Ready to dive into the vibrant world of Miami's startup scene?
Having had the opportunity to interview Mark Ryan, a student in Henley Business School's Executive MBA Global programme, we gained insights into his experience of the Miami immersion trip and startup culture.
Mark has an extensive background in engineering and has spent most of his career in the mining and tunnelling industry. He enrolled in the EMBA Global programme to broaden his skillset and gain new perspectives. Mark was drawn to Henley because the programme explored topics outside of his typical day-to-day experiences. While he travels frequently for work and had previously been to Miami, he was excited about the startup project.
Supporting Startups
The Miami immersion trip focused on working with startup companies. Students helped analyse and understand the startups' visions and map out priorities for success. Mark worked with Haystack, a company developing a website that helps people on the autism spectrum to find jobs. He was impressed with the founder's vision, which stemmed from personal experience of witnessing her brother's struggles in the job market.
Mark and his group did market research for Haystack, reviewed their business plan, and helped them identify key priorities for the next stages of business development. The group also provided Haystack with contact information for relevant connections and organisations, going beyond the assignment requirements, to support the startup's success.
A vision does not suffice
Mark had limited experience with startups before the immersion trip. One key observation from his experience in Miami was the importance of strong communication skills, especially for securing investment. He noted that some companies excelled at communicating their vision and generating excitement around it, while others struggled despite potentially having strong business ideas. He concluded that startups need someone who can effectively convey the company's vision, and if the founders lack that ability, they should find someone who can.
US Business Culture vs. the Nordics
Mark found the US business culture to be more forgiving of failure, with a greater emphasis on optimism and risk-taking compared to Nordic's more risk-averse approach. The US labour laws allow for easier hiring and firing, which can benefit employers but also lead to challenges with employee retention and trust. Nordic countries prioritise employee wellbeing, fostering trust and loyalty through greater job security and work-life balance, with a focus on long-term, sustainable success. Nevertheless, the larger market size in the US provides startups with greater opportunities for scaling their businesses.
Ultimately, there's no one-size-fits-all "best" business culture. Whether you're drawn to the US' high risk and reward culture or the Nordic focus on balance and wellbeing, understanding these cultural nuances is essential for navigating the global business landscape.
Cheers from Henley's EMBA Global cohort in Miami!
