Partner Article

Recession 'good for new enterprises'

The recession could be a good time to launch a new business according to the North East chairman of the Institute of Directors (IoD).

Richard Elphick said to would be entrepreneurs that despite popular belief, history has shown some of the biggest brands started in a downturn.

Mr Elphick cites evidence from the 20th century, with the Great Depression of the 1930s seeing Disney’s rise to fame, the birth of Fortune magazine and Revlon.

Nestle launched the world’s first instant coffee at the start of World War Two and Bill Gates launched Microsoft during the 1970s oil crisis.

Richard Elphick, who is also a Director of Space Architecture and Environment, said: “Some of the world’s biggest brands started in a downturn period, ironically these unstable periods can be a great time to launch a business.

“While established players are distracted with legacy problems, bold new operators can exploit the opportunities presented.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .