them how to learn in a technical environment. The training has been certified by the public sector and we work with many industry partners, allowing us to become increasingly independent from philanthropy and subsidies.

What are three top tips for Entrepreneurs who dream big?

1. Stay on target: make sure all your energy and that of your team is being spent on actions that will bring you closer to your goals. Try to eradicate energy-drainers as well as toxic people in your team at all costs.2. Don’t doubt yourself: some will mock you, others will try to scare you out of it and some will even actively sabotage you, especially when you’re becoming successful. You are the only one who can judge yourself: did you dare to dream big? are you truly putting in your best effort? are you getting closer to your goals? Remain authentic and true to yourself and you will get by.3. Hire fast, fire fast. If you’re dreaming big, you will need to experiment, try, test, fail, learn and try again. Your project might change along the way and you will

need to shift gear several times. You might make mistakes in hiring and that’s OK. Not everyone in your team is equipped to follow the fast-growth of your project and that’s fine too. Learn to say goodbye when you need to, be transparent and you will be forgiven somewhere down the line…

Would you do what you do without being paid for it?

Probably some of it, although not 70 hours/week – I too have to feed a family (in my case with 5 teenagers)

What is your wildest dreams?

What would you do if you had a magic wand?

I would eradicate the red market from our existence and remind all to focus on achievement and skills rather than mistakes and failure. We would shift around our entire educational framework and upbringing principles.

What is your view on Brexit? How best can Entrepreneurs prepare for it?

I think they will regret it for the rest of their lives. In this global and supercompetitive world, we would benefit from building bridges rather than breaking further apart.

You are known for your business mastery. How often do you travel in business? What is your family saying about being away from home?

I used to travel lots more but I cut down on my international involvement to be able to stay close to my family. As I have reached the age my mom had when she died (41), I don’t want to have regrets if ever I would be in the same unfortunate position. I try to love each day so I will not regret it tomorrow (or 10 years from now).

What is exciting and happening as we speak and is exciting either in your organisation, career or personal life? Can we help you break the news?

We’re trying to raise 2 Mio Euro in working capital to keep scaling the coding school and take it to the next level, adding more advanced training programs on Artificial Intelligence, Cybersecurity and Cloud development.

Which is a challenge as we are a non profit association and therefore cannot provide equity. Stay tuned

How do you see your vision changing the future, and how do you see yourself creating that change?

I hope we will stop being so scared of all that is different or new. By embracing failure as a lesson learned as well as diversity for a richer perspective, half of the problems on this planet could be resolved!

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Sovereign Magazine EQUALITY

Through the Camera Lens

#ANDME: In the quest for equality, why are women NOT represented at the other end of the spectrum?

B

y now, we are all familiar with the arguments regarding the lack of female representation at CLevel management and executive positions. Some of us are even familiar with the studies that show having female representation or a significant proportion of female representation in the boardroom enhances productivity, collegiality and even profit.

Women for many years have fact, I would go as far as to say - but please correct me if I’m wrong - that dispensations, concessions or even a form of discrimination should be granted in order to make this happen.

OK, I get it. I support it and have often question why there is a lack of representation at executive level management. There are many answers to this question, but I will not cover them in this article.

Now, let’s look at gender equality across the board. What about the lack of representation at the bottom of the corporate, industrial, public sector or governmental ladder. Here are some stats to add to this statement. This was taken from a study in The Boston Globe, done in 2016.

Job Title

Power Plant Operators, Distributors and Dispatchers Sewer Cleaner Construction Workers Crane and Tower Operators Electrical Power line Installers Water and Liquid Waste Treatment Plant Operators Aircraft Mechanics and Service Technicians Pest Control Workers Garbage/ Waste Collectors Firefighters Heavy Vehicle and Mobile Equipment Service Technicians and Mechanics Brickmasons, Bockmasons and Stonemasons Pipelayers, Plumbers, Pipe Fitters and Steamfitters Mining Machine Operators Roofers Structural Iron and Steel Workers

% 99% 99.8% 96.5% 99.2% 97% 94.8% 98% 97.4% 93% 97% 99.5% 99.5% 98.6% 98.5% 98.3% 98%

*The percentage of men in each profession as well as a debate and study from The Agenda by Steve Paikin - Singing the Masculinity Blues. USA and Canadian figures.

Where are the female voices that occupy the stages to highlight this disparity in representation in the work place? Why are the lobbyists and flag-bearers not championing this inequality to redress the balance? Why the silence? Have a quiet word with yourselves, where no one is listening or are able to chal-

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lenge you; and be honest. Be truly honest with the answer to this question. Shall I start? I believe, no one (female) cares to be represented at the other end of the spectrum. Granted, vital roles and tasks are being carried out at that level to help with the everyday functions of a society, but such roles do not have that adulation or joie de vivre that comes with a C-Level position. Unfortunately, such roles don’t get the kind of perks or recognition we care to publicly cherish. So my conclusion to this is that there is a need for status, approbation, grandeur, control even and therefore a major fight is presented in the female corner for it. So that begs the question, what does gender equality really mean?

As part of my series of #Andme - the real gender equality that is being sought, I had a conversation with Ruedi and his coworker Nils.

I could have spoken with Ruedi for hours. There was a lot more to our conversation than what has been drafted here in this article. However, his succinct points and thoughts are captured below.

Ruedi is a construction worker and I wanted to know about his dayto-day activities, work colleagues and the gender mix in his work place; the role he undertakes and his view (as well as his colleagues) on equality in the workplace at his level. They knew or thought it was obvious why women were not visible or represented in their or similar line of work; and importantly, why women were not complaining at the fact. They even questioned the legitimacy of my enquiry and interview. To Ruedi and even Nils, it was a ‘non-article’ a ‘non-story’. Everybody knows and nobody cares. On this gender equality journey we are all on, is that right? Is this truly fair? Why are we women not lobbying to be fully represented at the lower end of the career ladder as much as the top? The thing that surprised me about it all was that it was a known fact to the men in these positions and they, similarly to women, understand the need for women to be represented at the top level.

With my discussion with Ruedi, I wasn’t getting a further understanding of the gender equality debate, instead I got a sense of them being programmed - perhaps from birth - to ‘look after women’ therefore “if they want representation at the top, let them have it” his quote. But he and others in his camp were ok with them NOT being represented in his world and line of work. I wasn’t sure if this was a Swiss trait , a sense of protecting the women. So, I discussed this with British counterparts in a similar field on my recent visit to the UK. Elliot - a road repair merchant - had a similar attitude. He felt such work was way too dangerous for women and in turn dangerous for him and his colleagues and it would be better if they were not represented at that level. He shrugged his shoulders to indicate ‘yes’ for women to have representation at the top level. Interesting.

This subject was taking a turn for the difference. I thought there would be bitterness about the disparity between women voicing the need to be represented at the top and their silence for representation at the bottom. It was clear - no, women shouldn’t be represented at our level for safety reasons and yes, if women feel the need to be represented at the top, then that must be so. Was that bit for my benefit because they were being interviewed and photographed by a woman? I don’t know and I don’t want to guess. Let’s just take their word for it.

What another eye opener for me! In my quest to highlight gender inequalities at the other end of the spectrum, I found myself with admiration for the men in those positions rather than, dare I say it, pity.

Despite the fact of the blatant and obvious lack of representation of women, they were content and even as so far as to say protective and felt that their jobs were far too dangerous to have women involved at their level. Is this a generational thing? And that perhaps men of tomorrow will think and behave differently. I don’t think it was the ‘manage the little lady’ syndrome I was witnessing. It was fear.

Genuine fear. Fear for themselves and fear for any women who would be involved in such, sometimes treacherous, work.

Elaine Pringle-Schwitter A dual British/Swiss citizen, Elaine is an award winning photojournalist and a cinematographer whose photographs have been published in numerous major newspapers and magazines. She has spent two decades in the corporate world at senior management level and now works with MTN Press on collaborations in the Swiss Region.

In some ways it adds to the complexity of reaching the utopia of gender equality. When men, whether it is in their DNA or not, still feel a need to protect women or be the protector and the one that put themselves in harms way even when the very group they are protecting are not requesting equality of responsibilities and risk; but rather demanding positions in the higher echelons of society, industry, law and politics. Is it really fair to only fight for equality at one end of the spectrum?

Equality means making a deal to have equal outcomes right? Favourable and adverse. Take the rewards with the punishments.

Spoils with losses. Perks with parallel obligations, ergo real equality.

This is one for further discussion, but a very interesting and unexpected outcome. How complicated the quest for equality is.

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Sovereign Magazine WOMEN OF EXCELLENCE

Sheila Gemin:

Senior leaders set the tone within any organisation and lead the way in shaping the culture in a way that can strengthen diversity and inclusion at all levels | By Dr Marina Nani

S

heila remembers really well the day she launched her career as a young engineer with a well established Technology company. She was the youngest consultant in the room and the only woman in that team. A senior manager took a moment to welcome her to the company and within same breath, he said ‘I will never work for a woman – her place is in the kitchen!”. Left with no words, Sheila stayed silent while her peers’ loud laughter made their boss’ bad joke seemed funny. It wasn’t funny… Would she ever be recognised for bringing knowledge, experience and thought leadership to the table, as a bright professional?

“Senior leaders set the tone within any organisation and lead the way in shaping the culture in a way that can strengthen diversity and inclusion at all levels. When senior leadership fails to role model the importance of respecting and valuing people different to themselves, there is only a very a small sliver of a chance that inclusion and diversity will be valued across the organisation, and embedded into the culture. I truly believe that we have made progress towards greater levels of diversity and inclusion in recent years, and yet we continue to work with professionals and leaders who consistently fail to set the example.

Even if perhaps we’re not calling it out – as happened with me, when I was younger – it continues to be visible in the actions that are taken, and in the moments of silence when we don’t call out those unacceptable words and actions around us.”

Sheila started in the field of technology with an international consulting firm; she has over 15 years’ experience in leadership development, management, board leadership and entrepreneurship.

Her experience in working across these areas uniquely positions her to work with professionals and teams in developing higher leadership capacity, and to support business leaders in connecting technically complex ideas and innovations to the business strategy.

Sheila is committed to advancing diversity across all industries, roles and levels. She counsels and coaches executive leaders in strengthening organisational capacity to embrace, advance and leverage the full power of diversity to optimise the creative potential of the business and accelerate growth, and coaches women to step up into senior leadership roles.

She is co-president of PWN Global. A worldwide organisation, overseeing 30 Networks in 25 Countries with a shared purpose to accelerate Gender Balanced Leadership In Business and Society.

Sheila is a Client Executive within an International Technology Company where she works with senior leadership in the Financial Services Industry on the topic of digital transformation and innovation.

Also, she is the founder of The Cycling Academy, a nationwide institute bringing together science and amateur sport, which is now a recognised centre for thought leadership within the Netherlands athletic community.

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What are the top challenges you had to overcome?

So yes, we do still have work to do – both women and men! We all need to lead the way and set the right example, set our boundaries, and also be willing to take a risk and step out of our comfort zone. Biases of being a woman working in a men’s world. Finishing my degree as a technical engineer in an all-men environment, building a company in the hearth of the middle-aged white men in Lycra (cyclists), running and building a company with all the financial and people challenges and becoming a mom and a stepmom mom of 4. But none of these challenges could stop me from leading an international NGO on gender-balanced leadership, with only women and different cultures.

What is your best project so far?

Building The Cycling Academy, creating a brand designed for ambitious cyclists who want to get the best out of themselves (or others) Cycling is not difficult. You sit down and put your feet on the pedals. Tighten helmet, click shoes and look at infinity. Yet? For the average cyclist it is. But not for the ambitious amateur who wants to put down a performance. Cycling a race for example, or participating in a charity ride.

For those last athletes there is The Cycling Academy. We help them reach their goal and get fit on the finish line. We do this on the basis of customized scientific research and training schedules. Our approach is all about making our students fitter and mentally stronger. In our opinion, the two most important ingredients for a top performance.

What are three top tips for Entrepreneurs who dream big?

Keep your dream big and alive, in the meanwhile, stay informed on trends, developments and know your figures!

Start small and keep your mind open for opportunities Develop your resilience, you might get disappointed by people you did not expect it from

What is exciting and happening as we speak ? Can we help you break the news?

I am co-president of an organisation called PWN Global. We just had our inaugural Gender Balanced Leadership Awards in Dublin! It was a huge success. I want to encourage everyone to sign up for the 2020 Award Ceremony!

How do you see your vision changing the future, and how do you see yourself creating that change?

I believe technology is going to have an enormous impact on our future, more than we can ever imagine. We need to embrace it and learn how to make it part of our daily lives. Don’t walk away from tech, but learn to understand what it is and how to use it. After being out of the field of technology, I returned to an International Tech Company as an executive. Besides my work there, I like to help other women to become aware how they can professionally grow in the world of technology

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Sovereign Magazine of the Queen bee(s). For many years, I was a worker bee, and I look at those years as being the foundation – the skills-building and experience-building years - which gave me both the knowledge and courage to start my own firm. I have a wonderful business partner, and having a partner makes it a bit less daunting, as you have someone trusted to give you an alternate perspective, validate your decisions, and who has your back through the ebbs and flows of business growth. I find the challenge and excitement to be in the strategy-building, the generation of value, and the ability to rethink our client’s business models and/or approaches, as well as to help facilitate investments that will generate stronger-thanaverage returns for our clients. I don’t aspire to be better than everyone else. I aspire to be DIFFERENT from everyone else. I don’t want to compete with other consulting companies, rather, I forge my own niche and business strategies, allowing me to offer value to clients that cannot be delivered in the same manner or with the same results, by competitors.

n ancient mythology, the Phoenix was a brilliantly-coloured bird of unimaginable beauty and splendour that would brighten the skies with hues of gold, red and purple. It’s story is famous the world-over and the Phoenix itself is synonymous with rebirth, regeneration and the ability to rise from the ashes. So it is fitting that Larisa Miller chose to name her company Phoenix Global. As she says, in her interview with us below: ‘...if I make a mess of today, I forgive myself and start again with the sunrise. No one is going to build my dream, except me.’ Phoenix Global specialises in both domestic and international business development, technology, project management, strategy and sustainability. They recognise the possibilities for growth in emerging economies and seek to foster opportunities and investment in these regions, allowing them to rise up and reach their own potential.

From her childhood growing up in the beautiful, agrarian landscapes of Pennsylvania, where she was encouraged to think critically and always think through a multiplicity of perspectives, Larisa Miller has always fostered a creative, entrepreneurial spirit. From her work with the Pennsylvania Department of Agriculture to her role working for the Royal Family in Abu Dhabi, United Arab Emirates, she has sought to bring this diversity of thought and variety of perspective to others through educational outreach projects, gender equality campaigns and prioritising technological innovation.

Larisa places a strong emphasis on paying attention to the world, to not letting opportunities, people or events pass us by. As entrepreneurs, it can often be easy for us to become blinkered or have a pinpoint focus on one particular area. Larisa believes that it is through paying attention that our best and most compelling ideas will come, that we will meet the most life-changing people and, ultimately, change the world for the better. Like the Phoenix, we all have the chance to change and morph and breathe new life into something that can seem lost. Like the Phoenix we all have the ability to dazzle and regenerate and grow with each iteration of ourselves.

Like the Phoenix and, like Larisa Miller herself, we can all learn how to pay attention, to see the world around us in all of its infinite complexity and rise to meet the challenges with each new sunrise.

Larisa, it is a pleasure to have you as the cover for this months edition of Sovereign. As a highly successful business owner, what can you tell us about your journey into entrepreneurship?

While entrepreneurship isn’t for everyone, it is undoubtedly the right path for me. When you work for someone else, you are merely the vehicle which carries their ideas and vision to fruition – sometimes with a successful conclusion, and sometimes not. No matter how good your idea is, at the end of the day, you are merely the worker bee, executing the mandate

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We all have unexpected events in life which force us to reevaluate our futures, or events that throw us into a cyclone of change, derailing our carefully blueprinted plans.

Not everyone is meant to be an entrepreneur, however, as long as you live your life in a way that will allow you to look back when you are in our 80’s with satisfaction rather than regret, then your life was lived in the way that was ‘right’ for you. For me, that means charging ahead into a daily abyss of uncertainty, sometimes having great success, and sometimes having monumental failures. But, if I make a mess of today, I forgive myself and start again with the sunrise. No one is going to build my dream, except me.

What was your “A-ha” moment, when you knew it was time to forge your own path?

