The Risktory Podcast

So, it’s November 8 2020 as of the time of me recording this week’s episode and, if you’ve been watching the news, it’s been quite a week for those of us living in the US.

Amidst the confusion, tension, anxiety and unrest here in the US, I thought I would provide a counter-point and talk about innovation born out of threat. Specifically, looking at innovations that have emerged in 2020 as a result of COVID-19.

Humans have always responded to existential threat, or risk, by seeking the new. The innovative. The ground breaking. Solutions that haven’t yet been discovered or deployed. The reality is, humans are an Apex species largely because of our capacity to adapt and change.

I figure, in these troubling times of the unknown, what better way to remind everyone that the flipside of threat is opportunity. Beautiful, perfect, exquisite, humankind changing opportunity.

So, today, let’s talk about some of the real-time innovations we are seeing that exemplify what it means to be good at risk.

The Risktory Podcast is created, hosted and produced by Jacinthe A Galpin.

All rights reserved.

Bibliography
https://www.fastcompany.com/90488090/this-boy-scout-invented-an-ingenious-solution-to-one-of-the-biggest-problems-with-masks
https://www.nytimes.com/2020/08/04/business/distilleries-hand-sanitizer-pandemic.html
https://www.yankodesign.com/2020/07/01/playplax-toys-inspired-this-sneezeguard-design-to-add-color-to-social-distancing/
https://thenextweb.com/neural/2020/06/30/mits-coronavirus-killer-robot-uses-uv-c-light-to-disinfect-warehouses/
https://www.fitzframes.com/fitz-protect
https://www.rollingstone.com/music/music-country/nashville-drive-in-concert-daddys-dogs-1006484/
https://www.bbc.com/news/world-africa-53776027

Coming up this week, one of the most requested episodes ever. Master of the Risk Universe: Elon Musk.

I’ve hesitated covering Musk because. Yes he is absolutely a risk master. But perhaps not in the way you’d think.

Musk understands, and entreats with the unknown, in a once in a generation way, yes.

But the superlatives thrown his way. That he’s a visionary car maker, for example. Musk isn’t a great car maker. Indeed, he’s a distinctly ordinary car maker, given how miniscule Tesla’s profits are.

BUT… the fact that Tesla makes any profit at all…. That’s the risk genius that Musk manifests. It’s not the brand. It’s not the cars. It’s the competitive space that Musk has built around Tesla, to force profitability where it does not inherently exist, that is risk genius. And it’s a genius he applies to almost everything he does.

On this week’s episode, the life and times of a risk master with a definite twist.

Bibliography
https://en.wikipedia.org/wiki/Elon_Musk
https://www.forbes.com/profile/elon-musk/?sh=3f12ba9b7999
https://www.reuters.com/article/chrsyelr-ceo-evs/fiat-chrysler-ceo-please-dont-buy-fiat-500e-electric-car-idUSL1N0O71MS20140521
https://www.axios.com/electric-vehicles-toyota-general-motors-af32fb17-e68d-4478-b830-a3d6359fb58f.html

Two weeks ago, I presented at the 2020 Risk Awareness Week, a fantastic event hosted by my friend, and one of the smartest people in risk, Alexei Sidorenko. RAW brings together some of the best risk minds in the business to – virtually – share thought leadership all centered around the topic of risk management.

My topic this year was the Top 10 Bad Arses of Risk, and why they matter in 2020. And I had a blast with this topic because it forced me to examine what I value when it comes to risk: the skills, the expertise, the chutzpah. It was a joy to research. It was the most fun to present.

So, on today’s episode, a stripped down version of my presentation at RAW. If you would like access to the full presentation (including the slide deck and additional vocals), please visit: 2020.riskawarenessweek.com

Soundtrack (sourced from www.freemusicarchive.org)
Alan Spiljak – Clouds
Alan Spiljak – Forgotten
Alan Spiljak – Light blue
Alan Spiljak – Empty days
Alan Spiljak – Stars above
Alan Spiljak – Not the end
Alan Spiljak – Sun
Alan Spiljak – Flying away
Alan Spiljak – Time
Alan Spiljak – Fantasy in my mind

There is a growing concern amongst analysts, IT experts, computer nerds, that we might see another dot com bust, not unlike the one we saw in 2000, 20 years ago. So, for the unfamiliar, between I’d say 1995 and 2000, the Nasdaq index rose five fold, fueled by an abundance of venture capital and rapid investment in internet based businesses.

And then, in 2000, it all went bust. In the space of just six months, the Nasdaq dropped by close to 80% in value. It would take 15 years for the Nasdaq to fully recover to it its pre-bubble peak.

I think the idea of a Dot Com Bubble 2.0 is an interesting one, particularly in 2020 when we’ve seen just about every other black swan event come to life. In today’s episode, I’m going to explore whether a second iteration of what happened 20 years ago will come to life, and I look at what I think are the pre-emptive, canary in a coal mine, indicators we should be looking out for.

