How one fax led to Jaime Daez building the Philippines’ fastest-growing bookstore
Jaime Daez didn’t have much of a business plan when he started selling books: he just wanted to buy copies of Spanish architecture magazineEl Croquis(and, if possible, at a discount). Daez had started reading the publication as a student at the University of Navarra in Pamplona; after returning home to the Philippines in 1994 he was keen to keep collecting issues. “Amazon was nonexistent back then,” he says. “One day I decided to send the publishers ofEl Croquisa fax, presenting myself as a possible distributor,” he says. To his surprise, the magazine’s team agreed to give him 60 per cent off the retail price if he ordered 100 copies. Two sheets of fax paper later, Daez was a fledgling magazine and book distributor.Jaime DaezSitting in his office inside the Fully Booked shop in Manila’s Bonifacio Global City (BGC) neighbourhood, Daez tells Monocle that he started off more like a door-to-door salesman than a conventional distributor. “I would flick through theYellow Pages, looking for architecture firms and interior-design agencies to sell to,” he says. “The bigger the font, the better, because that meant they probably had a bigger budget for buying books.” His approach was simple. He would call a company and then visit its offices in person, with the hefty copies ofEl Croquisin tow.Four months into his improvised career, Daez secured an appointment with a renowned Filipino architecture firm. He arrived at its building only to discover that there was a power cut – a frequent occurrence in the country in the 1990s. The lifts were out of action and the firm’s office was all the way up on the 19th floor. So Daez trudged up the stairs, carrying more than 20kg of titles; half an hour later he was still only on the 10th floor. Huffing and puffing, he suddenly realised that, because of the blackout, the architecture firm’s office was probably closed. “I tucked the box of magazines in a corner and ran up to the 19th floor,” he says. “There was no one up there.”. For Daez, this moment was a turning point. “The incident made me ask myself, ‘Am I willing to put up with all of this?’” Despite the frustrating experience, he realised that he was.Daez’s next step was to use half of his mother’s 30 sq m sweetshop to sell an expanded range of titles focusing on tropical, Asian and Mediterranean architecture. Sales were encouraging. Eventually he took over the entire shop, widening its selection to include business and children’s books, as well as fiction. In 1997, Daez opened his first official bookshop in Glorietta, a shopping centre in the Makati precinct (Fully Booked now occupies a bigger site in the same complex). This was followed by a series of openings across Manila.Despite his swift success, that moment of clarity in the stuffy staircase as a 24-year-old continued to play an outsized role in Daez’s career. It steeled him as the Philippines’ publishing industry faced a succession of difficult challenges, from the 1997 Asian financial crisis to the rise of e-books. “Within the span of about three years in the late 2000s, the use of e-books increased by almost 10 times,” he says. “I remember thinking, ‘I might be out of business soon.’”Despite the uncertainty, Daez went on to take his biggest business gamble: securing a 15-year land lease to build a four-storey bookshop in the then-underdeveloped BGC precinct. “The head of [shopping-centre chain] Ayala Malls asked me, ‘Jaime, are you sure? Don’t you want to be conservative and focus on two floors first?’” But Daez believed that having his own land parcel would anchor the business in stormy times; he also suspected that BGC would soon become the new city centre. So he went all in. His instincts proved correct: today, BGC is one of the Philippines’ leading central business and lifestyle districts, the port of call for all of the biggest brands. Here, Fully Booked BGC stands as a beacon for book lovers. It’s an attractive flagship shop with plenty of natural light, a big acrylic painting by US artist Mike Stilkey that uses discarded books as its canvas and whimsical paper sculptures of marine animals that hang from the ceiling.The four-storey Fully Booked BGC shopPaper sculptures hang from the ceilingBy 2020, Fully Booked had 31 thriving bookshops across the city but lacked a strong online presence. This became a big problem when the coronavirus pandemic forced all of Fully Booked’s shops – which the authorities deemed as non-essential businesses – to close for two months. No one was permitted to enter. “Our online sales were only 1.5 per cent of our total revenue at the time,” says Daez. “It was a matter of survival. I told my managers to bring home their laptops and encode every single book for our online shop.” Despite the lockdown, his team upped its productivity