Living in Abu Dhabi, and in my mid-40’s, I found myself at a crossroads of impending change, both professionally and personally. With many doors to the past closing, I was faced with great uncertainty as to which path to follow to carry myself forward into a future where I could have more of a direct impact on the decision-making process, and where my vision and ideas would be respected and embraced. After a brief period of self-reflection and assessment, and with the support and encouragement of my business partner, I decided to start Phoenix Global. It would have been easy to take the comfortable route – accept a position in an established company where I would have a reliable paycheck, a set work week with a defined vacation allotment each year, and prescribed targets and responsibilities. But, with a great deal of courage (although, at times it felt more like insanity more than courage), I swallowed my fears, firmly resolved to pull up my bootstraps, and became an entrepreneur.

The question I am most often asked by individuals desiring to start their own business is how can you be sure you will be able to find the opportunities and clients necessary to grow and sustain a new business, and the answer I give them is the same answer I give my children about life in general…PAY ATTENTION. Put down your phones and look up. Destiny will walk right by those who are too busy taking selfies. And in my case, this belief has been proven time and time again. Meeting the right people at the right time – and being present enough to recognize the potential importance of these individuals and the influence they will have on my pathways, decisions, and the opportunities – has been both a gift and providence. When life does an about-face and you find yourself at a crossroads of uncertainty about where to go, what to do, and how to do it, remember that you have the power to write each and every scene in your life, and that the people and opportunities which can potentially have the greatest impact on this script will often appear when least expected. But only if you are paying attention.

Can you tell us a bit more about your career beforehand?

I started my career in the early 1990’s with the Pennsylvania Department of Agriculture as the assistant

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Sovereign Magazine There is a strong emphasis on facilitating strategic investment in emerging economies. Why is it important to you that Phoenix Global really shines in this area?

ate of Texas, is one of the global leaders amongst nations, and I was fortunate to have had the opportunity to live and work there.

So, Phoenix Global was born, tell us what are the main areas your are focusing on?

Phoenix Global is a consulting, investment and development company, facilitating strategic investment in beneficial markets, focusing mainly on developing and emerging economies. Specializing in business acceleration and growth, at Phoenix Global, we introduce and guide our private sector clients and investors toward opportunities for expansion and profitability in new markets around the world.

Prioritizing technology, recognizing that technology will be the nucleus of all sectors moving into the future - agriculture, energy, transportation, finance, government, etc., we align with governmental leaders, strategic partners and global technology companies to build large-scale technology parks which include data centers/data management, cybersecurity, blockchain, IoT, agri-tech, fintech, artificial intelligence, e-Government, and more. An important aspect of our technology parks is education and working with the national university(s) in the host countries of our parks, we will bring satellite campuses of major worldwide universities to provide the necessary education and training for the local workforce. We are always looking for compelling tech partners and companies, from large brands, to SME’s, micro-enterprises and entrepreneurs. The future of innovation is in the diversity of the concepts, ideas and inventions of companies and individuals around the world, and it is the union of the large companies with visionary small enterprises that makes our technology park strategy unique and compelling for investment. Our flagship technology park is in Skopje, North Macedonia, with additional parks planned for several additional countries, such as, Zambia, Slovenia and Ecuador. Presently, in tandem with our significant and influential global partners, and with major tech companies serving as anchor tenants, our Skopje Technology Park offers an attractive market for tech companies of all sizes to expand into a region of growth, value and innovation.

Additionally, by offering value-based consulting to our public and private sector clients, our expert team works with clients to derive and implement innovative strategies such as, improved operational efficiency, revitalization of business models, and the incorporation of organizational plans of sustainability – all of which lead to quantifiable growth and profitability, giving our clients competitive advantage in the marketplace.

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During my years in the Middle East, I spent considerable time visiting refugee camps in Jordan, Iraq and Yemen, as well as rural areas of Africa, where they struggle with abject energy poverty and the lack of access to quality education and employment. I began to conceptualise strategies that could be implemented in these countries to support nation-building through innovative growth and progressive development – and now, at Phoenix Global, a great deal of our business strategy is structured around introducing the compelling opportunities in these countries to global businesses and investors. Instead of seeing these struggling economies as countries filled with challenges, I see potential – economically and socially. We study the environment – the education system, the infrastructure, energy, agriculture and technological potential, analyzing the value and facilitating the process of bringing significant development partners to these nations. This was the vision and concept for a business that was planted in my mind, long before Phoenix Global began to sprout. And now, as the impact of Phoenix Global is felt in over 14 countries, across 4 continents, the personal reward that I receive from watching the economic, social and environmental metamorphosis in these nations, stemming from projects and development introduced by Phoenix Global, makes the challenges of being an entrepreneur worthwhile and gratifying.

What would you say is the most profound impact Phoenix Global can make as a result?

The most fragile nations – the ones struggling to overcome systemic problems that the developed nations take for granted, often offer the most outstanding investment potential. It is gratifying to facilitate investment that helps provide access to energy, improved infrastructure, cuttingedge agricultural techniques, the introduction of technological innovation – and the educational and entrepreneurial opportunities that accompany this growth potential, allowing developing and emerging nations to transform into a regional vanguards of progress and potential. This also paves the way for strong medium and long-term returns for investors, essentially making them stakeholders in the emergence and growth of these developing nations. We have a collective responsibly to work together to impact the triple bottom line - people, planet and profit, as we move into the transformation era of digitization, technology and sustainability. By strategizing future growth around the United Nation’s Sustainable Development Goals, recognizing that we are all stewards of our planet, Phoenix Global has joined the Sustainable Development Goals Partnership Platform, professing our commitment to using these 17 goals, and the 169 targets contained within these goals, as a blueprint for develo9pment and responsible global stewardship.

As governments, businesses, and investors look to grow their portfolios through sustainable impact, our team at Phoenix Global prioritizes the mandatory merger between sustainability and industry. It can’t be us against each other, rather, it has to be all of us united against the problem.

It is undeniable that you have a huge passion for the work Phoenix Global does and the projects you are undertaking. With that in mind, what would you say is the best thing about your job?

I have to answer this question from two decidedly different angles – professionally and personally. The professional side of me – the CEO, is inspired and gratified when I see a company or government embrace my strategies, realizing measurable benefit to their efficiency, profitability or growth.

Personally, the most rewarding aspect of my job is having the ability to serve as a role model to young women who are entering the job force or climbing the corporate ladder.

Mentoring and motivating young women as they follow their individual career paths, I endeavor to encourage them to think of themselves simply as professionals – not as ‘female’ professionals. We are all one. We are all worthy of our opinions, perspectives and aspirations. I try to live by example, helping these young women to embrace their talents and skills without trying to BE what others expect them to be.

17 LARISA AT A SYRIAN/IRAQI REFUGEE CAMP IN MOSUL, IRAQ.

Sovereign Magazine

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LARISA WITH THE TRIBAL CHIEFTEST, AND HER FAMILY AND FRIENDS NEAR MUMBWA, ZAMBIA .

When I can inspire a young woman to have the confidence to live her dreams, writing HER story HER way; helping her to have the courage to take the proverbial road less travelled, sometimes defying the expectations of others; and, helping her to climb the corporate ladder with fearless determination and confidence, I have immense pride of accomplishment. When young women embrace their own individual style, not being afraid to show their personalities and emotions – empowering them to have the self-assurance to recognize that they are just as capable and worthy of success as their peers and colleagues, we move closer and closer to a corporate world where there is no delineation between men and women. It is not a competition between the sexes, and it is not a gender-based race to the top. As we adopt the Sustainable Development Goals as the foundation for the future, and as we embrace gender balance as a critical component of a sustainable business strategy, we will then own a future where the corporate culture is fully based on inclusion and unity.

Of course, we have to realise that no matter how much you enjoy and believe in what you do, there will always be challenges. What would you say has been your biggest so far?

As an entrepreneur and head of a global company, I know first-hand the struggle, the anxiety and the loneliness that entrepreneurs experience in their business journey. The pace can be gruelling, and some days there are far more noes than there are yeses. For entrepreneurs – regardless of what type of business you own, there are moments of selfdoubt, and at times, an overwhelming desire to quit. But, if you set the grandest goal you have for yourself, no matter how difficult, far away, or unattainable it may be, and then set achievable benchmarks along the way to this grand goal, you will use those benchmarks as your measures of achievement. This way, you’ll always see forward progress – you’ll always realize success along the way to your goals, and you’ll find that you are not as overwhelmed, discouraged, or tempted to wave the white flag of surrender. If you constantly have measurable, achievable accomplishments on your entrepreneurial journey, and if you resist the urge to quit when the challenges seem to outweigh the rewards, you’ll be unstoppable.

I always like to say “Failure is the price of success”, I think it’s something all entrepreneurs can understand and as you say, if you resist the urge to quit when it’s though then undoubtedly rewards will follow. With that in mind, what have been the more satisfying moments of being an entrepreneur for you?

This may sound like a very contrived and predictable answer, but quite honestly, there have been many satisfying moments. If business could be defined simply by one or two satisfying moments, it wouldn’t be very successful, and likely would not be a business that’s ‘in business’ for long. Some of the satisfying moments for me with Phoenix Global were when I finally took the leap of faith and successfully registered the business; when my partner and I decided on our logo; our first client; each time we add a new country to our investment and development portfolio; and anytime we can make a quantifiable impact on youth, on businesses, on clients, and on nations.

It’s interesting you mention the points right at the beginning, getting the businesses registered, getting the logo and branding sorted... It’s always an existing first step of what we entrepreneurs hope will be a life long journey. I wonder, what what would be your one piece of advise for someone just starting out?

Being an entrepreneur is the most challenging – and most rewarding undertaking you can take in your career-life.

You’ll have great successes, and not-so-great failures. Do not be afraid to fail. Failure is one of the necessary stepping-stones of life. Follow your endeavors through to the end – sometimes the end is bitter, and sometimes sweet, but each conclusion you reach will leave you stronger that you were at inception.

Follow your dreams, but do not be afraid to change those dreams. As you grow and mature, so will your hopes, goals and aspirations. Life is unpredictable, and ever changing.

Be brave enough to change with it.

Be strong in your convictions, even if those convictions are contrary to popular opinion. Do not be afraid to swim against the current. The right path for you may not always be the popular path. Make a decision, believe in that decision, and follow it through to the end – regardless of the outcome. Be resolute and do not quit. Do not doubt yourself. YOU are the one person with whom you can have complete trust. Make mistakes. Mistakes are as much a part of life as successes, and they often teach you the largest, most important lessons.

Finally, always, always be kind.

You mention mistakes are as much a part of life as success is but what does success mean to you personally?

Depending on which aspect of life you are defining, the definition of success will be different. But the common denominator for both personal and professional success comes from the legacy you leave. In my opinion, success is achieved when you make a lasting impact on people, or on the environment. Endeavor to make a difference to just one person in your entire lifetime. If you can change just ONE person’s life, you will have an ancillary impact on millions, as by changing the life of that one person, you will change the life for every one of their descendants for generations to come.

The ideal would be to commit to making a positive impact on as many people as possible throughout your lifetime, but if you one truly can change the life of just ONE person, your life will be a success. The ‘things’ you acquire – the size of the home you live in, the car you drive, the watch you wear, are all ‘pats on the back’ for your achievements, but these are not the measures which will define your legacy, as rarely will people remember what kind of watch you had. It’s not the job promotions that you earn, the height of the corporate ladder you climb, or the clients you sign that will define your success in life. Yes, these are all signs of your abilities, skills and accomplishments, but success comes from selfless acts of kindness. This can be as simple as giving someone a hug, or taking the time to get to know their story, or it can be as magnanimous as giving a child without the means a chance at an education, or helping a woman to support her family by turning her skills into an entrepreneurial opportunity.

The more people you take the time to help, the more people who will be touched by your legacy, and your legacy is your success.

Larisa, it has been a pleasure! Before we wrap this up, can you tell us, what is next for Phoenix Global and your personally?

For Phoenix Global, our primary focus moving forward is to use our global exposure and experience to continue to help companies – domestically and internationally, to expand and develop their businesses in new markets, as well as to continue to work with clients to revitalize their business models to make them more profitable, competitive and compelling as we move into the vibrant and dynamic future of technology, sustainability and responsible competitiveness.

It is very rewarding to be able to help companies go from merely surviving to thriving.

As for what is ahead for me personally, I am optimistic that good things lie ahead, and while it’s difficult to foresee, the mystery is part of the excitement. My children, of whom I am so proud, are taking their steps into adulthood, and it is an honor for me to watch and mentor them as their futures takes shape. As I enter a new phase of my life, I am blessed to be facing the future with the support of my family, good friends and trusted partners, and with this support, the future is a journey of awesome possibilities.

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Sovereign Magazine

BUSINESS NEWS

Tesla’s business strategy is not chaotic – it’s brilliant

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ew companies have attracted as much praise, derision, scepticism and enthusiasm as Telsa Motors and its founder Elon Musk.

Having interviewed Elon Musk and the Tesla leadership as part of my research, one of the questions I’m asked most frequently is: how can you make sense of Tesla’s wild strategies? The latest example is the move to create a “Gigafactory” for car batteries just outside Berlin.

Part of the challenge in understanding Tesla’s strategy are the commentators. These range from short-selling to star worship. Many ask the wrong questions, such as why Tesla isn’t making any money – a question appropriate for a mature business, but not a growth one.

While all businesses must be sustainable in the long run, Tesla is like most rapid growth companies that eat up more cash flow than they produce while in the early growth phase.

But the biggest part of the challenge may simply be understanding Tesla’s strategy. Why would a new company, already taking on the Herculean task of introducing an entirely new type of car to the market, also take on the incredible risk of building some of the world’s largest battery factories? Or for that matter, a dealership and repair network? Or a charging network? Or, even crazier, a solar power business?

On the surface, it makes no sense and there is no doubt that it introduces more risk to the company, increasing its chances of failure. But when viewed through the lens of the decades of research on technology strategy, Tesla’s approach takes on a different light.

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Tesla Cybertruck. Credit: Tesla

Elon Musk, Gigafactory 3 press event, Shanghai. Credit: Tesla

Building a new architecture The big challenge to understanding Tesla’s strategy is that most of us only look at it from one level of analysis. Namely, when we see Tesla, we see a company that produces cars. But when I teach executives how to invest in future technology, I encourage them to think at multiple levels of the technology stack: not just products, but also components and systems. So let’s take a closer look at Tesla.

At the level of the product, although a Tesla looks the same as other vehicles, underneath the hood the vehicle has a fundamentally different architecture – both in terms of hardware and software. This matters because a long research tradition underscores that when incumbents face a new technology architecture, they struggle to understand and adapt.

Even though they can see what the technology is, they struggle to adapt both because they are reluctant to give up the existing capabilities they have perfected over decades and to fully integrate the new ones. Although incumbents may imitate the new architecture, they have a hard time overcoming the way they have done things in the past and to match the superior performance of the new, purpose-built architecture.

You can see evidence of this playing out in the auto industry. Early electric vehicles produced by incumbents on internal combustion engine architectures paled in comparison to the Tesla, and even newer “blank slate” efforts sometimes don’t quite measure up. It’s always the little things that get in the way – such as the fact that most vehicles built by other manufacturers have up to five separate software systems rather than a single integrated system like a Tesla, which gives a performance advantage.

Controlling the bottleneck

Elon Musk, Gigafactory 3 press event, Shanghai. Tesla

If we lower our level of analysis to the level of components, rather than products, we see the Tesla strategy in a different light again.

What we know about technical systems is that, as they mature, the value migrates to the bottlenecks that control the system’s performance.

This is why in the PC industry, Intel has made so much money for decades while hard drive and modem manufacturers made peanuts. Intel controlled the bottleneck to the performance of the PC whereas hard drive manufacturers did not.

The bottleneck for electric vehicles now and in the future is the batteries. If Tesla can dramatically lower the prices of batteries by manufacturing at scale, they lower the barriers to adoption for electric vehicles. But more importantly, the battery bottleneck isn’t going away any time soon, which means, if they succeed, Tesla controls the biggest profit pool in the future of auto manufacturing.

Delivering solutions Lastly, if we raise our level of analysis above components and products, to the level of systems, we see Tesla in yet another light.

The truth is that consumers don’t want products, they want solutions. Most car makers deliver products. But Tesla tries to deliver a complete experience: car, upgrades, charging, insurance – the whole bundle. And as a result, the majority of Tesla owners talk in glowing terms about their Tesla, both because it is a great car, but also a great solution. In what other vehicle do you wake up in the morning to find new self-driving features?

Let’s be clear – the risks are high. Tesla has compounded major bet upon major bet by having a multi-level strategy that targets components, products and systems. Everything has to go well to succeed. But if the stars align, it’s a brilliant strategy at all levels.