Soundtrack (sourced from www.freemusicarchive.org)
Alan Spiljak – Clouds
Alan Spiljak – Forgotten
Alan Spiljak – Light blue
Alan Spiljak – Empty days
Alan Spiljak – Stars above
Alan Spiljak – Not the end
Alan Spiljak – Sun
Alan Spiljak – Flying away
Alan Spiljak – Time
Alan Spiljak – Fantasy in my mind

Bibliography
https://www.moneycrashers.com/dot-com-bubble-burst/
https://www.newsweek.com/dotcom-bubble-crash-20-anniversary-technology-companies-ever-happen-again-1491385
https://en.wikipedia.org/wiki/Dot-com_bubble
https://www.thebalance.com/can-the-stock-market-crash-again-3141410

Puzzle Break is the mac daddy of the escape room concept in the US, and Nate Martin, the founder of Puzzle Break, is a man who finished college with a 2.59 GPA, a degree which – by the way – took him 9 years to complete, and a man who was rejected by all but one MBA program.

The Puzzle Break story is a story of capitalizing on opportunity, taking a leap into the unknown and – within a month – turning a profit. It’s also a story that proves that there is never just one path or route for success. If at first you don’t succeed, forge your own road and have at it.

The Risktory Podcast is created, written, produced and hosted by Jacinthe A Galpin.

Soundtrack (sourced from www.freemusicarchive.org)
Alan Spiljak – Clouds
Alan Spiljak – Forgotten
Alan Spiljak – Light blue
Alan Spiljak – Empty days
Alan Spiljak – Stars above
Alan Spiljak – Not the end
Alan Spiljak – Sun
Alan Spiljak – Flying away
Alan Spiljak – Time
Alan Spiljak – Fantasy in my mind

Bibliography
https://www.geekwire.com/2018/nate-martin/
https://www.lendgenius.com/blog/10-entrepreneurs-inspiring-stories-of-startup-success/
https://www.marketwatch.com/story/the-weird-new-world-of-escape-room-businesses-2015-07-20
https://en.wikipedia.org/wiki/Escape_room
https://medium.com/authority-magazine/5-things-you-need-to-know-to-successfully-manage-a-team-with-nate-martin-the-ceo-of-puzzle-break-228ae9ff7ff

For those unfamiliar with DevaCurl, DevaCurl is the Mack Daddy of the modern curly hair movement. It was and is, arguably, the first mainstream brand to successfully target the curly hair market with products that allowed both men and women to embrace, indeed, celebrate their natural waves, curls and coils.

And then something happened. Loyal customers began to complain that DevaCurl was no longer helping their hair. Worse, they alleged, DevaCurl had damaged their hair. Dandruff. Itching. Hairloss. Even allegations of chemical burns.

Almost overnight, DevaCurl has gone from being the darling of the natural hair care world to, for many, the enemy. And at least 10 class action lawsuits have been filed against the brand by allegedly impacted consumers.

On this week’s episode, I explore the DevaCurl Scandal, and I delve into what I think of DevaCurl’s response, from a crisis management perspective.

The Risktory Podcast is created, written, produced and hosted by Jacinthe A Galpin.

Soundtrack (sourced from www.freemusicarchive.org)
Alan Spiljak – Clouds
Alan Spiljak – Forgotten
Alan Spiljak – Light blue
Alan Spiljak – Empty days
Alan Spiljak – Stars above
Alan Spiljak – Not the end
Alan Spiljak – Sun
Alan Spiljak – Flying away
Alan Spiljak – Time
Alan Spiljak – Fantasy in my mind

Bibliography
https://www.facebook.com/stephaniemlmero/posts/507458733501979
https://www.youtube.com/watch?v=nuo8UCcyDhg&t=207s
https://www.youtube.com/channel/UCLmvUvQYsrlDXzJ2KI6nZ1g
https://www.nytimes.com/2020/04/01/style/deva-curl-hair-loss.html
https://en.wikipedia.org/wiki/DevaCurl
https://en.wikipedia.org/wiki/Curly_Girl_Method

A very often requested Master of the Risk Universe figure is Queen Elizabeth II of England. She is one of the most famous women in the world. She has ruled the United Kingdom for an astonishing 68 years. And, for many, she is the symbol of serene resilience.

But, I’m gonna be honest, QE2 isn’t someone I would consider good at risk. She isn’t or wasn’t a reformer. At least, not like Queen Victoria or even her predecessor in name, Queen Elizabeth I. Her approach to risk is one of waiting for the risk to manifest, and then either responding by not responding, or responding by cleaning up the mess. Which is a strategy, I guess, but not one I consider to be particularly masterful.

But the requests did start to make me think about female rulers and monarchs who were masters of risk. And when it comes to those, I can’t go past the legendary, Holy Roman Empress, Maria Theresa of Austria. Now often better known for being the mother of the doomed Maria-Antoinette of France, Maria-Theresa was a risk maestro. In a world where women were often secondary players, Maria-Theresa defined what it meant to be a female ruler. And she defined what it meant to understand, and respond to, the unknown.

The Risktory Podcast is created, written, produced and hosted by Jacinthe A Galpin.