and added 10,000 titles to the business’s website within four months.This agile response to the crisis made all the difference and cemented Fully Booked’s position as the Philippines’ go-to bookshop chain. Its biggest competitor, National Book Store, seems to have shifted its focus towards textbooks and office supplies. “National Book Store used to be a temple of the written word,” says Ric Gindap, co-founder of rising Manila-based magazine shop Spruce Gallery. “But stepping inside today, you feel like you’re preparing for a third-grade science fair, rather than feeding your literary soul.” By contrast, Fully Booked has continued to diversify its selection of fiction titles, art books, graphic novels and more.An inside lookStaff prepare for openingThe team is on hand to helpThe company’s growth looks good on paper too. Since the pandemic, Fully Booked’s online business has grown by 2,400 per cent and 17 new shops were added during the same period. Its e-commerce operation has been such a success that it has caught the eye of US publishing giant Penguin Random House. “Its executive vice-president told me that we were its case study in Asia because no one had pivoted better and more quickly than we had,” says Daez.The biggest endorsement came when Japanese bookshop Kinokuniya chose to team up with Fully Booked for its expansion into the Philippines in 2022. Together they opened a co-branded shop in the Mitsukoshi BGC shopping mall, with a selection of 20,000 Japanese books. The move has enabled Daez to tap into the growth of manga (and Japanese pop culture in general) in the Philippines. “Manga exploded during the coronavirus years and Japan is unsurprisingly the top destination visited by Filipinos,” he says. It’s a partnership that is blooming. In October, Daez will be opening another co-branded shop with Tokyo matcha café Wasachi in the upscale Rockwell neighbourhood.Fully Booked has bucked the trend of bookshop closures because Daez has always found a way to evolve with the times. While books are the foundation of the business, Daez isn’t afraid to expand its offering. He recently set aside a section for “blind boxes” – sealed packages that each contain a randomly chosen product from a wider series, such as a key-ring doll. These might seem like a departure from books but Daez thinks of this hugely popular trend as a crossover. “Many of these blind-box characters originated from books,” he says. “People come in with the intention of buying one of these boxes but might also pick up a book along the way. We’re not selling something random, like Christmas lights.”Daez is already plotting his next move: creating a suite of Fully Booked-branded merchandise. To him, the gold standard is New York bookshop The Strand, whose own branded wares are almost as well loved as the books on display. “Its shop sells so many variations of its own tote bags, T-shirts, socks and more,” says Daez.An assortment of bestselling titlesOff-the-wall merchandiseComic reliefCustomers pick up their next readIt has been almost 30 years since that fateful fax but Daez’s zeal for what he does remains undiminished. “I put in more time working now than when I started the business,” he says. While his strategies continue to shift according to the market, there’s one constant: his love of books. “I’m a bit of a romantic when it comes to my business,” he says. “I believe that if you have passion for what you do, it can be felt in your stores.”The CV1994:Returns to Manila from Pamplona, Spain1996:Starts distributing copies ofEl Croquis1997:Opens his first full-fledged bookshop in Glorietta2007:Opens the Fully Booked BGC flagship shop2021:Fully Booked’s e-commerce business rapidly grows2022:Inks partnership with Kinokuniya 2025:Fully Booked is on track to have 49 shops by the end of the year
Flow Hive is the beekeeping startup that simplified honey harvesting and scaled globally
Third-generation beekeeper Cedar Anderson was frustrated by the labour-intensive process of extracting honey from his hives. So, in 2015, he and his father set about developing a device that could make apiculture easier and accessible to more people. Ten years on, the Andersons are reinventing the industry with Flow Hive, a mechanism that allows honey to be withdrawn with ease.Honey flowing into waiting jarsApiary in Byron BayAt the heart of the product is a series of rectangular plastic frames, which bees fill with wax and store honey inside, just as they would a honeycomb. To collect its contents, the beekeeper inserts a “flow key” into the top of the hive and turns it, causing the honeycomb cells inside to break. Golden honey then flows through sealed channels inside the frame and out through tubes into collection jars. Unlike conventional apiaries, which require complex equipment to extract honey from hives, the Andersons’ solution requires