Nathan Furr

Nathan Furr is a professor of strategy and innovation at INSEAD in Paris and a recognised expert in the fields of innovation and technology strategy. Professor Furr earned his Ph.D. from Stanford University where he studied how innovators commercialise their ideas. His bestselling books include The Innovator’s Method (Harvard Business School Press, 2014); Leading Transformation (Harvard Business School Press, 2018); and Innovation Capital (Harvard Business School Press, 2019). He has published broadly in Harvard Business Review, Sloan Management Review, Forbes, Inc, and academic journals. He is an Innosight Fellow, has been nominated for the Thinkers 50 Innovation Award, and works with leading companies such as Google, Amazon, Citi, ING, Philips, Telenor, Solvay and others.

Gigafactory 1, Arizona (USA). Credit: Tesla

ORIGINALLY PUBLISHED ON

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Sovereign Magazine

CULTURE & POLITICS

Marking Thirty Years Since The Fall Of The Berlin Wall

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hirty years ago, millions of people across the world were glued to their TV screens, watching the grainy, sometimes chaotic images coming out of Berlin as the wall fell. They watched, as crowds of people pulled apart the once-imposing barrier with fervent elation, surging from East to West, embracing long-lost relatives and friends. Even though I was a child at the time, I felt its importance, its weight, its massive significance.

The 9th November marks the 30th anniversary since those iconic scenes unfolded in Germany’s capital. 30 years since the feted reunification, the joining together of a people torn apart by physical and ideological barriers. So was Willy Brandt right when, the day after the wall fell, he uttered the now famous line: ‘Now we are in a situation where what belongs together, will grow back together.’ The coalescing of two separate economic and political states into one homogeneous nation was never going to be a simple task but now, three decades later, many agree that there is still much left to be done.

At the beginning of October, to mark 29 years since the official reunification of Germany, the Associated Press reported that German Chancellor, Angela Merkel, who herself grew up in East Germany, addressed a crowd in the German city of Kiel. She spoke of the unique challenges of reunification and stated that: “the official German reunification, that is complete. But the unity of the Germans, their unity was not fully

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complete on Oct. 3, 1990, and it is still the case today.”

Indeed, the economic and commercial repercussions of Germany’s division are still being felt in East and West Germany today. Many ‘Ossis’ (people from the former East Germany) feel politically and economically disenfranchised, with a 2014 report from the Berlin Institute for Population and Development, asserting that the majority of major manufacturing organisations have their headquarters in the West, with more jobs for mid, senior and upper level management available in that region. A recent article in The Economist stated that a mere 4% of elite jobs in the east are actually held by east Germans and that none of the companies listed in the DAX30 index are headquartered in the east.

Back in May of this year, a panel of German economists at the Institute for Economic Research (IFO) were surveyed with questions relating to the disparity between east and west. When asked if they believed that the east would catch up with the west’s economic levels within the next few years or decades, 69% believed it wouldn’t. 61 percent believed that there would be no convergence at all in the medium and long term.

So why do these imbalances still exist, thirty years on from that momentous night when the wall fell?

When asked this question, the same panel of economists at the IFO specified a multitude of reasons.

These included qualified workers often moving from east to west, the productivity levels varying in the two regions, the economic policies in the years following reunification, that there are more early school-leavers in the east and that there is a lack of research and development opportunities. These were just a few of the reasons cited, along with Niklas Potrafke, Head of the IFO, stating that “It seems to be a vicious circle: Many well-educated young people see no prospects in the East, apart from exceptions like Leipzig, Dresden or Jena, and go to the West…Now they are missing in the East, which hampers economic development there, and instead many conurbations are flourishing in the West.”

But it is not all bad news. The cities that Potrafke mentioned, Leipzig, Dresden and Jena, are all experiencing an upswing, with affordable housing, a booming tourist market and industrial innovation.

The Federal Government’s yearly report, assessing the state of German unity, was also positive about the future. In 2018, the report recognised that even though “a gap persists between GDP per capita in the east and the most successful regions in the west, some regions in eastern Germany such as Jena and Leipzig have already succeeded in overtaking regions in western Germany in terms of economic strength.” The report goes on to acknowledge that “key industries are gradually developing in the eastern federal states.” As part of its plans for the future, the Federal Government says it is committed to “systematically promoting SMEs, strengthening research and innovation potential and securing skilled workers.”

It seems as though, three decades on, there are no simple answers to what is, at its heart a deeply complex cultural and economic issue. The series of events planned by the Commission on the 30th Anniversary of the Peaceful Revolution and German Reunification, hope to give the German people a chance to reflect on their shared history, while looking ahead. Part of this includes a chance for people to upload short videos, describing their experiences, thoughts and feelings surrounding the reunification.

Chairman of the commission, Matthias Platzek said “we commemorate all those who, with their hope, courage and energy, helped to bring down the Berlin Wall. Their commitment and individual biographies should, however, also remind us that even three decades later we need to strengthen cohesion and interaction between East and West.”

Dresden is one of the success stories of the former German Democratic Republic.

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Sovereign Magazine

GLOBAL MARKETS

Buckle up for turbulence:

Why a global debt crisis looks very hard to avoid

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oody’s, one of the big three credit rating agencies, is not upbeat about the prospects for the world’s debt in 2020 – to put it mildly. If we were to try to capture the agency’s view of where we are heading on a palette of colours, we would be pointing at black – pitch black.

Moody’s rates the creditworthiness of 142 countries, which represent about US$62.2 trillion (£48 trillion) of debt. It sees a disruptive political environment both within various countries and at the international level.

This, it says, is aggravating the slow-motion stagnation of global GDP growth that has been a problem since the financial crisis of 2008-09. Together, these difficulties have the potential to worsen the effects of unresolved structural issues in different countries, such as fast-ageing populations, income inequality, poor competitiveness, low currency reserves and poor policies for managing sovereign debt. The net result could be sovereign debt defaults that could trigger new economic and financial shocks and lead to serious instability in the months ahead.

As a professor of banking and finance law, I broadly agree with this prognosis. So where are the most serious flashpoints, and what can politicians and civil servants do to minimise the risks?

Welcome to the cauldron Unfortunately, the world is sitting on a sovereign debt timebomb that could be triggered at any time by the smallest event. This is confirmed by the IMF’s data, which identifies 32 countries as being at high risk of unsustainable debt. Their borrowings have more than tripled in just two years. We have to remember how serious the consequences can be when a country’s finances spiral out of control: take Venezuela, which is facing a humanitarian crisis with projected inflation of 10,000,000% by the end of this year.

Moody’s argues convincingly that the main drivers of the problems threatening to tip these high debt levels into crisis are twofold: the recent disruption to world trade and the weakening of global and national institutions. World trade in goods is heading for its worst year since 2009, mainly driven by the geopolitical tensions resulting from the trade war between the US and China, and to a lesser extent the Brexit uncertainty in Europe.

The US-China standoff has affected trade volumes between the two superpowers. It has also meant that countries which play an important role in the global supply chain, such as Belgium, the Czech Republic, Ireland, Malaysia, Singapore and Vietnam, will face a slowdown in their economic activity.

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Beyond this are indirect consequences that could kick off a crisis: confidence is reducing across the board, and short and mediumterm growth is projected to slow down. This threatens to reduce foreign direct investment and capital flows into many countries – Moody’s argues this is already evident in the Asia-Pacific region.

The same thing looks likely to happen to those countries with large account deficits who are more reliant on overseas capital, such as Argentina, Lebanon, Mongolia, Pakistan, Sri Lanka, Tunisia, Turkey and to a lesser extent Indonesia. Capital flight will send their currencies plummeting and make their dollar-denominated debts even more unsustainable, raising the prospect of political strife and contagion.

The division bell Nationalism and populism are ascendant across the world, undermining the effectiveness of domestic, regional and global policy now that the era of centrist political consensus has ended. As Moody’s notes, this lack of international cohesion has made it harder for institutions, such as the World Trade Organization and G20, to help coordinate policy responses to economic difficulties.

It doesn’t help that there is also a large amount of bilateral antagonism at present – not only US/China and UK/EU, but also Japan and Korea, China and Japan, North Korea and the US, India and Pakistan, Russia and Ukraine and the ever-present tensions in the Gulf.

In this climate, populist movements are turning the growing anger over rising income inequality to their advantage, as we have seen in the likes of Argentina, Ecuador, Mexico and particularly Chile. Other countries facing similar issues include Ethiopia, Iraq, Lebanon and Tunisia.

In response, governments are being forced to shift their policies. For example Argentina’s government had to reinstate price controls, which was one of its most criticised policies. Any quick populist fix may quiet discontent, but it doesn’t address structural challenges and only serves to highlight weak governments.

This is not just restricted to emerging markets: Moody’s also recently changed the outlook of the UK to negative, amid the uncertainty surrounding Brexit and the log-jammed parliament. Similarly in the US, the ongoing impeachment process against President Trump and political polarisation are distracting policymakers from more essential and pressing matters – not least the sluggish economy. A ratings downgrade cannot be ruled out entirely.

This should all serve as a wake-up call to other countries with longstanding unresolved structural challenges. Sri Lanka, for example, has large account deficits that cannot be reduced, while India’s credit outlook has also been downgraded to negative because its government’s economic policies have been ineffective at producing growth.

Many countries, meanwhile, need to do more to address other challenges, such as robotisation and the emergence of AI, or simply reform fatigue.

Put this all together and it looks like a very toxic mix. Countries need to recognise their mutual interest in avoiding a full-blown debt crisis.

They need to try to overcome their differences and embrace a cohesive approach towards development and tackling the debt problem.

It may even be too late. There are some parts of the world, such as Africa, where debt is already getting very close to a regional crisis.

Latin America and the Caribbean are also at risk, although some countries are already restructuring their debts.

At any rate, the international community must do what it can before time runs out. For the future, there are two vital lessons: countries need to tackle their structural issues early, and borrowing must be used for investment and not simply to finance budget deficits. If the world can make genuine progress on these fronts, situations like this can hopefully be avoided in the future.

Rodrigo Olivares-Caminal Rodrigo Olivares-Caminal is a Professor in Banking and Finance Law at the Centre for Commercial Law Studies (CCLS) at Queen Mary University of London. Prior to joining CCLS he was a Senior Lecturer in Financial Law and the Academic Director at the Centre for Financial and Management Studies (SOAS), University of London and the School of Law, University of Warwick.

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Sovereign Magazine

BUSINESS

Are women offered leadership roles just to fill quotas ?

A new perspective on the current state of women in tech

H

undred of thousands of employees from United States, Singapore, Canada and the Netherlands, shared their salary reports and job information on Glassdoor, and an official study was released at the beginning of this year confirming that “pay gap has narrowed” since their last study in 2016. The question remains, why women earn only 79 cents per dollar men earn? While the conversation brings greater awareness of the gender pay gap with the aim to shrink such pay gap, even the most optimistic expert opinions allow a minimum 50 years for this unjustified gender pay gap to close. What prevents women from higher labour force participation? We reached out to the organisers of “the world’s largest tech event” Web Summit, who provided us with up-dated poll findings.

“People all around the world are beginning to fight more and more against the gender gap, so now is the time to aim for higher roads.” said one respondent. The poll found that the majority of women feel respected, confident, and empowered within their roles. 78% of respondents felt respected by their peers in their roles and 74% of those polled felt empowered to pursue leadership positions.

Nonetheless, 40% of respondents agreed with the statement “Many women are offered leadership roles just to fill quotas” and 29% responded that they neither agreed or disagreed. “It’s how gender roles work. I don’t expect, nor ask to be treated the same. My femininity is part of me. All I ask for is respect and trust in what I do, the rest is subjective,” said one respondent.

Gender pay gap in tech is closing and the tech industry is becoming more gender balanced yearly Organisers, according to the Financial Times, revealed today the results of a poll they carried out by a pool of its female speakers, investors, founders, attendees, and community members from over 60 countries to gauge their perspectives on the current state of women in tech.

“My company often prefers to promote men to leadership positions,” said another attendee. 50% of respondents believe that society as a whole needs to change when it comes to more equality in the tech industry, but governments still have a lot to do. 47% of respondents say that their government does not do enough for gender equality and 35% are unsure. “I’m not sure it’s the government, but we should be better at cheering for women, to talk about their careers, and make it easier for men to take care of the family,” said one respondent.

Many of those surveyed feel the tech industry has become more balanced over the past 12 months. 42% believe that the gender ratio in the tech industry has become more balanced over the last 12 months, followed closely by 32% who are unsure if this is the case. This has increased from last year’s poll where only 34% of respondents believed that things have become more balanced.

“While government initiatives are commendable, I believe that the first step must always come from education and people themselves,” said another. Nida Shah, COO of Web Summit said, “At Web Summit, our commitment to change, with regards to closing the gender gap within tech, has always been a priority for us. We are proud that this year our attendee base is now 46.3% female.

When it comes to pay, 46% feel they are paid on par with their male colleagues, but 32% feel they are not. Again displaying a yearly improvement, in last year’s survey only 37% believed they were paid fairly in comparison to their male counterparts.

We think it’s important to hear what the industry can continue to do to improve gender equality in the tech sphere.

The results today show that things are improving when it comes to women in tech, but more can always be done.”

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Sovereign Magazine SUSTAINABILITY

Learn to Move Mountains Write a new story of hope and action Sponsored by Lemania-Verbier International School.

To find out more visit www.lvis.ch for more information.

W planet.

ith winter sports and seasonal festivals upon us, perhaps there are different ways to consume and do business, to respond to the global call to action on preserving and protecting the

There is hope. All summer, young people globally have been striking and marching. I see an abundance of creativity for developing different, better, bolder solutions in my work with youth, educators and entrepreneurs, as we capacity-build skills to imagine, design and create a new future. It is a narrative of action.

At the UN Climate Summit in New York in September 2019, initiatives were launched by governments and businesses who understand the positive economic benefits for taking action. The World Economic Forum’s Mission Possible Platform is working with public and private sector to support transition to green-tech in carbon-intensive industries.

It is crystal clear that children and youth want us to reflect on how we do business. They want to know, “How do your products or services contribute to the flourishing of people and planet? Do they? How could they be better?”

This winter, how will you take care of the land you stand on?

Opening up to innovate new solutions, means changing perspective. One of the ways to do this is to play a little. This winter, what land will you stand on? 11th December is International Mountain Day, so if you’re winter-sporting, show some care for these giants of the planetary cooling system.

And what story will the land you stand on speak of, about how it has been cared for since time began? What tale will it tell, of how you are caring for it now? What dreams have gone before?

This literal ‘grounding’ through storytelling is a cultural perspective that features as a key element in wellbeing indices, such as the Bhutan Gross National Happiness Index. We flourish through telling stories that connect us to the land we stand on.

In the summer, I was at one of my best friend’s kiddo’s 4th birthday party in the forest. Other than wishing I was standing there in an extravagant outfit that only a 4 year can put together…all wellies, superhero capes and ra-ra skirts, I was imagining these children’s laughter soaking into the ground we were on and wondering what stories that space would tell in the future.

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What land will you stand on in 2031?

When we steward the ground that we stand one, feel connected to it and see ourselves as responsible for it, we create the space for new paths to unfold.

Taking this route to innovation opens up many, many ways to march. You are part of this business ecosystem, so what lands are your products and services standing on? Which places do they impact? Who lives there? Imagine your business in 2031 – the year after we planned to achieve the UN Sustainable Development Goals (SDGs). What does the world look like if you designed your solutions with flourishing of people and planet in mind? What does the world look like if didn’t?

When we clean up the space that we’re in, we are gifted an opportunity to write new legends which tell of courageous deeds, about the day, “we cleaned up the land.” We make room for new truths which empower new voices. I heard Prof. Dr. Thomas Crowther’s inspirational talk at TEDx Lausanne about the Crowther Lab’s projects on soil, trees and cooling cities, bringing nature and science together to generate social and economic solutions.

Bringing your business values to life These new perspectives of the land you stand on, directly link to your business values and how you practice them in the day to day running of your business.

Dust off your organisation’s values and drag them into the daylight.

Is ‘love for the planet’ one of them? I’m guessing no.

And yet, this is the ground zero of your creativity, in turn opening up your best capacity to take risks with incredible, real, disruptive innovation. What if it was?

Looking through this lens, you gather your courage to explore and create your best solution. You can’t look away from the impact further down the line on people or planet. You are forced to keep coming back to designing around flourishing.

In Love Letter to the Earth, Thich Naht Hanh writes: “We are a living, breathing manifestation of this beautiful and generous planet. Knowing this, we can begin to transform our relationship to the Earth…We will fall completely in love with the Earth.”

Ever one to find a way to add in a Star Wars reference, and slightly beside myself with excitement with this December’s new instalment, imagine ‘it was a long time ago, in a galaxy far, far away…’ what legend do you want to tell about the future of this pale blue dot?