Soundtrack (sourced from www.freemusicarchive.org)
Alan Spiljak – Clouds
Alan Spiljak – Forgotten
Alan Spiljak – Light blue
Alan Spiljak – Empty days
Alan Spiljak – Stars above
Alan Spiljak – Not the end
Alan Spiljak – Sun
Alan Spiljak – Flying away
Alan Spiljak – Time
Alan Spiljak – Fantasy in my mind

Bibliography
https://en.wikipedia.org/wiki/Maria_Theresa#Reforms
https://www.timetoast.com/timelines/maria-theresa1717-1780
https://www.biography.com/activist/maria-theresa
https://www.dw.com/en/what-made-austrias-maria-theresa-a-one-of-a-kind-ruler/a-37935974

On this week’s episode, one of the most spectacular collapses of the dotcom boom and bust: eCommerce retailer, boo.com.

Boo.com was in development for two years and operational for one of those two years. Not a long time, even in dotcom’s warp speed world. But in those two years, boo.com set the standard of what not to do when it comes to internet retailing.

And it shaped how we, in 2020, shop online.

The Risktory Podcast is created, written, produced and hosted by Jacinthe A Galpin.

Soundtrack (sourced from www.freemusicarchive.org)
Alan Spiljak – Clouds
Alan Spiljak – Forgotten
Alan Spiljak – Light blue
Alan Spiljak – Empty days
Alan Spiljak – Stars above
Alan Spiljak – Not the end
Alan Spiljak – Sun
Alan Spiljak – Flying away
Alan Spiljak – Time
Alan Spiljak – Fantasy in my mind

Bibliography
https://web.archive.org/web/20121224101458/http://crave.cnet.co.uk/gadgets/the-greatest-defunct-web-sites-and-dotcom-disasters-49296926/3/
https://www.smartinsights.com/digital-marketing-strategy/online-marketing-mix/boo-com-case-study-a-classic-example-of-failed-ebusiness-strategy/
http://www.tnl.net/who/bibliography/learned-boo-com/
https://www.theguardian.com/technology/2005/may/16/media.business
https://en.wikipedia.org/wiki/Boo.com#Burn_rate
http://www.tnl.net/who/bibliography/learned-boo-com/

On this week’s episode, a listener request from Michael who wrote: ‘I wonder if you are aware of the problems with the US Navy Mark 14 torpedo? There is plenty on the Internet from a military and engineering point of view but I've yet to see it treated as a risk problem. Coming from an engineering background and only now entering risk, perhaps the most interesting part is how so many people knew something was wrong, yet the decision makers did nothing’.

I didn’t know about the Mark 14 before Mike’s email, but when I started doing research on it… oh man, if ever there was an event that exemplified how not to risk (and I’m using risk as a verb there)… the Mark 14 is that event. From poor planning to poor execution, the Mark 14 is a masterclass of what not to do when it comes to risk management.

But the Mark 14 is also a tale of risk redemption. Of how to turn around disaster and achieve, perhaps not triumph, but at least some measure of success.

The Risktory Podcast is created, written, produced and hosted by Jacinthe A Galpin.

Soundtrack (sourced from www.freemusicarchive.org)
Alan Spiljak – Clouds
Alan Spiljak – Forgotten
Alan Spiljak – Light blue
Alan Spiljak – Empty days
Alan Spiljak – Stars above
Alan Spiljak – Not the end
Alan Spiljak – Sun
Alan Spiljak – Flying away
Alan Spiljak – Time
Alan Spiljak – Fantasy in my mind

Sound Effects (sourced from www.freesound.org)
Ding - https://freesound.org/people/InspectorJ/sounds/484344/

Bibliography
https://en.wikipedia.org/wiki/Mark_14_torpedo
https://en.wikipedia.org/wiki/Mark_14_torpedo
https://www.wearethemighty.com/history/ww2-navy-torpedo-problems-mk14
https://navalunderseamuseum.org/mk-14/
https://www.historynet.com/us-torpedo-troubles-during-world-war-ii.htm
https://military.wikia.org/wiki/Mark_14_torpedo

As many of you know, I work for a Fortune 50 retailer as the Manager of their Command Center.

As many of you also know, the US had a Category 4 hurricane hit in the Gulf of Mexico during the week. Hurricane Laura.

As you can imagine, it’s been a pretty busy 10 days. And, to be honest, I haven’t had the time this week to research and construct a typical Risktory episode.

So, instead, this week’s episode will be a QandA episode. A lot of you have asked for this. A lot of you have asked me a lot of questions. So what better time to answer all of those questions than this week, when I am time poor and in an episode where research isn’t necessarily required because… it’s all my opinion.

The Risktory Podcast is created, written, produced and hosted by Jacinthe A Galpin.

Soundtrack (sourced from www.freemusicarchive.org)
Alan Spiljak – Clouds
Alan Spiljak – Forgotten
Alan Spiljak – Light blue
Alan Spiljak – Empty days
Alan Spiljak – Stars above
Alan Spiljak – Not the end
Alan Spiljak – Sun
Alan Spiljak – Flying away
Alan Spiljak – Time
Alan Spiljak – Fantasy in my mind