minimal fuss.Co-founders Cedar and Stuart AndersonWhile the contraption was originally aimed at the commercial honey-making industry (it is capable of holding as much as 20kg), the Andersons soon realised that the streamlined process that Flow Hive offers would appeal to urban beekeepers too.The entrance keeps wasps and other invaders outBusy at workFrom humble beginnings in a tin shed, Flow Hive has built a global business with thoughtful design and environmental awareness. More than 100,000 Flow Hives have been installed in 130 countries, turning rooftops, balconies and suburban gardens into havens for pollinators. What began as a father-son side project now employs more than 50 staff, with its headquarters still nestled among the gum trees of their farm. Its manufacturing process has scaled efficiently, combining traditional joinery with streamlined digital production of honeycomb frames, allowing the business to meet surging demand.Honey from the hives in Byron BayFlow Hive frame, filled with beesThe firm has also expanded its range to include pollinator-friendly gardening products, embedding itself within the climate-conscious home-and-garden movement. In redefining how we harvest honey, it has also reframed what it means to be a modern manufacturer: local, thoughtful and purpose-driven. Business is busier than ever. Want more stories like these in your inbox?Sign up to Monocle’s email newsletters to stay on top of news and opinion, plus the latest from the magazine, radio, film and shop.Your EmailSubscribe
How to build real estate businesses from conversion, not demolition
When property entrepreneur Ben Gattie set out to restore one of his first heritage site in Singapore, he began with a disused 1920s-era biscuit factory with high ceilings and an ornate stuccoed façade. The site had been unoccupied for a couple of years and, though it was a little weathered by time and neglect, Gattie immediately saw its potential. Within a year, it had become The Working Capitol, a co-working space, complete with a lively mix of cafés and restaurants. Ben Gattie“Thanks to the building’s conservation status, it couldn’t be torn down,” says Gattie. “Instead, we considered how we could bring it to life. And it turned out that the site’s character made it the ideal property for the project. It helped us to attract and anchor the dream tenants that we wanted alongside the corporate ones.” The Working Capitol was just the first of many. Today, Gattie’s Singapore-based real-estate company, Triple P, oversees more than 35 conservation properties across the island state’s Chinatown neighbourhood. Indeed, restoring heritage sites has become its principal mission. Exterior of The Working Capitol “Adaptive reuse gives you flexibility,” says Gattie. “We can develop our layout and user experience based on a property’s unique configuration. It is exciting when you can instil your brand vision around a property, instead of the other way around.” Office spaces Part of the appeal of working with heritage sites for property projects is that, in addition to their uniquely Singaporean identity, these spaces tend to be distinctive enough to attract both international and local brands. Triple P’s constellation of heritage buildings along Keong Saik Road, for example, has enticed several global tenants, including Indonesian hospitality brand Potato Head and Canadian athletic-clothing retailer Lululemon, which sit alongside home-grown brands such as milliner Hat of Cain and restaurant La Cabane. And just around the corner at 89 Neil Road, a factory that once produced herbal pain-relief medicine Tiger Balm now accommodates bespoke workspaces for businesses that include software company Figma and concert promoter Live Nation. La CabaneTraditional shophouse shutters restored For the next phase of Triple P’s growth, Gattie is focusing on residential projects. The firm has acquired two old walk-up style apartments in the Little India district, on the doorstep of the city’s business quarter. These have been repurposed into 16 individual residential units for a co-living operator, which opened earlier this year and offers easy access to the city, as well as a sense of community and security. As an entrepreneur, Gattie saw an opportunity in a city that is renowned for its make-it-new attitude but also has a wealth of underutilised architectural marvels. “When working with heritage sites, you have to remain open-minded,” he says. “There has to be a compromise between nostalgia, romanticism and practicality for the spaces to be both special and commercially viable.” Want more stories like these in your inbox?Sign up to Monocle’s email newsletters to stay on top of news and opinion, plus the latest from the magazine, radio, film and shop.Your EmailSubscribe
Editor’s letter: Where to look for inspiration and how to act on it