What story do you want to unfold about the land you stand on?

How will you take action in your business?

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Sovereign Magazine

GLOBAL MARKETS

More than 1,000 cryptocurrencies have already failed

– here’s what will affect successes in future

M

any cryptocurrencies have been launched in the past few years, often to great fanfare and celebration, only to fade and fail as the public and investors shun them. According to Coinopsy, which tracks such failures, there are some 1,085 dead coins at the time of writing. That’s a substantial number, even next to the approximately 3,000 still in existence, and senior industry figures expect many of those to fail, too.

Why do so many of these projects unravel? You expect many initiatives to come and go in a fledgling market, of course – the 1990s dotcom bubble is the perfect example. But at the same time, cryptocurrency developers have traditionally spent too little time designing the business-use case for their coins and tokens, then only realising after the launch that their idea is yesterday’s news.

Time and again, we see launches that copy a previously successful coin – “coin x is the new Bitcoin”, for example. Yet the market already has Bitcoin, and it continues to be in demand – as evidenced by the 18 millionth Bitcoin being mined only last month. We tend to overlook this problem with developers, even while we rightly criticise regulators for not being able to keep up with the fast evolution of the crypto market – despite efforts such as Howey Coin by US regulator the SEC, which was a fake new coin offering designed to teach investors about the risks of putting money into crypto.

No doubt these kinds of developer errors will continue. Here are several other themes that we think will have a bearing on future crypto failures:

Big Finance has arrived Eleven years ago, the pseudonymous Satoshi Nakamoto quietly revolutionised money with the release of his or her now famous white paper that outlined Bitcoin. In the early years after this vision took off, many of those who launched altcoins and tokens were small teams of developers and leftfield entrepreneurs.

They had a clear mission to bring the world of traditional finance and central banks to its knees with decentralised units of exchange that were beyond anyone’s control.

A few years on, these bank killers have largely been assimilated by the big financial institutions they once sought to challenge. Wall Street is steadily taking charge of the crypto action, professionalising trading with the likes of derivatives and futures products.

We may now be entering a phase where only large institutions will be able to generate profit from cryptocurrency design. It seems increasingly likely that the next revolutionary white paper will be generated by a global multi-billion-dollar firm – an ironic full turn of events, to say the least.

Many other cryptocurrencies from more humble beginnings will fail in future, simply because they don’t have the resources to compete with these huge institutions. They will be driven by sunk costs and the crypto dream to dominate the future of money, but in many cases it won’t be enough.

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The future is stable For a cryptocurrency to be successful, two things need to happen: there has to be a reason why people want to use it, and they have to trust it. People will generally trust a coin or token thanks to the underpinning blockchain technology, the decentralised cryptographic ledger systems on which this industry is built.

This means that the basis upon which the market judges if a new launch will stand or fall is mainly its use case. There are now altcoins in existence offering everything from new ways to fund web advertising to units of exchange in the gaming world. But more generally, in a world in which it is no longer enough to simply claim to have launched a better Bitcoin, the market’s attention has pivoted towards stablecoins.

Stablecoins are cryptocurrencies that are designed to avoid the wild volatility of cousins like Bitcoin by being pegged or backed by assets like traditional currencies or precious metals. They are designed to encourage people to use cryptocurrency for everyday buying and selling, while also offering a stable store of value for traders on the many crypto exchanges that don’t deal in traditional currencies.

Examples include USD Coin and Tether, both of which are equivalent to US$1. The fact that it takes considerable financial resources and infrastructure to make such coins operational is again likely to favour large institutions – witness Facebook’s attempt to launch the Libra stablecoin, for instance.

Losses more foul than fair Many investors have lost money through scams in the crypto world.

One recent notorious example is the alleged OneCoin ponzi scam, in which investors were promised guaranteed 300% returns for investing Bitcoin or US dollars with a Nevada-based outfit.

The money was supposed to be ploughed into foreign exchange options and altcoins, but was allegedly instead used to pay off other investors in the scheme. Fortune magazine recently speculated that OneCoin may have generated losses in excess of the US$19.4 billion (£15 billion) racked up by Bernie Maddoff’s ponzi victims in 2008.

Somewhat different was Bitconnect, an exchange in which investors could swap Bitcoin for Bitconnect coins, which would be lent out with claimed returns of up to 120% per year. After longstanding ponzi accusations, the US authorities stepped in last year and the exchange abruptly closed. Bitconnect coins plunged 96% in value, creating huge losses, though they still exist and trade today.

An alternative problem is hackers raiding exchanges. The most infamous example is the Mt Gox attack of 2014, in which over 850,000 bitcoins were stolen and never recovered. More recently the Binance exchange, one of the world’s largest, has been hacked several times, costing investors tens of millions of dollars.

One other alarming case was that of Gerald Cotten, the 30-year-old founder of Canadian cryptocurrency exchange Quadriga, who died a year ago. Because nobody had access to his passwords, the investments of 115,000 customers worth US$137m were unrecoverable.

When a court-appointed auditor was eventually able to access his account, it turned out the assets had all been sold months before Cotten died.

We fully expect these sorts of problems to continue – and this shouldn’t be surprising. We are talking about a toxic combination of anonymous technology that is largely unregulated, poorly understood, and cheap and easy to move around the world – and many people willing to kiss frogs in their search for a lucrative prince.

Gavin Brown

Senior Lecturer, Finance, Manchester Metropolitan University

Richard Whittle

Research Fellow in Economics, Manchester Metropolitan University ORIGINALLY PUBLISHED ON

31

Sovereign Magazine BUSINESS ADVICE

Redefining Business Success

Why discernment is the most needed competence in business

T

he ability to discern is the most essential competence for any business leader. In both my own experience as a business owner and in the experiences of our clients, I see that those who have a good ability to discern are the ones who prosper even when times are really tough. People who struggle with discernment are the ones who are constantly making costly mistakes, experiencing setbacks and failing to succeed. But what is discernment and why is it so important?

The most basis definition of discernment is the ability to make good judgment, but there’s more to it than that. There is an element of wisdom needed for discernment, which is why many consider it to be a gift. Discernment can be learned through experience but only if a person is really self-aware and can see situations objectively, which is not easily done.

To use a biblical reference, discernment is the ability to separate the wheat from the chaff. To be able to sort through the vast amount of information and noise, to pick out what is really important and to disregard the rest that can lead to distraction and confusion.

In the world of business, having a strong ability to discern will make the difference in 4 main areas:

To distinguish between good advice and bad.

The world is full of people ready to give wellmeaning advice, whether you actively seek it or not. It is important to realize that not all advice is good advice, even if it comes from a trusted or respected source. Often, we receive advice from people who care about us or who have a vested interest in the outcome. What is important to consider is what qualifies this person to give advice?

If the adviser has never been in the same or a comparable situation, does it matter? What stakes did they have on the outcome of the situation? Often people will flippantly give an opinion on a situation, but they don’t have the same vested interest in you. They don’t have to live with the consequences, and they may not have access to all the elements of information that you have. Therefore, can the advice be considered sound?

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To distinguish between an investment and a gamble.

In business we know that decisions are made on an assessment of cost and benefit, but almost always there is some guesswork and assumptions involved. Is there such a thing as a sure bet? It is usually not a yes-or-no, black-or-white situation.

How do you know when you are making an investment in an anticipated outcome? How do you know when you are making a gamble on a hopeful outcome? There is always risk involved.

Every entrepreneur will tell you that sometimes you have to take a leap of faith that sometimes will pay off and often times it will not. It’s part of the game of entrepreneurship. What is important is to be aware of whether you are entering into an investment or a gamble, and that depends on the level of confidence you have in the research and due diligence performed.

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To distinguish between when to forge ahead and when to change tack.

Many ventures will be fraught with challenges. It is laudable to stay the course. We all know of extremely successful business people who have eventually succeeded after long periods of hardship simply because they stayed true to their vision and made it eventually. Sometimes the smartest decision to make is to change the plan, but what is the right time to do that? How soon is too soon to adjust the plan? Does it feel like giving up? The answers to these questions are situationspecific but they need to be asked. In business it is important to be crystal clear on the vision and objectives you wish to achieve, but not be too stuck on the plan of how to get there. We need to be constantly reviewing the outcomes and willing to make adjustments, if and when the time is right.

To distinguish between healthy diversity and an ill-fitting team.

Diversity is so important if you want to have a strong, innovative team. Having a team comprised of different experiences, perspectives, representation and skills is the right set of ingredients for success. Creative abrasion leads to breakthrough ideas, if the conditions, culture and leadership is geared to foster such an environment.

But diversity is not the same as being different.

Not all competition is healthy, just as abrasion can be creative or it can be destructive. How do you tell the difference? And how do you design your teams with the right kind of diversity that propels the business forward and avoids having a group of people who undermine success because of the challenges of their differences?

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Brigitte Lawler Brigitte Lawler is an international speaker, bestselling author, founder and CEO of LEGEND SA. She is on a mission to bring inspired ideas to life by building businesses that matter and thrive in this new economy. The need for innovation in business is more important than ever, and LEGEND ensures your business remains relevant in today’s modern landscape.

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Sovereign Magazine BUSINESS

Changing Fashions:

Why Vegan Clothing is Good Business

W

e live in an age of information, in which innovation and opportunity take centre stage. So, for many, the idea of living in ignorance is no longer an option. This extends into practically every area of our lives, from casting a sceptical eye over the news we read, to considering our own impact on the environment we live in. The latter is one of, if not the, critical issue of our day and means that consumers are thinking more and more about the food they eat, the products they use and the clothes they wear. And if consumers are thinking about it, then businesses should be too…

Veganism is one of the ways in which people choose to make a stand for their beliefs in a world where we often don’t think about where our food comes from. Even a few years ago, to be a vegan was to be at the fringes, with vegan options in restaurants and supermarkets few and far between. But the last few years have brought about a huge change and veganism is not only an ethical lifestyle choice but also a potential game-changer for business. The Vegan Society in the UK have stated that if ‘…the world went vegan, it could save 8 million human lives by 2050, reduce greenhouse gas emissions by two thirds and lead to healthcare-related savings and avoided climate damages of $1.5 trillion.’

These are staggering numbers and they don’t stop there, with The Vegan Society reporting a massive 65% increase in the number of new vegan product registrations under the Vegan Trademark, with over 75% of these coming from countries outside of the UK, such as Germany, Italy and Spain.

Germany is currently the world-leader in terms of vegan product development, with Australia the most popular country for veganism in 2018.

While veganism is most often associated with a specific diet and vegan food is becoming more and more popular, with supermarkets, restaurants and cafes all offering vegan options, it is not the only way for vegans to actively embrace their lifestyles. Animal products are used in a huge range of day-to-day items that most of us are unaware of and many consumers are now seeking out alternatives. Businesses are waking up to this need in a variety of ways. Tesla recently announced that its Model 3 interior would be 100% leather-free,

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a move that some considered to be offbrand for a luxury car supplier and yet, appealed to Tesla’s demographic perfectly.

And they aren’t the only ones, with Ferrari offering faux-leather alternatives and have done so for the last few years.

Indeed, the vegan leather market is predicted to skyrocket in the next few years, with a recent report from business consultancy, Grand View Research, predicting that the industry will be worth $85 billion by 2025. Leather has long-been a contentious product, and not just for vegans and vegetarians. The production methods used to tan leather release harmful pollutants into the air and have a damaging effect on the environment. All of this has meant that the leather industry has been hit hard, as consumers seek out cruelty-free, more sustainable options.

And one of the ways that consumers are looking for alternatives is through the clothes they wear. Vegan leather is probably the best known of these but it extends far beyond this. The Vegan Society have cited a recent survey in the UK, that showed an increase of 39% in searches for ‘vegan fashion’ and ‘vegan clothes’ between 201718. With alternatives to fur, silk and wool being produced, there is more choice than ever for those looking for vegan clothing options.

Farmers, cloth suppliers and clothing brands are looking for different ways to appeal to this growing market. A bespoke tailors in the UK, King & Allen, have seen a 200% increase in enquiries for vegan suits (made from bamboo, cotton, linen and other wool alternatives), year-on-year since 2015.

‘People are looking for ways to stay true to their beliefs and express their identities through their clothing,’ says CEO, Jake Allen, ‘businesses should be looking for ways to innovate and create new, exciting ways for their customers to do so.’

Stella McCartney is another brand that is synonymous with animal welfare. The designer has been a long-standing proponent of ethical standards in fashion and has said that, at times she has been ‘ridiculed’ for her strongly-held beliefs and cruelty-free practices. But she has been at the vanguard of this new wave in fashion and the brand are always seeking out new ways to change the fashion landscape for the better. She is a strong believer in praising other brands that are making changes to the way they make and produce clothing.

For her, and for many, it’s about constant, forward momentum in a changing world.

And perhaps we should all take a leaf (no pun intended) out of Stella McCartney’s book. We should seek to move with the times, to, in this age of information, find new ways to innovate and improve, to appeal to new generations and, hopefully, play our part in creating a better future.

OUT JANUARY 2020 RICHWOMAN.CO

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Sovereign Magazine WOMEN OF EXCELLENCE

Paola Bonomo:

Ways to change the world: From pattern recognition to perhaps one day quantum computing. | By Dr Marina Nani

P

aola Bonomo launched her career as an adviser on new markets, alliances and acquisitions. Based on her unique approach to strategic positioning and growth, her extraordinary skills made her a great contender for leadership roles in the digital industry. She served as Member of eBay’s European leadership team, Commercial Operations at Vodafone Italia, led the online business of Italy’s largest financial newspaper, and worked as Marketing Solutions Director at Facebook.

Her journey as an Angel Investor in technology Startup started in 2009, with Italian Angels for Growth, where she made a massive contribution the digital space; AdEspresso , Hootsuite are some of her most successful brands.

Recognized as one of the Inspiring Fifty (the fifty most inspiring women in European Technology) Paola became the Business Angel of the year award in Italy and received the Golden Aurora award for the best woman business angel in Europe.

Entrepreneurs are known for their desire to lead a meaningful life. Finding the spark of ikigai is key to entrepreneurial fulfillment. What drives you, keeps you motivated and focused when times are tough?

I was at the Stanford Graduate School of Business getting my MBA in the mid-‘90s, at the dawn of the consumer Internet. I realized back then that a global web of communication and interaction had the potential to connect distant corners of the world, spread knowledge and learning, empower people, and unleash massive economic impact.

Over the last 25 years, we’ve seen the beauty as well as the unintended consequences that that vision allowed to occur. What drives me is the conviction that we can use the tools of technology, from the Internet to machine learning algorithms to perhaps one day quantum computing, to improve our lives, allow talents to flourish, increase agency for underprivileged people, and build a better world. That’s also the mindset I bring to companies where I sit on the Board of Directors: digital transformation is not optional, and it’s not just the price of corporate survival, it’s also an opportunity to have positive impact in the world.

What ideas come most naturally to you?

I’m a connector: because I know people in many different networks, and I’ve come across professionals from different walks of life, I’m often the one who says “well, you should talk about your idea to So-and-so”, or “if you’d like to learn more about X, I can put you in touch with the right person.” When connections are successful, because a result is generated or simply because people hit it off with each other, it brings me true satisfaction.

How is your mind hard-wired to deliver a dream, from internal clarity to reality?

It took me a long professional career to realize that I’m an introvert. I’m hard-wired for concentration, intense effort, and mindful productivity; I’d much rather spend half an

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hour in intense conversation with one person than go to a party with 100 people and all small talk. I’ve learned to be out in the world, speak on a stage in front of an audience of 1000, lead teams, and play the extrovert on a daily basis; to make dreams happen, though, I need to alternate between engaging people – even just one at a time – and recharging my batteries on my own. Nothing happens if I only do one or the other.

What are the top challenges you had to overcome?

With the benefit of hindsight, I realize that mentorship was an unfulfilled need for much of my career. I had one or two senior partners I considered mentors while I was a consultant at McKinsey. But when I left the Firm, I decided to dive deep into the guts of the digital economy, and I soon realized that what I was doing was too new and disruptive for experienced mentors to even understand: I really had to start charting my own course. I ended up being mentor-less for quite some time. Now, years later, I realize that I’m learning from younger people: my mentees are a source of inspiration, more than my mentors ever were.

What can’t you get tired of?

I never tire of spending time with young entrepreneurs. Angel investors like me can offer one advantage: pattern recognition. It’s not a virtue and it shouldn’t be a mental trap, it’s simply a result of having been around the block more than a few times and therefore knowing what is likely to be a mistake before going out and proving it by burning cash. There is a very special energy that’s generated when the right mentor and investor meets the right startup. In 2020, I want to find and invest in more tech startups started by women entrepreneurs or at least gender-balanced teams.

What is your best project so far?

How many people live the life they want? A few years ago, I realized I no longer fit into a traditional corporate career and I needed to design my life to fit my strengths, my capabilities, and the things for which I felt a sense of urgency. “Best fit” of a portfolio of projects is, for me, a more useful concept than “best” project. The portfolio that is my life today is something I’ve deliberately pursued. Being a Board member at large organizations as well as an angel investor in early-stage startups has given me the latitude, the mental flexibility, to bring my digital transformations skills to play in companies at a strategic level, and at the same time keep renewing my outlook on technology by being plugged into the early stage investing scene.

What are three top tips for Entrepreneurs who dream big?

Build a global business from day one. Know when to pivot. Never run out of cash.

Would you do what you do without being paid for it?

Many of the things I do today are volunteer engagements. I spend quite a bit of time as a mentor for Endeavor (https://endeavor.org/), a global movement to help high-impact entrepreneurs scale up their businesses that is also a fantastic community around the world. Also, I have now served for over seven years as the president of Stanford Club Italia, the local alumni chapter of Stanford University.

More recently, I have volunteered as the local ambassador for Inspiring Fifty (https://inspiringfifty.org), a fabulous initiative to recognize and showcase women in technology, which started in the Netherlands a few years ago and came to Italy in 2018. Finally, I helped start Angels for Women (https://angels4women.com/), a community of early-stage investors committed to supporting women entrepreneurs

With a degree in Business Administration from Bocconi University in Milan and an MBA from the Stanford Graduate School of Business, she is a Non Executive Director, Advisor, and one of the most successful Italian Angel Investor of our times.

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Sovereign Magazine

Startup DAYs BERN | JUN 10 & 11 | 2020

What is your wildest dream? What would you do if you had a magic wand?

A magic wand? Fix the Internet, of course. It certainly hasn’t turned out the way we imagined it twenty years ago. But since it’s not going away, we must fix the underlying features that have caused damaging unintended consequences, and amplify those that empower people and allow their talents to benefit the world. This is a monumental task, and it may require no less than a magic wand, or the consensus and sustained effort of many good people.

You are known for your business mastery. How often do you travel in business? What is your family saying about being away from home?

Sometimes I hardly travel for weeks, sometimes I travel a lot: recently I was in Edinburgh, Dubai, Istanbul, Tallinn and Rome in the space of a short few weeks. But each of us has their own commitments, and often they don’t overlap at all – our calendars are rarely in sync with each other.

We treasure the time we have together.

How do you see your vision changing the future, and how do you see yourself creating that change?

Switzerland's leading Startup and Investors event is back for its 17th year.

Early bird tickets now available: startupdays.ch

My work in the corporate world, as a Board member, is to focus leaders’ minds on the fundamentals of the transformation we have now been navigating for over 20 years: for example, think about how dramatically supply chains and retail stores in the fashion industry have been reconfigured. Most management teams have by now adopted a wide range of tools to interpret this transformation in a way that fits their corporate DNA, and are making progress in both top-down and bottom-up transformation initiatives. The role of the Board is now twofold: first, to keep watching the horizon for signals of long-term changes that require a new strategic orientation; second, to put in place a robust risk framework, for example by asking the right questions about the company’s cybersecurity risk, which has become a major business, financial and reputational risk factor, and ensuring that both cultural readiness and appropriate risk mitigation procedures are in place. Sometimes, the strategic discussion has important sustainability implications: for example, if we determine that our company’s “human + machines” balance will shift in the direction of more machines and perhaps fewer humans, what is our corporate responsibility to retrain our people for this scenario? Will we be sustainable if we don’t? Are we making the right decisions for this company to be sustainable in 10, 20, 30 years? Or are we under the curse of short-termism? Of course, all major companies now report on environmental, social and governance (ESG) factors, but we need a deeper dialogue with investors about their expectations. I believe things are moving in the right direction, at least in Europe, as European institutions are working on improving disclosure requirements on how institutional investors integrate ESG factors in their risk processes. My vision is a future that is both digital and sustainable, and I’m leading those around me to see how the pieces of the puzzle fit together.

What brings you joy in life?

Organised by

Trees, yoga, reading books, a cup of green tea on a cold day.

What is exciting and happening as we speak either in your organisation, career or personal life? Can we help you break the news?

In partnership with

Sovereign Official media partner

I have found myself in demand as a Board member over the past few years because the two skill sets, the foundation in strategy that I acquired in my long McKinsey years and the in-depth understanding of the digital landscape I matured later, are not often found together in one person. Therefore, I am able to take a broad perspective on strategic challenges and opportunities, and at the same time to easily drill into such topics as digital marketing performance or customer care metrics. Because my consulting and corporate careers were always fairly international, I’d like to make my Board portfolio more international as well.

NEW BEGINNINGS IN OUR END OF YEAR MESSAGE

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019 has been a year of many first for MTN Press. In May we released the first German edition of Sovereign Magazine, we then followed this up with the first Swiss edition in June and in July, again, we broke new ground by releasing the first Dutch edition!

It was the year of our first launch party to be held inside an embassy (July) and the first time we took Sovereign on the road for our first international media partnership (March).

2020 will be another year of first. Starting in January, the first ever edition of our new lifestyle publication, Rich Woman Magazine will be launching in the UK. RW is a project we have nurtured for over 2 years and like proud parents sending their child to school for the first time, we can’t help but feel our own sense of pride as RW moves from the planning board into reality.

Also in 2020, Sovereign is forging ahead with a series of exciting partnerships with world class networks and organisation, bringing our readers unparalleled access to the innovators and wealth creators in tech and finance.

Darie Nani

CEO, MTNPRESS

As the demand for niche publications continues to grow, we look forward to what’s in store for 2020 and beyond. Our focus will be to keep bringing innovative and engaging content for our readers and building on our successes of entering new territories and expanding our distribution even further.

As 2019 draws to a close, we can’t help but express our gratitude to you, whether you are a partner, supporter or reader. This journey has only been possible thanks to your support!

Join us for another stellar year of GOOD NEWS!

DarieNani

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Sovereign Magazine

CULTURE

QUID PRO QUO: The origins of the Latin term and how its uses evolved in English

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mid the drama of the impeachment investigation into US President Donald Trump that is gripping Capitol Hill in Washington, the term quid pro quo has taken centre stage.

The investigation is trying to determine whether Trump demanded Ukraine open an investigation into Hunter Biden, the son of Democratic presidential candidate Joe Biden, before its President Volodymr Zelenskiy would be invited to the White House. In his opening statement on November 20 in a series of impeachment hearings, the US ambassador to the EU, Gordon Sondland, said: “Was there a quid pro quo? …

With regard to the requested White House call and White House meeting, the answer is yes.”

A popular online legal dictionary defines the Latin phrase as: “The mutual consideration that passes between two parties to a contractual agreement, thereby rendering the agreement valid and binding.”

In Latin, the phrase means literally “what for what”, or “something for something” (quid being short for aliquid, or “something”).

One issue with quid pro quo is that the sense in which the phrase is used nowadays is subtly different from its original use. The invaluable online version of the Oxford English Dictionary (OED) states its first recorded use in English is from about 1535, in a translation of a work about Christian confession by the humanist writer Erasmus. There it is explained as “one thynge for another”. The context here was medical: the Erasmian text where it was first found describes it as a proverb used among “poticaries and phisions” (chemists and doctors in modern terms) and it is used with reference to medicines.

Let’s say you have trouble sleeping and can’t get your usual Somnotab, but the pharmacist has another sleeping tablet, Zizzoprene. Taking Zizzoprene instead of Somnotab would be a quid pro quo in the strict sense, something which can be readily exchanged for another. This sense didn’t bed into English long term, and the last reference to this meaning in the Oxford English Dictionary Online is from 1804.

It wasn’t long, though, before the sense we generally know, “something in return for something else” came in – OED says it is first mentioned in a legal document from 1560, also listed in the OED. It has kept this sense ever since. Another sense for the phrase, “someone pretending to be somebody they are not”, apparently died out before 1700. But both ideas would be expressed in Latin by quid pro quo – or so scholars think.

The phrase doesn’t occur in a huge corpus of classical Latin texts collated by Packhard Humanities Institute, so we can’t truly be sure if it was ever actually used in Latin.

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Common parlance The fact that a phrase from another language isn’t accompanied by an immediate translation should suggest that everyone understands it and that it is now firmly part of the language. My own research and others’ in the forthcoming Oxford Handbook of Language Contact, which I edited, suggests that this is a good sign that it has therefore been fully “nativised”. But that should not be taken for granted.

Some phrases are used so often that people now neither know nor care what the original form was (AD is a good example, so are AM and PM). Others are written down but are hardly used in speech except when people are being especially pretentious or stiff: ie and eg (which often get confused) are examples of this. Some, such as percent and et cetera, will probably be used in English till the crack of doom.

But there are others which have dropped out of use or which remain as mere abbreviations. Sometimes this is the result of convenience: nem. con. is easier to put at the end of a minute in formal records than nemine contradicente, “with nobody speaking against it”, a phrase with four times as many syllables as its abbreviated form.

Even the Oxford English Dictionary is not immune from assuming that Latin abbreviations have selfevident meanings. Whole books have been produced explaining how to use the second edition of 1989, which includes frequent Latin abbreviations which any user needs to know. For example, circa for approximately and ante for before are written as single letters, c and a, immediately before dates, such as c1200 (around 1200). So is s.v. for sub verbo “under the word” – in other words, look for the word you seek under the dictionary entry for X.

Made up Latin And some Latin phrases are tenacious in English without actually being old or even genuine. Annus mirabilis was minted in 1667 by the poet John Dryden to describe the previous year, while its opposite, annus horribilis, was originally coined in The Guardian in 1985 to describe some of the events of 1968.

There is also the matter of Procol Harum, Bach-influenced proto-prog rockers from the 1960s. Does their name mean, as rock enthusiasts have sometimes assumed, “beyond these things”? Julius Caesar wouldn’t have liked it. Procul (note the spelling) means “far away”, but if it were correct Latin it would need to be procul his (harum means “of these” with nouns that are feminine). So the correct Latin for the meaning they wanted would be, procul his rebus – which sounds to and English-speaking person more like an instruction to a medieval executioner than an attempt at showing that you are “far out”.

Anthony Grant

Professor of Historical Linguistics and Language, Edge Hill University since September 2003, teaching modules including the History & Development of the English Language, the Language of Shakespeare, Structure and Usage of Modern English, and Beyond English.

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Sovereign Magazine Flexibility With the average cost of an MBA being in excess of $60,000 and most programmes consisting of a two-year, full-time course, many people are put off even applying.

The cost alone is prohibitive, let alone with the added costs of taking two years out of paid work to study. This has led many business schools to start offering part-time, online or hybrid degrees to potential students. Deans across the US and the world have woken up to the necessity of offering courses that respond to the unique demands of their target market. In the US alone, nearly a tenth of fulltime MBA courses have disappeared in the last five years.

EDUCATION

And the colleges and universities have seen a dramatic difference in how they design their syllabi, with the effect being transformational on course delivery. The potential to increase the reach and the value of business courses, to enfranchise those who traditionally would not have been able to access such an education, is truly remarkable. Not to mention the overall market value to commerce itself, with employers being far more amenable to their employees studying on part-time and online courses, rather than losing them entirely. This may mean that, in the future, we will see more ‘hybrid’ courses, where students can mix a combination of in-person learning with an online classroom environment.

Social Responsibility

The MBA is changing but can it keep up?

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he Masters of Business Administration degree, or MBA, has been a sought-after qualification, ever since its inception in the early twentieth century. A mainstay of business education, it has been around for over 100 years and is still considered to be a deeply-lauded asset for the future leaders, innovators and entrepreneurs of tomorrow.

But applications to business schools across America fallen for the fifth consecutive year. From advances in technology to the impending climate crisis, we are undergoing a fundamental cultural shift and traditional business schools and, indeed, traditional businesses, can struggle to keep up. So how is the MBA changing to meet the needs of our rapidly-changing world?

Technology The last few decades have brought with them massive changes in our technological development. Jobs exist today that didn’t exist ten or twenty years ago and, looking forward, we know that today’s students will be doing jobs that don’t exist yet. This is something that a lot of MBA programmes have taken into account, in an attempt to attract students and stay relevant. This can be through providing technology-specific MBAs or incorporating certain skill sets into the current curriculum, through specialised modules. A recent article on Bloomberg asserted that MBAs will be producing future technology experts, as well as managers who can work with and liaise with tech professionals, while maintaining a consistent, comprehensive dialogue. While the skills in leadership and management that are so central to any MBA programme are maintained, there is a need for these skills to be applied in a rapidly-diversifying workforce, made up of a range of specialisms.

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Despite the falling numbers of applicants to MBA programmes, the percentage of women enrolling is now higher than at any point in the history of the qualification.

With this increased democratisation of business courses, comes with it a plurality of voices demanding a change in the overall ethos and subject matter of the MBAs themselves. Business interests cannot be kept separate from the societies in which they exist and corporate values need to align with a changing political and social landscape. According to a recent article in the Economist, many current and prospective MBA students are demanding ‘to be taught business beyond the primacy of shareholder value,’ with ideas of socially-responsible, sustainable capitalism apparently taking centre stage in European business schools.

Green is Good This attention to corporate responsibility naturally allows ideas on sustainability and sustainable business practices to flourish. Noted economist, Eban Goldstein, said in a recent article that students are increasingly looking towards courses that emphasise ‘the planet and its inhabitants before profits,’ and are looking for careers within institutions, or indeed leading businesses that are ‘committed to social or environmental missions.’

The Future The future is uncertain and those who are able to adapt will survive. This is especially true of MBA courses. From new MBA degrees being created and new business courses established, to the small changes that current MBAs are instituting on their current syllabi, the change will have to attract a new generation. These entrepreneurs, managers and leaders of tomorrow will have to be technologically savvy, willing to work across different platforms with different working structures, whilst being mindful of their own social accountability and their responsibility to the world around them and the planet as a whole. If the MBAs of tomorrow can provide them with the skills they will need to do all of these things, then this most illustrious of degrees, will continue for another hundred years and more.

COMING UP! A look at whats in store for 2020 Arti Halai Cover Issue 24 will focus on women in the media as well as the latest news, trends and developments in the industry.

The cover will feature Arti Halai, a presenter, media consultant and trainer who heads up London based, Fleet Street Group, a PR and communications company which devotes itself to helping clients maximise business performance through the power of communications.

Bettina Hein Cover Issue 26 will focus on the women who are innovating our use of technology.

The cover will feature Bettina Hein, a Young Global Leader at the World Economic Forum, who received the " Immigrant Entrepreneur of the Year 2018" is the Founder of various successful businesses in the software industry. US based Pixability, which was sold for $ 125 million to Nuance Communications is closely followed by her latest solution for the Web 3.0 technology Startup, "Hello Yellow "

Startup DAYs Special Edition Cover Issue 29 will be celebrating the startups and innovators who are making Switzerland the hottest startup environment in Europe.

This special edition will coincide with Startup DAYS 2020 (10 & 11 June), Switzerland’s reference Startup event and will comprise featured interviews and profiles on the founders, organisations, members and participants who make the event possible.

See the full list at www.sovereignmagazine.co.uk/upcoming-editions 43

Sovereign Magazine

BUSINESS NEWS

Uber’s troubles in London are nothing compared to the bigger picture

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he taxi app giant Uber has again lost its licence in London, if only temporarily. Uber has 21 days to appeal after Transport for London (TfL) ended a probationary extension it granted to the company in September, citing a “pattern of failures” around issues such as driver security.

TfL has no wish to deprive Londoners of low cost convenient transport, but this decision comes as little surprise.

Uber does not appear to have the controls necessary to run a wide-scale transport service and assure passengers and authorities of adequate safety standards. Despite this being one of the company’s top five markets in the world by revenue, the company has shown a marked reluctance to fully cooperate with transport authorities.

Time and again, TfL has found that the only way to make Uber listen is to withdraw its licence and let it appeal. The authority originally refused to renew Uber’s licence in September 2017, citing “public safety and security” concerns. That seemed to lead to better controls – certainly judging by the concessions Uber made in exchange for a 15-month probationary licence in June 2018, and then again in September 2019 for a two-month extension.

Now, however, TfL has announced new issues including the fact that over 14,000 Uber trips in London in late 2018 and early 2019 were taken by 43 drivers with fake identification. These drivers had been able to exploit a change to the Uber system that allowed them to upload their photo to a different driver’s account. Some had previously had their legitimate licences revoked, while one had been cautioned by the authorities for distributing indecent images of children. Uber has said it alerted TfL to these issues in May, and claims that over the past two years, it has “fundamentally changed how we operate in London”.

