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At Ambit, we spend a lot of time reading articles that cover a wide gamut of topics, ranging from zeitgeist to futuristic, and encapsulate them in our weekly ‘Ten Interesting Things’ product. Some of the most fascinating topics covered this week are: Life (Lessons from the Choluteca Bridge; Success strategy I wish I could give my younger self), Business (Scary long pause plaguing live events; Return of the rumble in the VC jungle), Leadership (Building resilience in team) and Coronavirus (Bill Gates on Covid; Covid-19 pandemic is forcing a rethink in macroeconomics). Here are the ten most interesting pieces that we read this week, ended August 14, 2020- 1) Life lessons from the Choluteca Bridge [Source: Medium]2) Bill Gates on Covid: Most US Tests Are ‘Completely Garbage’ [Source: Wired]
In this interview, Bill Gates talks about vaccines, Trump, and why social media is “a poisoned chalice.” Mr. Gates says that he is disappointed with the way US handled this pandemic. “I’m surprised at the US situation because the smartest people on epidemiology in the world, by a lot, are at the CDC. I would have expected them to do better. You would expect the CDC to be the most visible, not the White House or even Anthony Fauci”, he said. He also believes that the White House didn’t allow the CDC to do its job after March. There was a window where they were engaged, but then the White House didn’t let them do that.
He also says that he is optimistic at this point in time. “You have to admit there’s been trillions of dollars of economic damage done and a lot of debts, but the innovation pipeline on scaling up diagnostics, on new therapeutics, on vaccines is actually quite impressive. And that makes me feel like, for the rich world, we should largely be able to end this thing by the end of 2021, and for the world at large by the end of 2022.” He also talks about vaccines which his foundation is working on, and also the role that social media plays in spreading rumors.
Talking about how the pandemic has changed his life, Mr. Gates says, “I used to travel a lot. If I wanted to see President Macron and say, “Hey, give money for the coronavirus vaccine,” to really show I’m serious I’d go there. Now, we had a GAVI replenishment summit where I just sat at home and got up a little early. I am able to get a lot done. My kids are home more than I thought they would be, which at least for me is a nice thing. I’m microwaving more food. I’m getting fairly good at it. The pandemic sadly is less painful for those who were better off before the pandemic.”
3) The Success Strategy I Wish I Could Give My Younger Self [Source: forge.medium.com]
In this article, Ryan Holiday, the author of ‘Conspiracy’, ‘Ego is the Enemy’ and ‘The Obstacle is the Way’, talks about how just doing your work and not thinking about credit can do wonders. He starts with an example of Bill Belichick — the now six-time Super Bowl-winning head coach of the New England Patriots. Belichick took a low position and worked hard. His insights gave coaches things they could give their players. It gave them an edge they would take credit for. The author feels that this is a strategy all of us ought to follow, whatever stage of our careers we happen to be in: Forget credit. Do the work.
The lesson the author would give a younger version of himself is this: Find canvases for other people to paint on. That could mean coming up with great ideas to hand over to your boss. It could mean finding tasks nobody else wants to do, and doing them. It could mean identifying leaks and patches to free up resources for new areas. It could mean finding like-minded thinkers and introducing them to each other, crossing wires to create new sparks. With the canvas strategy, as the author calls it, you’re helping yourself by helping others, making a concerted effort to trade your short-term gratification for a longer-term payoff.
One of the key to success is by attaching yourself to people in organizations who are already successful, then move forward with them simultaneously. That’s the canvas strategy. It takes humility, but it also pays great dividends. Imagine if, for every person you met, you thought of some way to help them, something you could do for them, something that entirely benefitted them and not you. The cumulative effects of this approach over time would be profound. You would learn a great deal by solving diverse problems. You’d develop a reputation for being indispensable. You’d have countless new relationships. You’d have an enormous bank of favors to call upon down the road. Each time you use this strategy, consider it an investment in relationships and in your own development.
4) The scary long pause plaguing live events [Source: Livemint]
Live events industry has come to a standstill with the spread of Covid-19. With increasing lockdowns, artists are finding it difficult to make money. And it’s not only them. The live events industry is estimated to employ about 10 million people (40% of the workforce is women). While all manner of daily tasks have moved online, from work meetings to yoga classes, realisation has quickly dawned on the fact that the webinar and weekend entertainment are not the same. And simply streaming an event does not automatically create engagement.
A narrow sliver of the events industry, which had broadly shied away from digitisation so far, has quickly moved online—with companies such as BookMyShow and Paytm Insider hosting virtual live events and workshops with prices starting at ₹200. The organised events and activations industry is a ₹10,000 crore industry, according to an EY-EEMA (Event and Entertainment Management Association) report. But as per EEMA’s informal estimates, if the unorganised segment is included, the industry size could be as big as ₹5 trillion. The pandemic is expected to leave behind a hit of at least 70% on annual revenues.
“If the business is not going to happen for nine months this year, the situation will be even more grim. We are pinning our hopes on the third and fourth festive-heavy quarter," said Roshan Abbas, president-elect, EEMA. Ultimately, the sudden, forced digital transition has made many event firms quickly realise the potential value in capturing granular engagement metrics. How many people minimised a livestream window out of sheer boredom; how many clicked on a brand link; how many participated in a quiz—all those things can be minutely tracked online. The new buzzword is ‘hybrid events’.
9) Preparing for the uncertainty of a recession [Source: Huff Post]
Recession brings in fear. People are scared of losing their jobs, earning a livelihood and managing debt. Those impacted by the recession of 2008 may already be replaying the struggle over in their minds, with a sense of growing fear over what could happen in the months, and years, to come. It’s a time to be kind to ourselves and to remember: we’re all in this together. It’s understandable to feel anxious – a recession impacts the economy and people’s lives, as Yuko Nippoda, psychotherapist and spokesperson for the UK Council for Psychotherapy (UKCP), explains. “Some people might lose their jobs, a recession can make it difficult to find a job, pay rises might stop or inequality can occur,” she says. “Lots of negative things happen.”
In such a situation, Nippoda says it’s important to follow trustworthy sources of information. “There is too much information circulating, some of which is inaccurate,” she says. “When we feel anxious, we tend to look for reassurance and go for any information that we want to hear. However, we need to be careful about random information as our life might be catastrophic if we follow fake news.” Psychotherapist Rakhi Chand, a member of the British Association for Counselling and Psychotherapy (BACP), agrees: “Not over-doing exposure to the news could be helpful.” Limit news notifications to your phone and try not to spend hours scrolling social media if you’re feeling overwhelmed by it all.
A report on the 2008-2013 recession by the University of Bristol suggested economic recessions can lead to increased levels of mental illness, suicide and suicidal behaviour. Often, key stressors include job loss, financial difficulties, debt, loss of home and relationship stresses. There’s a big difference between feeling a bit anxious about what the future holds, and feeling suicidal or like there’s no way forward. If you’re in a bad place, it’s imperative to seek help. Speaking to others about how you’re feeling, or what you’re experiencing if you have lost your job or are worried about money, can be a relief – especially if you feel like there is no clear solution on hand.