People used to say that everyone had a book in them. Today there’s a creeping sense that every Jeff, Arianna and Elon is sitting on a business idea that can change the world – and not always for the better. But what makes a worthwhile business and what does it take to nudge people into starting one? Where and how does inspiration strike? And what do they learn along the way?Metaphors only stretch so far but the publishing parallels run throughout this issue ofThe Entrepreneurs, Monocle’s handbook for budding business owners and anyone looking to pen the next section of their own story. So where to begin? Well, Jaime Daez of Fully Booked had little to no experience in retail when he began selling the architecture magazines that became the basis of his now thriving business, one of the Philippines’ leading bookshop chains. Good ideas can start small before growing in volume. Just look at Deezer, the Paris-based music-streaming service that pays artists fairly.Expo, Tokyo.Honing your craft can take timeWe also speak to career-switchers – one of whom traded his dreams of being a rock star to reinvent the toaster (he knows which side his bread’s buttered). We also solicit some advice from fashion firms on when to start, pivot and say a fond farewell. The business life cycle is celebrated too, from the ups and downs to the unexpected twists and turns.Running your own concern takes graft but humbler company heads admit that there’s an element of being in the right place at the right time too. No, not in California: that moment has passed. Instead, we shine a light on Mexico, where entrepreneurs are rethinking everything from aviation to the art scene. We also visit Côte D’Ivoire to capture a moment of extraordinary optimism and opportunity in Francophone West Africa.Elsewhere, we meet the CEO penning fresh lines at family-run firm Bic, which makes products that many people have but few feel they own, and the developers creating desirable new workspaces on Wall Street, where a fightback against remote working is in full swing.We also profile three artisans crafting wares in the hearts of Florence, Tokyo and Stockholm in our visually appealing Expo – it’s about the businesses, of course, but also a meditation on what we all lose when cities become the exclusive remit of those with fat wallets, service jobs or white collars.The idea of “making it”, of what success actually looks like, remains subjective. Most of the businesses featured across our pages, however, aim to give a little back. Perhaps they endeavour to include their neighbourhoods in their activities, improve the lives of their staff or solve problems without costing us the earth (figuratively or literally). So, whether you’re looking to start writing a fresh chapter or toss away the old manuscript and begin again with a blank sheet, we’ve got ideas aplenty and stories to share. Isn’t it time to turn the page?
How Hempel created a paint empire powering ships, skyscrapers and Farrow & Ball
Farrow&Ball is known for its outré colour names that include “Elephant’s Breath”, “Arsenic” and “Dead Salmon” but the company that owns the UK paint-maker has more than the luxury interiors market covered. Hempel a/s, a 109-year-old Danish company that owns various brands such as Crown, also manufactures cutting-edge coatings including those that adorn London’s Tower Bridge, the Louvre Abu Dhabi and Amsterdam’s Schiphol Airport. Elsewhere, its innovations can be glimpsed on the exteriors of oil rigs and gas platforms, as well as wind-turbine blades and ship’s hulls. All are rigorously formulated to reduce drag and pollution, and used for far more than their dazzling hues.Orange, the new black?Marine paintWatching paint dry has never been this fascinating or this lucrative: in 2023, Hempel’s revenue grew by a record 13.7 per cent to €2.4bn. “Our marine business has seen huge growth in the past three years,” says Michael Hansen, Hempel group president and CEO, when Monocle meets him just north of Copenhagen at the company’s headquarters in Lundtofte. “Shipping is experiencing a paradigm shift. The focus now is on the environment and decarbonisation. Our marine coatings are here to help these organisations achieve their goals. If we can solve the biggest challenges facing the wind-energy industry, there is potential for real growth there too.”The technicians in the research and development technology centre downstairs are busy tackling these issues. As Monocle dons anti-static overshoes, goggles and white coats, formulations specialist Camilla Holmberg informs photographer Mathias Eis that, due to the solvents used, this is an atex (“explosive atmosphere”) zone. For safety reasons, he’ll need to shoot at a minimum height of 80cms. First we visit the Colour Room, which is painted the most neutral of greys, where colours can be assessed under all sorts of