Where to, Uber?

The latest TfL decision comes at a time when competition in ride-hailing has become cutthroat. The emergence of London competitors like Bolt, Ola and Kapten were already making it difficult for Uber to maintain its significant price increases of recent years, while there are plenty rivals in other parts of the world as well.

All would-be competitors need to do is the same as Uber: vouchers and promotions to customers and incentives to drivers. Indeed, most taxi firms now have their own apps.

Now that the market has caught up, Uber’s model amounts to little more than under-pricing to customers to gain trade, while offering incentives to drivers not to work for someone else, such as free insurance and gym passes.

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Nonetheless, most passengers will have more than one app on their phones and taxi drivers can work for several providers at the same time. This is really just an extension of what has always been the case: the markets for both customers and drivers are highly competitive. The taxi market has never been very profitable and that shows no sign of changing. Plenty of people in the UK are willing to drive taxis and the only qualifications are a licence, insurance, a roadworthy car and no criminal record.

Unfortunately, this problem for Uber is much wider than just the UK. In 2018, the company made adjusted losses of US$1.8 billion (£1.4 billion), compared to US$2.2 billion the year before. There is no real sign of improvement in 2019, despite attempts to increase fares in Uber’s main markets.

Whenever the company attempts to raise prices, demand drops. Uber has already had to exit South-East Asia, Russia and – though possibly for reasons to do with state intervention – China. It is also struggling in India.

Sputtering. Willrow Hood It may well be that outside North America and parts of Europe, Uber will never be profitable. In many cases, it entered markets too late. And as the ride-hailing division attempts to reduce losses, the Uber Eats takeaway delivery business is driving them deeper into the red. Uber Eats exhibits similar characteristics to the ride-hailing business, subsidising the cost of home delivery to attract demand.

Restaurants are traditionally low-margin businesses so they are unlikely to be able to foot the bill if the customer is unwilling to pay the full delivery costs. Home delivery also has low entry barriers and switching costs, which is likely to keep it competitive in future – there are already big incumbents like Just Eat and Deliveroo. Meanwhile, other Uber initiatives such as bike hire and developing driver-less vehicles face strong competition, too.

Environmental concerns Besides Uber’s financial difficulties, there are serious environmental issues surrounding such businesses. Taxi driver numbers in London alone have increased from 60,000 to 120,000 since 2012 when Uber entered the market. Studies show that not only has this increased congestion but CO₂ has increased by 23% for the taxi industry over that time.

Promises that all Uber taxis will be fully electric by 2025 seem unconvincing, as taxi drivers themselves have to make the vehicle purchase and these vehicles are expensive – albeit Uber will provide a subsidy funded by a fares increase.

As for Uber Eats, encouraging more people to get takeaways is not good news for carbon emissions either – at least when they are delivered on scooters or mopeds.

These issues could easily turn the company into a pariah and make its battles with city authorities much harder as time goes on.

No doubt after a lengthy appeal, Uber will agree to better controls in London to get around its current difficulties. It is true that the TfL decision may embolden authorities up and down the UK and elsewhere to feel more confident about taking on Uber, but the bigger questions are really about the overall business model. Remember that this is a company that was valued at US$82.4 billion when its shares were listed in May. It has already sunk beneath US$50 billion: the jury is very much out on whether this can be turned around.

John Colley

Professor of Practice, Associate Dean, Warwick Business School, University of Warwick. John's most recent previous role was Director of MBA Programmes at Nottingham University Business School where he achieved MBA and PhD degrees. John also holds degrees at Newcastle University and Lancaster University and is a Chartered and Certified Accountant.

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Sovereign Magazine MONEY & FINANCE

3 Tips For Scaling Up A Start-up In The Finance Industry

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o, you’ve founded your own start-up, which is doing quite well, and you’ve decided it’s about time you looked at expanding your business. Of course, scaling up a small business can be very exciting, as well as rewarding, but you need to do it very carefully, as pursuing growth opportunities can actually put all of your hard work at risk. And, if you’re working within the finance industry, there are certain regulations and common problems that you need to be aware of.

Here, I’m going to outline some of my top tips for scaling a finance SME, which will hopefully help to give you the best chance of succeeding with this venture.

Keep Brexit in mind One of the biggest issues on most UK business owners’ minds right now is Brexit. And, it’s vital that you take the current political climate into consideration when you’re thinking about scaling your business up — especially if you’re offering a financial product or service.

For example, due to the ongoing uncertainty of Brexit, the value of the pound has fluctuated a lot of the last few years. Depending on how your business operates and whether you work with companies or individuals from other countries, this could have a huge impact on your bottom line over time. As a result, it’s well worth considering whether now is the best time to scale up.

Some business owners are opting to carry on as usual until they get a better idea of what Brexit will actually mean, instead.

Many SME owners are also concerned about how freedom of movement will be affected in the wake of Brexit. Here in the UK, we have a digital skills gap, which means many businesses have resorted to recruiting talent from abroad.

But it’s possible this will become much more difficult once the government has agreed on a deal with the European. As a result, you might struggle to bring the right people onboard to help scale your business up. So, it’s a good idea to look into whether you’re going to be able to hire the staff you need before making any concrete plans.

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Learn to delegate From experience, I know how hard it can be to relinquish even the slightest bit of control when you’ve built a business up from the ground. But there comes a time when the only way to scale-up is to delegate certain jobs to allow you to focus on the tasks that only you can do.

Of course, this will be much easier if you have a team around you that you can trust. This means it’s vital that your recruitment processes are very thorough. This will give you the best chance of assembling a workforce that’s going to be able to bring your vision to fruition.

You also need to come to accept that there will be certain situations where you won’t be the best person to complete a particular task.

For example, while you might be great at pitching ideas or handling budgets, someone out there might have a better idea of how to market your business, or more experience of cold calling prospects to make sales. Even if you’ve been doing an okay job of everything so far, handing certain responsibilities to those who are better qualified will free up more of your time, and should also help you to get even better results.

Don’t let go of the values you’ve built your company on Every business is built on a particular set of values that’s totally unique, and that’s what sets you apart from the crowd. And, you need to ensure you hold onto these values, regardless of how big your company becomes.

As a result, you need to make sure you only hire staff and work with investors who have the same vision as you. This isn’t always easy - especially if your business begins to grow much quicker than you were ever expecting but you need to do everything you can to prevent your business values from getting watered down. Remember that they got you to where you are, and they’ll also help you to get where you’re going. If you’re confident in them, don’t compromise on your values for anyone or anything.

Scaling a business up is always a risk, as it can mean putting the work you’ve already done on the line. But, with great risk can come great reward, so it can be worthwhile.

Just make sure you keep these tips in mind throughout the process - hopefully they’ll help to give you the best chance of bringing your vision to life.

Nicholas Harding

Nicholas Harding is CEO of Lending Works (lendingworks.co.uk), a peer-to-peer lending platform, which opened for business in 2014. Since then, Deloitte has ranked the company as the UK’s 10th fastest growing tech firm, the third fastest growing FinTech business, and the fastest growing consumer credit business. He knows a thing or two about scaling up a start-up and, here, he shares his top tips for financial business owners looking to do the same.

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Sovereign Magazine

CULTURE

Watching The Whistleblowers:

Official Secrets: Keira Knightley as Katharine Gun. IFC Films

Two new spy films tailor-made for an age of paranoia

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he revelations surrounding US president Donald Trump’s telephone conversation with the president of Ukraine, Volodymyr Zelenskyy, are raising serious questions about attempts to solicit outside interference in US domestic affairs. The erupting impeachment scandal has placed whistleblowers firmly back on the international agenda.

In a scene from director Gavin Hood’s 2019 film Official Secrets, journalist Martin Bright (Matt Smith) meets a source in an underground car park. “Very Deep Throat,” he comments drily, referencing the famous source in the 1970s Watergate conspiracy that brought down then US president, Richard Nixon. His informant holds up her mobile phone: “No signal,” she replies, indicating the real reason for her choice of location.

In a single moment, the film – which is set in 2003 – both acknowledges its generic heritage and positions itself in the technological context of early 21st-century spycraft.

The pervasive fear of surveillance has been updated for the digital age.

Official Secrets is the first of two films released in the UK in autumn 2019 that reflect on the events that took place in the lead up to, and aftermath of, the 2003 Iraq War. It follows the decision of 27-year-old GCHQ translator Katharine Gun (Keira Knightley) to leak a memo that her employer received from the US National Security Agency (NSA) in January 2003.

The memo asked the British listening station for its cooperation in a US “surge” against selected members of the UN Security Council. The aim was to gather material designed to influence voting intentions and secure a second resolution (ultimately unsuccessfully) in support of the Iraq War. The film dramatises Gun’s journey from loyal civil servant to whistle blower and court defendant, charting the personal and professional fall out of her actions as she finds Official Secrets: Matt Smith as Martin Bright. IFC Films

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herself pitted against the might of the British establishment – and its judicial wrath. In parallel, the film follows the painstaking processes of the investigative journalists (Martin Bright, Peter Beaumont and Ed Vulliamy) who broke the story.

Official Secrets offers a passionate and damning assessment of UK government collusion in a US dirty tricks campaign designed to sway international opinion in favour of the Iraq War. It champions the efforts of individuals who stand up for their moral principles, whether through whistleblowing, journalism, or legal activism.

While ostensibly commenting on these historical actions, the film also illuminates contemporary concerns about government secrecy, accountability, and factual manipulation.

In the UK, the alleged suppression of the Parliamentary Intelligence Security Committee (ISC) report into Russian covert activity recently prompted suspicions about what (if anything) the British government is hiding about external meddling.

The temporary brand switch of the Conservative Party Press Office Twitter account to “FactCheckUK” during the a debate of party leaders in the run up to a December general election provoked complaints about an act of deliberate deception designed to muddy the (already murky) waters of online discourse. By fictionalising historical attempts by the British government to manipulate the court of public opinion, Official Secrets invites parallels to be drawn with the current erosion of trust in the political elite.

Cover up The second film released in November to chronicle historical efforts to hold officialdom to account is Scott Burns’ The Report. While also containing the near obligatory car park informant scene, The Report is an altogether darker, denser thriller. It follows US Senate assistant Dan Jones (Adam Driver) as he is assigned by the Senate Intelligence Committee to investigate the CIA’s programme of Enhanced Interrogation Techniques (EITs) during the post-9/11 War on Terror.

Enhanced interrogation, it is rapidly made clear, is a euphemism for torture. Waterboarding, sleep deprivation and cramped confinement (false burial) were among 16 techniques designed to break the resistance of terror suspects. With mounting intensity and moral purpose, Jones meticulously pieces together the stories of each of the 119 detainees, eventually producing a 6,700-page report (reduced to a 700-page executive summary).

The Report: Adam Driver as Daniel J. Jones. Amazon Studios

Interspersed with flashbacks of dehumanising violence, the film charts Jones’ increasingly obsessional pursuit of the truth. It is uncompromising in its denunciation of the CIA as perpetrators of torture, and of the US government for authorising its use and colluding in the cover up.

The criticism, however, is not restricted to the Bush-Cheney regime. Also in the firing line is the hypocrisy of the Obama presidency (represented in the film by John Hamm as the White House chief of staff) who, it is suggested, was only too happy to reap the benefits of CIA propaganda when it came to the 2012 re-election campaign.

Real-life dramas In a similar way to Official Secrets, The Report both dramatises an historical event and offers an implicit commentary on the current political climate in the Anglo-American sphere. By showing a recording of the actual speech given by the late John McCain on publication of the report, the film drags the recent past firmly into the present. It provides a glaring contrast between the bipartisan values that motivated the Senate investigation and the wilful disinformation that continues to emerge from the Trump administration.

In the present febrile political climate the tagline of The Report could be read as a clarion call to politicians on both sides of the pond: Truth Matters. If only they would listen.

Catherine Edwards

Catherine Edwards is a Doctoral Researcher in the Department of English and Related Literature at the University of York. Her PhD project explores systems of written communication in Cold War spy fiction and film. Research interests include literary intelligence studies, espionage in popular culture, writing on screen, and adaptation.

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Mind Over Matter WELLNESS

Penney Megginson is Pioneering a New Approach to the Mind-Body Connection | By Alexis Boddy

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he world of business is a rewarding, fast-paced, exciting arena but one that can also bring with it stress and anxiety for many. With a recent report stating that 83% of US-workers are suffering from work-related stress, there are many factors, such as travel and subsequent jet lag, that can cause people to become anxious and disconnected from their own psychological and physical wellbeing.

Solutions are often short-sighted, with a lack of holistic awareness for each person’s unique interactions with the world. Enter Penney Megginson, who is pioneering a new approach to physical and mental health that hopes to bring different approaches together to provide a holistic, connected response to the unique challenges of each person. We caught up with her to find out more about this innovative, life-changing approach.

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Tell us more about your background.

I trained as a physiotherapist and Pilates and yoga instructor initially and also worked as a personal trainer and nutritionist. I have a Master of Science in Physiotherapy and a Bachelor of Science in Exercise Physiology from the University of Miami. I’ve trained with Brent Anderson from Polestar Pilates, various gurus in Astanga, Vinyasa and Yin Yoga. I am also trained in EFT and Matrix Reimprinting under Founding Master Karl Dawson and qualified as a Health Coach through Integrative Nutrition. I produced two fitness DVDs "Skilates - Pilates for Skiing" and "Trilates -Yoga and Pilates for Triathletes" both filmed in Verbier Switzerland.

I was training for an intensely demanding ski touring race, called the Patrouille des Glaciers from Zermatt to Verbier, when I fell and tore my ACL knee ligament. My experience

ADVERTISEMENT with medical professionals after that injury inspired me to create the Megginson Method.

What was your experience with those medical professionals?

I was amazed that the foremost response of every doctor I saw was to prescribe medications and advise surgery, with little-to-no appreciation for my own experience or preferences. I found it hugely debilitating and depressing to not only have this injury impede what I wanted to achieve but to also feel like I was disenfranchised in my own recovery.

How did you get through it?

My own strength of mind and using everything I had learned during my life so far, with respect to certain neuro-strategies.

I was able to use all of this knowledge to heal naturally, avoiding pain medications and surgery. From my experiences with clients, I had already seen that conventional medicine was failing people who had unexplained symptoms, anxiety and chronic pain. The more I listened to my clients, the more I saw that many of them had suffered from stress and even serious trauma. People were struggling with pain and injuries and also engaging in self-sabotaging behaviours and bad habits that they didn’t seem to know how to change. Most needed a new approach to healing, like the one I had adopted personally during my own recovery. I knew at that moment that I had to share my knowledge and experiences with the world.

How did you go about doing that?

I decided that there needed to be a different approach to healing that aspired to wellness, not just treating the surface problem or illness. I knew there needed to be a fusion of neuro strategies and modern medicine, in a new, transformative way. I used a combination of techniques, such as specialised breathing patterns, combined with visualisation and tapping techniques to remove negative emotions and baggage from the past. And so, the Megginson Method was born.

After my own experience, it probably took me another year of putting everything together, including online courses, downloads and videos, to begin teaching it to both my clients and, ultimately, other medical and health professionals. I built online programmes for dealing with chronic pain, jetlag, increasing sleep, decreasing stress and more. I was seeing a few clients during this time, utilising what I had learned with them and getting great results, which encouraged me to continue.

that they need to be focused 100% of the time, have difficulty getting enough sleep or managing stress. Jetlag can be debilitating and for business professionals who travel a lot it can be really hard to find balance in their lives. Managing extensive travel and different time zones can lead to chronic fatigue, stress and other mental health difficulties.

Our strategies allow people to incorporate small changes to their daily routine, that they can do anywhere, when they’re on the go, at their computer in the office, sitting on their flights or in hotel rooms, rather than a one-off solution that has no long-term benefits. The great thing about a combination of elements means that people can find what really works for them, rather than seeking out an unrealistic panacea. The effects are dramatic, from increased energy levels to better resilience and overcoming chronic pain. It is a holistic lifestyle change that has real, practical results.

What are the techniques themselves?

We put the emphasis on mind over matter; that the mind has a strong, inextricable influence over the body. It’s a combination of many elements and it will depend on what the person is using it for. For example, a technique we use to help people who are suffering with chronic pain is to visualise their pain, to imagine what it looks like. Then we ask them to actually see it leaving the body, in combination with mindfulness and breathing techniques.

I think ultimately what makes the techniques so effective is that they are individualised for each person, with some preferring the visualisation techniques and others preferring guided meditations or mindfulness more helpful. Each person finds their own unique combination of elements that works for them. This, and the fact that they are simple quick exercises that people can easily incorporate into their daily lives, make them appealing and achievable for most people, especially business professionals, who maybe wouldn’t be able to go to a specific class at a specific time. People automatically feel like they are getting better sleep, feeling more relaxed, less anxious and improving other health conditions. For travellers, they find added benefits like their neck and back pain has gone, for example.

Men and women both find it useful and I think men particularly find it helpful because, unlike women who are probably more likely to go to a yoga or meditation class, they appreciate its simplicity and its ability to be integrated into daily routines.

Where do you see the business heading?

What can you help people with?

Everyone can benefit but it is also especially useful for those who travel a lot, who find

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TRY IT YOURSELF DEEP BELLY BREATHING FOR INSTANT DE-STRESS

A simple technique everyone can do anywhere at anytime to start lowering stress levels instantly.

The tip is to learn to override the trigger of stress. The quickest solution is to breathe deeply into the belly to stimulate the vagus nerve which kicks on the parasympathetic nervous system. The parasympathetic nervous system slows down the Heart rate, blood pressure and is what is considered “relaxation� mode.

How do we do this?

Place one hand over your heart and one hand over your belly.

Breathe into the hand on your belly and feel the belly rise and fall with each breath. Aim to have no movement of the hand over your heart. Now try to breathe in for a count of 8 and breathe out for a count of 10. Repeat this 10 times and notice how you feel dramatically more calm.

Once you try this a few times, you will be able to do with the hands so that you can do it anywhere without being noticed.

Then, you will have this simple tool to instantly calm yourself whenever you are triggered by a stressful situation. You can also add breathing in a feeling of calm and breathing out the stress. Feel the stress leaving your body with each exhalation.

Need a Powerful Restart? Try the

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WELLNESS

Healing & The Modern Business Man A remarkable story of a businessman turned healer. Douglas Ballard discovered from a young age that he had an extraordinary healing touch. Despite challenging doubts from family, friends and the business community, Douglas became a full-time healer as his downto-earth approach of ‘Energy-based’ healing was welcomed across the World with remarkable success.

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n today’s world, the principle thrust of medical treatment is mainly pharmacology-led. Sheer volume of patients, extending age and change of lifestyle amongst the young is placing unbelievable pressures on healthcare. Cost limitations in general practice restrict treatments on offer by the NHS, prescription pads abound, advertising suggests we ‘beat’ the illness or indeed ‘kill it’ and appeals for research funding which is fed back into the pharmacological wheel. Illness is often seen as an enemy rather that the body and mind giving warning signs or processing trauma. Credence is given largely to evidence-based trials and unexplained improvement is usually demoted to the level of wishful thinking and placebo. Thought though, is shifting fundamentally and recent comment from the heads of UK general practice have suggested that doctors will start to consider ‘gut-ecology’ as an adjunct to their reliance on blood tests as their primary form of prognosis. A step towards recognising the role of nutrition and well-being. Yet, this still relies on biochemical analysis as the entry point of their thinking and the final point of their treatment, yet again with pharmacology, plus perhaps surgery. The role of physiotherapy is recognised but all these approaches virtually ignore the role of emotion, stress and life management as an approach to illness and well-being.

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So, what realistic alternatives exist as we can be confronted with major illness and lesser acute and chronic ailments as they can tip the balance in our lives, particularly if the mind and body are on stress overload in this ‘24/7 never-away-from-a-screen’ society? Alternative and complimentary medicine (CAM) is treated with considerable scepticism and, if it works, a typical medical response, ‘well if it works for you’ is often the answer when positive results are given (strange though that a High Street today is rarely without an osteopath, chiropractors or acupuncturist). Mainstream complimentary medicine is gaining ground in acceptance as conventional medicine does not have all the answers. Understanding the role and acceptance of CAM demands though, that we step out of understanding illness and recovery though the eyes of a chemist and view it through the scope of ourselves as energetic beings. Humans are literally bundles of energy manifest in physical form. The greatest of our scientists Sir Isaac Newton, in his famous three Laws of Motion, posits that ‘energy never dies, it just changes form (potential energy to kinetic and vice versa). In this sense, we have always been and always will be as energetic forms of Life but at this point in human form. It is our connection with the core of energy that matters.

The celebrated engineer and futurist Nikola Tesla (credited with the creation of the modern alternating electrical supply) said: “The day science begins to study non-physical phenomena, it will make more progress in one decade than in all the previous centuries of its existence.”

Tesla also postulated: “If you want to find the secrets of the universe, think in terms of energy, frequency and vibration.”

Thought energy varies constantly, consciousness and unconsciousness attention of self and our environment, all processing all the time. As humans, we are extremely sensitive to emotions and big changes in emotional levels or events ranging in moments from love, sexual passion, hate, fear anxiety as the mind and body tries to predict outcomes of our next actions, weeks, months and years ahead. Trauma comes in huge (moving home, divorce, relationship change, finance, work) and small shock in our daily moments (any traveller tracking their wallet, tickets, money, children and luggage can testify to that!) and we store that shock (often as physical and emotional blockages) repeatedly, finally manifest in physical and mental unwellness. We need help in dealing with both the symptoms and causes of this intense life journey. We need help on many different levels some of which have been ignored in the urgency and need to deal with mass illness, the micro-sensitivities of the individual are forgotten and so essential to good health and happiness. So, feet on the ground, how does this help us in our moments of need?

Energy-based healing has been endemic in diverse cultures around the World for millennia. Some 30,000 years ago with the aborigines, energy meridians and acupuncture China, Ayurvedic medicine in India, ancient art of Egyptian energy healing, shamanic healing in Red Indian culture, South American healers, all with evidence pointing to over 5,000 years ago. Over the ages, there have been incredible healers with a gifted personal touch and the Bible is full of these stories.

So, what you may say is the role of a healer in today’s society, is it a dying ancient art, and how seriously should we take it, and does it work? Douglas Ballard talks simply about energy-based healing. No spirits, no voices, no religion, simply connecting with Universal Energy of which we are all part. Life is totally connected, he maintains, like the unseen mycelia connecting mushrooms and fungi as they grow, we are all part of the fabric of Life as a whole. Ballard comments, ‘the fact that it works is not enough for some

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“

The day science begins to study non-physical phenomena,

it will make more progress in one decade than in all the previous centuries of its existence.

“Douglas Ballard has helped me with a severe back injury.

I had been in pain for months with a prolapse disc. I had tried physiotherapy and acupuncture, but nothing was resolving my pain. I work as the UK Director of Harley Street healthcare with world leading doctors but none could not find an answer to this problem. I could hardly stand up or sit down and Douglas was my last resort as I had tried everything else. The session began and within 10 minutes of the healing I could feel very strong energy running through my body to the point where my body was twitching. It was a life changing experience. The session lasted for an hour and ended with Douglas saying please now stand up slowly. I did so and he asked me how I felt.

To my amazement after months of suffering and chronic pain I could move freely again without any pain. I still cannot understand how he did it but this is why this world leading healer achieves miracles for so many people in so many countries.”

James Walton UK Director, Harley Street Healthcare Ltd

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people’. ‘We often create a whole mystery and culture around simple things in life and healers have always been around in all cultures around the world throughout time’.

He maintains that a true healer is flexible to the situation and will work alone or in conjunction with conventional medical practice. He adds, “I help many people deal with the horrible side-effects of chemotherapy which can be totally energy-draining. Having a good energy is essential for long-lasting health and happiness, but it is a real challenge in our high-pressure lives”.

But what if it is so simple that in the ‘Great Plan of Life’ we have people that can heal naturally? Ballard comments that healing is a natural part of the human condition and that many of us have the potential to heal others, rather like we all have the potential to play the piano or sing, just a very few though, have the ability to be a concert pianist or a diva. Ballard likens his skills to that of the concert pianist of healing with a very special touch.

“Douglas is a wonderful healer. I am a Director of Elite Talent in London managing Celebrities and the job can be very demanding sometimes causing considerable anxiety.

The initial session lasted a few hours talking about what I wanted from his healing session and how he could help me; the healing itself lasted about an hour and I felt like I was floating on air when I left the session. I was hooked, I came home and slept for 12 hours solid and felt like a new woman the following day. My anxiety had lifted and I no longer felt stressed and ready to take on the world. I see Douglas weekly for healing to keep my energy levels high.

Not only is Douglas a wonderful healer he gives great advice on any problems you may have, he also became a friend and is a genuinely nice guy. I am recommending all of my clients to see Douglas so they can also benefit from his ‘gift’.”

Kirsty Reilly Director, Elite Talent

Douglas Ballard came from a humble background in the post-war era; he worked his way up the management ladder to run a substantial company and was chairman of the UK lighting federation. His story began whilst on holiday skiing in Nevada, when he felt inwardly compelled to approach a lady who had been suffering from severe neck pain for the passed twenty-five years. After placing his hands on her neck, she was out of pain and remained that way. It stunned him and his slightly embarrassed holiday companions and began his journey as a healer. At first it was confusing but as he learnt more about channelling this Higher Intelligent Energy it all started to make sense.

Travelling from country to country, Douglas created a portfolio of international clients and practice locations, showing that he is indeed the ‘concert pianist’ of healers, and unlike any other. The variety of his work and application to many different situations is evidence alone of his efficacy ranging from alleviating pain in a dental practice in Portugal, to a leading ballerina that travels all the way from Japan, autistic children and many over-worked and stressed businessmen with anxiety, asthma, heart, cancer and stress-related illness.

Douglas works by laying his hands gently on your shoulders and then maybe moving around the body guided by an ‘Intelligent Energy’. Some feel a very powerful sense of relaxation, almost overpowering, others a very gentle clarity that emerges. It can take five days and a passage of treatments if a chronic illness. Ballard stresses that it is not ‘magic’ or ‘spiritual’, simply a pure connection with the Universal Energy of Life.

For those whom are still sceptical, there is an increasing body of documented scientific studies in support of healing. Recent studies on Biofield Therapy and Reconnective Healing reveal a powerful recovery rate as an adjunct to cancer treatment, not only in patients but also the wellbeing of the oncology unit. In another study, touch therapies prove even more effective than physiotherapy in cancer treatment recovery, chronic pain and HIV treatment. The University of Northampton ‘Two meta-analyses of non-contact healing studies’ (2014) documented double blind tests discounting human variables with an adapted version of the SIGN50 scale (Scottish Intercollegiate Guidelines Network – responsible for producing evidencebased clinical practice guidelines), using plant cells as a non-human test subject (so no influences by family, religion etc) to show a positive correlation with healing and the growth of plant cells.

In simple terms, whether it is a biofield or magnetic touch influence, or something much greater that which we cannot understand with our intellect, nor possibly ever will, testimonials and case studies abound (www.douglasballard.com). Douglas Ballard is a very special person with a very unique healing touch and insight into peoples’ lives.

He currently works in central London.

“

If you want to find the secrets of the universe, think in terms of energy, frequency and vibration.

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Depression: MENTAL HEALTH

Men far more at risk than women in deprived areas

D

epression is a major cause of disability around the world, and if left untreated, can lead to substance abuse, anxiety and suicide.

Major depressive disorder is a particular form of the condition which affects many people, potentially causing loss of pleasure in activities that once used to bring joy. It can also lead to feelings of worthlessness, imbalances such as oversleeping or insomnia, and trigger thoughts of suicide. This is the condition we examined during our new study, which showed that living in a deprived area can lead to major depressive disorder in men, but not in women.

Before explaining these findings, it is important to provide some further background on this condition. There are certain factors which can place you at increased risk for major depression. Being diagnosed with a serious chronic ailment, such as diabetes or cancer, now or in the past, can increase your risk for it. As can experiences of trauma, such as physical or sexual abuse, or being raised in a dysfunctional family in which there was a high degree of marital discord.

These, however, are all individual factors – or personal circumstances – which can negatively affect your mental health. And most of the research on depression has indeed focused on such personal factors. But there are characteristics beyond the level of the individual – such as attributes of the communities in which we live – that can also have a profound effect on our mental wellbeing.

Previous studies have shown that living in communities characterised as deprived can lead residents of those areas to rate their health as sub-optimal and experience early death. Through our study, we wanted to know if living in a deprived area can also influence the mental health of men and women – even after accounting for personal circumstances. That is, even after you take people’s socioeconomic status into account (in our study’s case, education and social class), does a person’s residential environment still affect their mental health?

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The findings To answer this question, we used data from one of Britain’s longest-running studies on health, chronic diseases, and the way people live their lives: EPIC-Norfolk.

This study was based on over 20,000 people who filled out detailed questionnaires on their mental health and medical history.

Respondents’ postal codes were linked to the census to determine whether they lived in deprived communities. Five years after deprivation levels were measured, participants filled out a psycho-social questionnaire to determine whether they suffered from major depressive disorder. Using statistical techniques, the association between area deprivation and depression was examined while accounting for medical history, education, social class, and other important factors.

Our study showed that living in a deprived area does affect mental health – at least in men. In fact, we found that men living in the most deprived areas were 51% more likely to experience depression than those living in areas that were not deprived. Interestingly, the results did not reach statistical significance in women.

Our study did not set out to determine why this might be the case – and further research is now needed to do this. Nevertheless, it is possible that many men in the UK and other parts of the world still feel a primary responsibility to provide for and support their families.

A recent study investigating depression risks for men and women indicated that men are more affected by “failures at key instrumental tasks, such as expected work achievements and failures to provide adequately for the family”.

The shocking reality of UK poverty

Research shows that men seem to be more sensitive to certain stressors in their environment compared to women, such as those related to work and finances.

Women’s depression levels, on the other hand, are more influenced by stressors stemming from relationships and the social networks they are embedded in.

Factors such as low parental warmth and low marital satisfaction, for example, can really affect women’s mental health.

A great many factors may be behind this, but in the UK, men are three times more likely to die by suicide than women and so root causes as to why men are struggling should be investigated.

While women are at a lower risk of depression than men in deprived areas, other research shows that they are more likely to experience anxiety. Again, further work is needed on the effect of the residential environment on mental health from a gender perspective.

High numbers of people are living in deprivation around the world and depression is a leading cause of disability on a global scale. Knowing how men and women are affected by the hardship of living in deprivation can help focus mental health treatment, and this is a valuable step forward.

Olivia Remes

Olivia is a postdoctoral researcher at the University of Cambridge where she completed her PhD. Her research focuses on anxiety and depression. She is using the European Prospective Investigation of Cancer study, one of the largest European cohort studies looking at chronic diseases, mental health, and the way people live their lives, to inform her research.

Olivia's research has been featured by the BBC, Forbes magazine, the New Scientist, and USA Today, and has appeared on several radio shows and podcasts talking about mental health problems and the impact that they can have on people’s lives. She has also been invited to give TED talks on her work.

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DEVELOPING STRATEGIES UNLOCKING POTENTIAL DELIVERING RESULTS

Phoenix Global is a global boutique management consulting and investment firm, offering clients expert business development and consulting services and building global investment markets for our clients, offering them cross-border market expansion and solid investment opportunities in sectors such as, energy, technology, infrastructure, and agriculture, helping to ensure that our clients become leaders in the competitive marketplace.

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With a focus on technology, recognizing it as the nucleus of all sectors moving into the future, we serve as strategic partners in global technology parks, uniting all aspects (data centers, AI, blockchain, cybersecurity, IoT, robotics, etc.) into one comprehensive ecosystem. We create a favorable environment for business expansion for our technology partners, allowing them to reach new, compelling global markets, while realizing profitable and stress-free business expansion through the oversight of Phoenix Global’s expert business strategists.

TECHNOLOGY

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AGRICULTURE

REAL-ESTATE

A Truly Bespoke Experience

A property refurbishment and construction service like no other...

W

hen we hear the word ‘bespoke,’ the first thing that usually comes to mind is a beautifully-fitted, Savile Row suit. In the days before mass-production, tailors would keep reams of cloth on their premises for their customers to choose from. Clients would pick the cloth they wanted and then that particular length would be put to one side and was said to ‘be spoken for.’ The term bespoke then became synonymous with a personalised product or service, unique to the individual and of the very highest quality.

Stephen Collins, founder and CEO of Richemont Construction, has taken this concept of a bespoke service to a whole new level. His company specialises in luxury, highend property refurbishments and construction projects.

When they take on a client, the project is, like the finest Savile Row suit, cut to their exact specifications, uniquely fitted to their requirements and delivered with impeccable, meticulous customer service.

We spoke to Stephen, to discuss how his early prodigious work ethic and his background in property helped him spot a gap in the market and grow a business that offers a truly bespoke experience for each client.