lighting conditions. Next, Holmberg hands me a tongue of polyurethane paint that is used to coat the blades of wind turbines. Rain is an existential threat to offshore wind farms. In testing, Hempel subjects the blades to its helicopter-engined weather simulator and they come out looking like they’ve been gnawed by a colony of vicious rabbits. The paint’s rubbery texture counteracts this by enhancing wind resistance and providing protection against adverse conditions. Another of its miracle paints can help to maintain the integrity of burning buildings by puffing up to 50 times its original volume. It can withstand temperatures of 500c and is typically used for oil refineries but also coats the steel frame of Schiphol Airport.CEO Michael HansenChief people and culture officer Pernille Fritz VilhelmsenHansen is particularly proud of Hempel’s newer marine coatings: one protects hull interiors against brutal cargos while also being easy to clean, enabling a quick turnaround in ports; another super-slippery, self-polishing, silicone-based external paint can reduce drag, and therefore fuel usage, by more than 17.7 per cent. There’s even a special paint to smooth over vertical welds on a ship’s outer hull. “This is really cool because welds are structural and you can’t grind them down,” says Hansen, taking nerdy delight in the details. “Using our paint on welds alone can reduce fuel consumption by 2 to 3 per cent. And it’s biocide-free, so it’s non-toxic.” To demonstrate the challenges faced when applying marine paints, Holmberg shakes a bottle of tomato ketchup. “To paint a ship, you need to be able to spray it but it mustn’t run or drip,” she says. “Just like ketchup when you shake it out of the bottle, it has to flow with the perfect consistency.”In this context, Hansen’s move from shipping to paint, after 19 years at Danish shipping giant Maersk, doesn’t seem like such an odd career change. As he notes, Hempel started out in 1915 and Maersk was its first major customer. It was responsible for formulating the trademark “Maersk blue”. There are similarities between the company’s founders too. “Like Maersk, JC Hempel was a very entrepreneurial, outward-looking and innovative man: he went into the Middle East and Asia in the 1960s, for example,” says Hansen. “In addition to this, he firmly believed in moral responsibility.”Protective clothingThis mindset led Jørgen Christian Hempel, who died 1986 aged 91, to effectively give away his fortune in 1948 when he created the Hempel Foundation, which is still the sole owner of the company. “He did it primarily to protect the group from a hostile takeover but over the past 20 years it has grown as a philanthropic foundation, giving more and more to charity,” says Hansen. Many of Denmark’s larger organisations, such as Lego, Maersk and Carlsberg, have separate charitable foundations but it is rarer for an entire company to be owned and run by them. It does have implications when the company needs to raise funds, though. “True, it means that we have to live from our own retained earnings but we want to be the industry leader in sustainability. For that, it is an advantage to have the foundation’s long-term approach. Above all, the fact that our dividends go to philanthropy gives the people who work here a huge sense of purpose.”“The foundation is a major reason why so many people are drawn to roles at Hempel,” says Pernille Fritz Vilhelmsen, chief people and culture officer. “When we go to work, we know that our proceeds are not going straight to shareholders or an owner but towards doing good. It is a unique proposition in terms of employer branding and we do use it in recruitment.”Inside Hempel’s HQThis purpose-driven loyalty is one of the reasons why Hempel is considered to be among the best companies in Denmark to work for. Its HQ is appealing too. Built by Swedish architects Sweco, it has a central spiral staircase that emulates a can of paint being stirred. There is a fully staffed canteen and working hours are flexible. “Our Danish business is [financially] insignificant but we are still inspired by the country’s values,” says Hansen, who took over the top post a year-and- a-half ago. “We put our people first because innovation doesn’t come from nowhere. It also makes sense to be in Denmark. It’s easy to reach the rest of the world from Copenhagen; the reputation for quality of life here means that we attract overseas talent; and we have access to educated labour.” Since 2017 the Hempel Foundation has supported a science and technology centre within The Danish Technical University (DTU) that specialises in sustainable coating solutions. Once they have concluded their studies, many graduates join the organisation.7,500Employees in total (including 400 in the Danish HQ, 1,300 in the UK and 1,000 in China).400 millionTotal amount of paint produced in litres in 2023.6,500Number of Hempel paint standards.26Number of factories, plus 15 R&D centres.€21mThe Hempel Foundation: has total assets of €848m and donated a record €21m in 2022.Hempel’s business is divided into four sectors. Besides its marine, infrastructure and energy ventures, it also runs a decorative operation. Under this umbrella is paint and wallpaper company Farrow&Ball, which was founded in 1946 in Dorset, England, where it is still based. In 2021 it was bought by Hempel from US private-equity firm Ares for a reported €580m. The decorative arm also includes Crown Paints and JW Ostendorf in Germany. Farrow&Ball showrooms and Crown Decorating shops make up some of the 200 or so high street shops that Hempel runs in the UK. “Sometimes I wonder why we aren’t solely available online but the painting and decorating industry is surprisingly conservative,” says Hansen. “It turns out that professionals love to come into the shops for a cup of coffee before they start their day. It’s a big part of the appeal.” The decorative sector boomed during the coronavirus pandemic but has been hit by energy and material price hikes over the past two years. “There are still real challenges,” says Hansen. “Decorative hasn’t recovered yet.”Paint samples in the Colour RoomThe R&D lab’s paint storageAna Henriques, Hempel’s executive vice-president, head of decorative, is partly responsible for nurturing the sector back to health. Henriques joined the company from AB InBev in New York and has faith that the consumer brands can innovate their way back to greater revenues. “Farrow&Ball has always been a pioneer: we were the first to have showrooms rather than just traditional paint shops,” says Henriques.“We have also embraced working with colour consultants, e-commerce and collaborating with designers. These days we are very well connected with influencers and a have a more-than-two-million-strong following on social media. But what comes first is the quality of our products, which are known for their richness and depth of colour.” In total, Farrow&Ball uses 12 different pigments to blend its 132 current shades. Historically, pigments would have come from a wide range of unusual sources: “India Yellow”, for instance, was once made from the urine of cows fed on a diet of mango leaves. Today they are all chemically created. The company is in the middle of gently revamping its colour range – something that happens every five years. The expectation this year is that surfaces that were painted at the height of the coronavirus pandemic will be looking a little tatty. “It has been a while since everyone redecorated,” says Henrique.The air that we breathe in our homes and offices is a major topic among Danish architects right now. Volatile organic compounds (VOC), which are released when paint is applied, and over the longer term, are of particular concern. “Farrow&Ball was the first company to go 100 per cent water-based,” says Henriques. “People want their homes to feel healthy: they don’t want the smell of paint to linger, which means that they are going for low VOC options [Farrow&Ball paints are low- trace VOC – the best rating]. They also want to use colour to create specific moods.”What’s on the cards?Camilla Holmberg, formulations specialistCustomers can enlist the help of Farrow&Ball’s colour-consultancy service, which sees a representative visit homes to suggest a palette of calming tones or energising combinations. Before the end of the year the company will also offer an upgraded virtual service. It will then be possible to scan rooms, furniture included, on your phone and see the effect of different paints.As a global company, Hempel employs a cross-cultural approach to colour and finish. “We have colour-trend teams who keep an eye on textiles, fashion, ceramics and social media,” says Henriques. “For instance, customers in the Middle East look for external paint in natural shades, you won’t see dark colours on houses and finishes need to withstand sand erosion. Cooler climates tend to like yellowish hues. In hotter climates, where the use of whiter indoor lighting is more widespread, colours appear differently. Big, bold reds are having a moment in Germany but in Scandinavia everything is white. Different countries are also drawn to different textures: in the US, smooth surfaces appeal whereas in Germany more ‘movement’ is allowed.” Even the way in which professionals work with Hempel varies. “In Germany, people prefer to use an oval paint bucket so that they can dip the roller straight in, unlike in other places, where they use trays.”Looking ahead, the popularity of cold greys is waning and warmer tones might be returning to favour. But right now, Henriques detects a definite lust for coatings with depth. “Very rich green is having a bit of a moment,” she says, nodding emphatically.
Case Study 2.0: The grassroots initiative to rebuild a more resilient Palisades
About 30km west of downtown Los Angeles, the Pacific Palisades was once a bucolic enclave famous for its design-forward addresses and illustrious residents. But in January the area was hit by the worst wildfires in the city’s history – almost 7,000 buildings were destroyed. But as the flames subsided, property-developer brothers Jason and Steven Somers, third-generation Angelenos, set out to help save the neighbourhood.The Somers brothers decided that the best way to rebuild quickly without making aesthetic sacrifices was to take inspiration from the Case Study Houses, a mid-century initiative that gave the city so many of its landmark residences, from the Eames House to Pierre Koenig’s Stahl House. The name of the brothers’ ambitious project? Case Study 2.0.Chimneys are all that remain of some propertiesJason and Steven Somers“We want to create cost-effective, time-efficient and fire-resilient solutions that are also beautiful,” Jason tells Monocle from behind the steering wheel of his electric Range Rover. The brothers are in the Pacific Palisades to meet with potential clients and contributing architects. Outside, solitary brick chimneys surrounded by heaps of ash and rubble dot the streets.“No situation is more critical than building back a community,” says Jason. The Somers brothers are the owners of Crest Real Estate, an agency based nearby, which specialises in managing the process of obtaining permits for property developments. They also have a deep knowledge of southern California’s arcane land-use codes, as well as a handy network of architects. “Our company is based on fast-tracking the development process,” he says.The aim is to build 200 houses. More than 50 designs have been commissioned so far, including a Spanish-colonial-style property with terracotta roofing and a gabled three-bedroom home with a pool and guest house. Protecting homes against fire is a must. Architect Michael Kovac, whose home we visit on the trip, explains the importance of fireproofing tweaks, including lava-rock landscaping and ember-blocking vents.The mark of a slow recoveryThe brothers check in on Doug Hafford, whose 1940s bungalow burnt down, leaving only its garage standing. Hafford is keen on an L-shaped design with a glass-enclosed great room. Steven estimates that it will cost between $650 and $800 (between €570 and €710) per square foot, 20 per cent less than a custom build. “It’s about time as much as money,” says Hafford. “We were looking for an à la carte menu like this.”The Pacific Palisades still faces headwinds. More than 200 lots have been put on the market as property owners seek to cut their losses. But having worked here their entire careers, the brothers believe that a critical mass of residents will remain. “It will feel like home again five years into the programme,” says Steven. “By year eight, the Palisades will be the most desirable neighbourhood in LA.” To achieve such a remarkable turnaround, speed is of the essence.Want more stories like these in your inbox?Sign up to Monocle’s email newsletters to stay on top of news and opinion, plus the latest from the magazine, radio, film and shop.Your EmailSubscribe
Hold on! Beltways are putting the world’s fastest travelator on trial
The moving walkway has long been a fringe fascination in the world of mobility. Science-fiction writers from Isaac Asimov to Robert A Heinlein imagined future cities bristling with speedy pedestrian conveyors but the technology hasn’t quite lived up to its potential. Now a US start-up called Beltways hopes to change this. In early 2026 the firm will hold a public trial at Cincinnati&Northern Kentucky International Airport (CVG) to deploy what it claims will be the world’s fastest moving walkway, capable of whisking standing users at a top speed of 16km/h. (Current travelators putter along at a maximum of 3km/h.)“Transit is only useful if it’s faster than walking,” says John Yuksel, who co-founded Beltways with his brother, Matine, and envisions his “accelerator” walkways as a last-mile system pulsing through places such as New York’s Times Square. The siblings left jobs in Silicon Valley to start the company and are bringing to fruition an idea first envisioned by their father, Edip, when he was an engineering student at Turkey’s METU university. Edip drew up plans for a modular walkway system that could cut through traffic-choked Istanbul. Previous attempts at faster walkways – thetrottoir roulantdeployed by Paris’s metro agency more than 20 years ago or Thyssenkrupp’s Accel system, used in Toronto’s Pearson Airport – ultimately ran aground, largely due to mechanical and financial problems.The first moving walkway was set up at the World’s Columbian Exposition in Chicago in 1893, then a revised version by the same architect, Joseph Lyman Silsbee, featured at Paris’s Exposition Universelle in 1900. More than a century later, the “street of the future” might be about to arrive, and quicker, than you think.CommentMoving walkways can make urban spaces more walkable, efficient and sustainable. We’d be delighted to hop on.Want more stories like these in your inbox?Sign up to Monocle’s email newsletters to stay on top of news and opinion, plus the latest from the magazine, radio, film and shop.Your EmailSubscribe