Did you always know you wanted to be an entrepreneur?

I grew up in Liverpool, in a large Victorian house that had 36 bedrooms. My family lived on the upper floor and the rooms on the lower floors were let out to students. I spent my mornings before school laying tables and serving breakfast to the students and would then do the same in

the evening. It was a normal part of life and it wasn’t until I started secondary school at the age of 11 that I realised my peers weren’t doing the same. So I had a strong work ethic from the very start and was inspired by my father, who had built a successful electrical contracting business, as well as a diverse property portfolio. During my formative years, I was involved in his work and always took a profound interest in it. So the decision to become an entrepreneur was always more of a natural, organic progression for me. That early work ethic and having my father as a role model meant that starting my own business was always on the cards.

What did you do before starting your own business?

I left school at 16 years old and joined the family business full-time. At the time, the business was a diverse, property-based group with assets ranging from children’s nurseries and nursing homes to restaurants to hotels. The Portfolio consisted of many character, heritage and listed buildings. The breadth and diversity of the types of property meant that I was able to grow and learn, building on my business and commercial acumen, as well as building up a strong foundation in property-related expertise.

Before long, I was responsible for all aspects of the property management and maintenance for the family group, as well as handling construction issues. During this time, I learned a great deal about property, cultivated a multifaceted skill set and, most importantly, discovered a genuine passion for my work. In 1997 I made the decision to leave the family business and venture out on my own. As well as running my own building company, I was brought in as a Construction Project Management Consultant for some external clients. With my extensive knowledge and experience of property

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ury homes that my company created for them. It’s a tangible, real feeling of achievement to move through all the stages - from the kernel of an idea, straight through to the finished property.

It has its challenges. Sometimes a client will decide to make changes after the building work has started. Often, what they perceive as a minor change will have ramifications for the whole build sequence, or even require new planning or building regulation approval, for example. But I enjoy finding solutions for the client and I will always endeavour to find a way to deliver the project to their specifications. Part of the process is that continual dialogue between myself and the client, always finding ways to see their vision made real.

My most satisfying moment so far was when we completed an extensive project for a foreign royal family, whom I cannot name for confidentiality reasons. It was a really noteworthy moment for me, to know that the company has achieved royal approval.

Talk us through the process...

I think the most vital thing to remember is that, when dealing with Richemont Construction, you are receiving a truly bespoke experience. Our ethos is to provide a superlative client experience, that, ultimately, we are there to offer a service that puts our client’s complete satisfaction as our number one priority. Each year, we only select a handful of projects, so that we can ensure our high standards and keep the client at the centre of everything we do.Quality not quantity.

Our Project Development Team consists of all the requisite experts needed to deliver a project. This includes an accomplished team of architects, planning professionals, interior designers, building surveyors, structural engineers, party wall surveyors and MEP and IT/AV specialists. We pride ourselves on being able to take clients projects from inception, through the design and statutory approval / licensing stage, onward through the construction stage.

Our Project Delivery Team consists of highly-experienced, professional tradespeople and a select team of dedicated, reliable, bona-fide sub-contractors. Each sub-contractor is a specialist in their respective, chosen field. development, construction, refurbishment and building management it was a “no brainer” to start my own business in this sector.

So how did you come up with the idea for Richemont Construction?

Around seven years ago, I was contracted to consult, advise and manage a luxury refurbishment project in central London for a high-net worth, overseas client. It was during this particular venture that I saw the gap in the market for specialist, high-end property refurbishment, that looks at the client’s holistic needs and provides a comprehensive strategy. I saw the enormous potential of this particular niche, and how my specific background, knowledge and skills would fit perfectly.

From this, I began Richemont Construction as a consummate, unparalleled solution for luxury builds and refurbishments. All aspects of construction and refurbishment projects, from initial concept design and planning, right through to construction management could now be undertaken by just one company.

Why do you enjoy what you do?

The best thing about my job is the enormous sense of satisfaction I get from seeing satisfied clients living in the lux-

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Our supply chain has been built up over many years amongst luxury fixture and fittings and finishing suppliers from all over the world.

We bring all of these specialisms, all of this wealth of experience together. By managing the entire process, from start to finish, we can ensure that only the highest quality of build is delivered at completion.

We are experts in refurbishment, renovation, conversion, extension and new build construction with the emphasis on heritage, character and listed buildings. We have completed projects as diverse as multi-level basement extensions to house a swimming pool, gym and cinema, to a top-floor extension, complete with retractable roof. Our clientele are predominantly UK and overseas ultra-high net worth individuals who desire the very best lifestyle and a property to match.

How do you define success and what would be your advice for an aspiring entrepreneur?

I am a committed family man and my greatest pleasure in life is spending time with my wife and five children. So, for me, I define success as having a sustainable business, that allows me to have a great work/life balance, good health and provide a comfortable lifestyle for my family My advice for an aspiring entrepreneur would be to never give up, always adopt a can-do attitude, believe in yourself and smile!

Richemont Construction: Richemont is to high end, bespoke property refurbishment and construction, what a tailored Savile Row suit is to the very best quality store-bought version, however good the store-bought suit is, there really is no comparison between us and our competition.

Specialising in the Super Prime residential sector, primarily (but not exclusively) in the upmarket areas of London, we are experts in refurbishment, renovation, conversion, extension and new build construction with the emphasis on heritage, character and listed buildings.

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SCIENCE

Were other humans the first victims of the sixth mass extinction?

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ine human species walked the Earth 300,000 years ago. Now there is just one. The Neanderthals, Homo neanderthalensis, were stocky hunters adapted to Europe’s cold steppes. The related Denisovans inhabited Asia, while the more primitive Homo erectus lived in Indonesia, and Homo rhodesiensis in central Africa.

Several short, small-brained species survived alongside them: Homo naledi in South Africa, Homo luzonensis in the Philippines, Homo floresiensis (“hobbits”) in Indonesia, and the mysterious Red Deer Cave People in China. Given how quickly we’re discovering new species, more are likely waiting to be found.

By 10,000 years ago, they were all gone. The disappearance of these other species resembles a mass extinction. But there’s no obvious environmental catastrophe – volcanic eruptions, climate change, asteroid impact – driving it. Instead, the extinctions’ timing suggests they were caused by the spread of a new species, evolving 260,000-350,000 years ago in Southern Africa: Homo sapiens.

The spread of modern humans out of Africa has caused a sixth mass extinction, a greater than 40,000-year event extending from the disappearance of Ice Age mammals to the destruction of rainforests by civilisation today. But were other humans the first casualties?

We are a uniquely dangerous species. We hunted woolly mammoths, ground sloths and moas to extinction. We destroyed plains and forests for farming, modifying over half the planet’s land area. We altered the planet’s climate. But we are most dangerous to other human populations, because we compete for resources and land.

History is full of examples of people warring, displacing and wiping out other groups over territory, from Rome’s destruction of Carthage, to the American conquest of the West and the British colonisation of Australia. There have also been recent genocides and ethnic cleansing in Bosnia, Rwanda, Iraq, Darfur and Myanmar. Like language or tool use, a capacity for and tendency to engage in genocide is arguably an intrinsic, instinctive part of human nature. There’s little reason to think that early Homo sapiens were less territorial, less violent, less intolerant – less human.

Optimists have painted early hunter-gatherers as peaceful, noble savages, and have argued that our culture, not our nature, creates violence. But field studies, historical accounts, and archaeology all show that war in primitive cultures was intense, pervasive and lethal. Neolithic weapons such as clubs, spears, axes and bows, combined with guerrilla tactics like raids and ambushes, were devastatingly effective. Violence was the leading cause of death among men in these societies, and wars saw higher casualty levels per person than World Wars I and II.

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Old bones and artefacts show this violence is ancient. The 9,000year-old Kennewick Man, from North America, has a spear point embedded in his pelvis. The 10,000-year-old Nataruk site in Kenya documents the brutal massacre of at least 27 men, women, and children.

It’s unlikely that the other human species were much more peaceful. The existence of cooperative violence in male chimps suggests that war predates the evolution of humans. Neanderthal skeletons show patterns of trauma consistent with warfare. But sophisticated weapons likely gave Homo sapiens a military advantage. The arsenal of early Homo sapiens probably included projectile weapons like javelins and spear-throwers, throwing sticks and clubs.

Complex tools and culture would also have helped us efficiently harvest a wider range of animals and plants, feeding larger tribes, and giving our species a strategic advantage in numbers.

The ultimate weapon But cave paintings, carvings, and musical instruments hint at something far more dangerous: a sophisticated capacity for abstract thought and communication. The ability to cooperate, plan, strategise, manipulate and deceive may have been our ultimate weapon.

The incompleteness of the fossil record makes it hard to test these ideas. But in Europe, the only place with a relatively complete archaeological record, fossils show that within a few thousand years of our arrival , Neanderthals vanished. Traces of Neanderthal DNA in some Eurasian people prove we didn’t just replace them after they went extinct. We met, and we mated.

Elsewhere, DNA tells of other encounters with archaic humans. East Asian, Polynesian and Australian groups have DNA from Denisovans.

DNA from another species, possibly Homo erectus, occurs in many Asian people. African genomes show traces of DNA from yet another archaic species. The fact that we interbred with these other species proves that they disappeared only after encountering us.

But why would our ancestors wipe out their relatives, causing a mass extinction – or, perhaps more accurately, a mass genocide?

The answer lies in population growth. Humans reproduce exponentially, like all species. Unchecked, we historically doubled our numbers every 25 years. And once humans became cooperative hunters, we had no predators. Without predation controlling our numbers, and little family planning beyond delayed marriage and infanticide, populations grew to exploit the available resources.

Further growth, or food shortages caused by drought, harsh winters or over-harvesting resources would inevitably lead tribes into conflict over food and foraging territory. Warfare became a check on population growth, perhaps the most important one.

Our elimination of other species probably wasn’t a planned, coordinated effort of the sort practised by civilisations, but a war of attrition. The end result, however, was just as final. Raid by raid, ambush by ambush, valley by valley, modern humans would have worn down their enemies and taken their land.

Yet the extinction of Neanderthals, at least, took a long time – thousands of years. This was partly because early Homo sapiens lacked the advantages of later conquering civilisations: large numbers, supported by farming, and epidemic diseases like smallpox, flu, and measles that devastated their opponents. But while Neanderthals lost the war, to hold on so long they must have fought and won many battles against us, suggesting a level of intelligence close to our own.

Today we look up at the stars and wonder if we’re alone in the universe. In fantasy and science fiction, we wonder what it might be like to meet other intelligent species, like us, but not us. It’s profoundly sad to think that we once did, and now, because of it, they’re gone.

Nick Longrich

Senior Lecturer, Paleontology and Evolutionary Biology, University of Bath

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Sovereign Magazine POLITICS

This Christmas, give the ultimate gift: An US Ambassadorship

I

n every other developed democratic country, the role of ambassador, with only very rare exceptions, is given to career diplomats who have spent decades learning the art of international relations.

In the U.S., however, many ambassadors are untrained in diplomacy, and have simply bought their way into a prestigious post.

The involvement of the American ambassador to the European Union, Gordon Sondland, in the Ukraine scandal has prompted interest in the media and Congress in the role of non-career ambassadors like him.

On Oct. 30, U.S. Rep. Ami Bera, a Democrat from California, introduced legislation that would require at least 70% of a president’s ambassadorial appointments to come from the ranks of career Foreign Service officers and civil servants.

Career appointees have to spend decades working their way up through the ranks in government before being nominated, as I did before becoming ambassador in Mozambique and later in Peru.

Bera’s bill likely does not have the support in Congress to ever be enacted. More importantly, it does not address what I think is the real problem with political appointee ambassadors. That is the selling of the title in exchange for campaign contributions to people who are clearly unqualified for the job.

While this is a time-honored practice used by presidents of both parties, it has arguably gotten worse under the Trump administration.

1. Who picks ambassadors?

The Constitution says nothing about the qualifications required to be an ambassador. All it says is the president can appoint them with the advice and consent of the Senate.

In other words, a president can appoint whoever he wants for whatever reason he wants.

The Senate can refuse to confirm a nominee, but that has not happened in over a century. Instead, occasionally the Senate will refuse to vote on the nomination and the nominee languishes until either the Senate does decide to act or the White House withdraws the nomination.

That kind of delay is not uncommon, but it is almost always due to policy disputes between the two branches, rather than anything to do with the qualifications of the person being proposed for an ambassadorship.

2. Who’s qualified?

Deciding what qualifies someone to be the personal representative of the president abroad is therefore almost entirely up to the president.

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In terms of posts that are normally held by career diplomats, there are only six – Croatia, Chile, Poland, Thailand, United Arab Emirates and Fiji – that currently have political appointee ambassadors.

4. How much does an ambassadorship cost?

While some political appointees are political allies and friends of the president, for many postings – particularly in Western Europe and the Caribbean, where 80% of the ambassadors are political appointees – who gets the job depends on money.

During the Nixon administration, the president’s personal lawyer asked the wife of a wealthy department store owner for a US$250,000 campaign contribution in exchange for the ambassadorship to Costa Rica. She famously replied, “That’s a lot to pay for Costa Rica, isn’t it?” She eventually went to Luxembourg as ambassador, and shortly thereafter wrote checks to the Nixon re-election campaign that added up to $300,000.

That overt quid pro quo prompted the passage of the Foreign Service Act of 1980.

The act states that those appointed to be an ambassador “should possess clearly demonstrated competence to perform the duties of a chief of mission,” including knowledge of the language, history and culture of the country.

It added that, given those requirements, such positions “should normally be accorded to career members of the Foreign Service, though circumstance will warrant appointments from time to time of qualified individuals who are not.”

It also stressed that “contributions to political campaigns should not be a factor in the appointment of an individual as a chief of mission.”

3. How many ambassadors are career diplomats?

Despite its intended purpose, the act did little to change how business was done in Washington.

The percentage of political appointee ambassadors only went down very slightly, hovering around 30% after the act was passed.

The one exception was the Reagan administration, which got the figure up to 38% by sending Reaganites to places like Rwanda and Malawi, where normally only career ambassadors would dare to tread.The question of percentages of political versus career ambassadors is one that sometimes attracts media interest, mainly because it is always higher than the usual 30% in the early part of any presidential term.

That percentage cannot really be calculated in a meaningful way until the end of a term, because most political appointments are made in its first years.

For example, the percentage of political appointee ambassadors under Trump currently stands at about 45%. However, Trump has left 10 posts vacant that have always been filled by career ambassadors.

Another seven posts that would be career slots are in countries where relations have been downgraded or suspended, such as Venezuela and Bolivia. Most of those embassies will likely be filled by career people at some point.

Even after the Foreign Service Act was passed, political contributions continued to play such a role that it was possible to estimate how much more London would cost than Lisbon.

The larger a country’s economy and the number of tourists that visit it, the higher the price of becoming ambassador.

And for those who want to add a fancy title to their resume and have the money, a six or even seven figure price is not too high.

For his first inauguration, President Obama put a limit of $50,000 on contributions. President George W. Bush capped his at $250,000.

For Trump, the sky was the limit and the floodgates were opened for those who wanted to buy access or influence.

More than 250 donors gave $100,000 or more, which amounted to over 90% of the $107 million that was collected for the inaugural festivities.

Though Sondland had not backed Trump in his bid to be the Republican candidate, he contributed $1 million after the election to Trump’s inaugural committee.

Under Trump, it’s not just the posts in rich countries and tropical paradises that are for sale. United Nations ambassador Kelly Craft and her husband contributed over $2 million to Trump’s election campaign and inauguration. She also gave generously to over half the Repubican senators on the Foreign Relations Committee that had to approve her nomination.

So while the percentage of political-appointee ambassadors may not increase all that much by the end of Trump’s current term, the price for buying one certainly has.

I think this practice of selling ambassadorships is unlikely to change, despite the image it creates abroad when a person with no knowledge of a country is put in charge of the American embassy there.

Democratic presidential candidate Sen. Elizabeth Warren has said she will appoint no big donors as ambassadors period. But when I have contacted the campaigns of every other person seeking the nomination to ask if they would make a similar pledge, I have been met with silence. That is because in Washington money does the talking.

Dennis Jett

Dennis Jett is a founding faculty member and professor of international affairs in the School of International Affairs at Pennsylvania State University. A former career diplomat, he served 28 years in the State Department in a wide range of positions including as Ambassador to Peru and Mozambique, Senior Director for African Affairs on the National Security Council, Deputy Chief of Mission and Charge d’Affaires in Malawi and Liberia, and in Argentina and Israel. From 2000 to 2008, he was Dean of the International Center and on the faculty of the Political Science Department at the University of Florida.

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Sovereign Magazine

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