In the UAE, flying taxis will soon be a reality
Zipping silently home from the airport in a sleek electric aircraft above the gridlock and noise sounds wonderful – and Dubai’s “flying taxis” are slated to make this a reality early next year, with four key points in the city earmarked as launchpads. November’s Dubai Airshow is a clear signal of intent. A dedicated pavilion for clunkily named eVTOLs (electric vertical take-off and landing aircraft) will see companies such as Joby and Archer showcase models that they claim could be airborne and commercially operative by 2026. “We’ve expanded the show by 8,000 square metres,” Dubai Airports CEO, Paul Griffiths, tells Monocle. “A number of eVTOL firms are planning to fly their aircraft publicly for the first time. It’ll be tremendously exciting.”Dubai has completed test flights and has plans to launch its first commercial air-taxi routes next year, linking four vertiports at Dubai International Airport, Downtown, the Marina and Palm Jumeirah. In Abu Dhabi, meanwhile, US-based Archer Aviation is to introduce its Midnight aircraft, capable of flying four passengers. It’s aiming to cut the tricky Abu Dhabi-Dubai journey from 90 minutes by road to a mere 20 minutes in the sky.Waiting in the wings: Archer’s Midnight aircraft(Image: Courtesy of Archer Aviation)“The technology is ready now,” says Archer CEO Adam Goldstein. “Tesla led a revolution in battery tech that’s made its way into aviation. Governments are working with industry to shape standards and real capital is coming in.”But why here, and not in Archer’s home market of the US? “Everyone in the UAE said, ‘We want to make this happen,’” says Goldstein. “It’s more agile and ambitious. From the Abu Dhabi Investment Office to Mubadala and Etihad, the alignment is unique – and it’s our gateway to the Gulf, India and the rest of Asia.”There’s also the fact that such innovation couldn’t work elsewhere (yet). Imagine trying to land an eVTOL in Manhattan or London, where airspace is crowded, infrastructure outdated and regulators rightly cautious. Add in noise complaints, rooftop logistics, the danger of crashes and decades of urban planning designed specificallynotto accommodate flying vehicles, and the whole thing starts to look absurdly far away. In cities where the average building permit takes months to secure, the idea of regular rooftop landings feels fanciful at best. By contrast, the UAE has space, capital, a centralised system that accelerates decision-making and even favourable weather. Crucially it has the ambition, spurred on by a friendly but fervent rivalry between Dubai and Abu Dhabi that has already delivered competing museums, megaprojects and cultural districts. Flying taxis, it seems, are the next prize.“This is just version 1.0,” says Griffiths. “Once we get greater endurance and payloads, you won’t need roads or traffic lights. You’ll simply fly.” Inzamam Rashid is Monocle’s Dubai-based Gulf correspondent.Monocle Radio’s The Entrepreneurs recently discussed flying taxis with Archer Aviation’s CEO – listen below:Want more stories like these in your inbox?Sign up to Monocle’s email newsletters to stay on top of news and opinion, plus the latest from the magazine, radio, film and shop.Your EmailSubscribe
Tivoli Gardens’ CEO on how Denmark’s most renowned theme park has stayed tech-free and relevant for 182 years
When Tivoli Gardens opened its gates in central Copenhagen 182 years ago, one of the first people through the turnstiles was Hans Christian Andersen. Since then, this compact amusement park squeezed between the Central Station and City Hall has become more than just Denmark’s most popular visitor attraction, it’s a cultural landmark and a location for national celebration that holds a quasi-spiritual place in the heart of the Danes. More the merrier: A Moorish palace in the Tivoli Gardens, circa 1965(Image: Getty Images)The park blends beer garden aesthetic with highbrow culture, live music, theatre, modern thrill rides and old-fashioned fairground stalls, all of which combine with its world-famous lighting to create a fairytale setting. Tivoli’s history is a crucial element of its appeal – but as CEO Susanne Mørch Koch knows all too well, to compete in 2025’s attention economy you can’t coast on legacy alone. Her stint as leader began with a baptism of fire. She took over in August 2020 amid the Covid crisis, as a result of which the park lost millions of kroner in revenue. But after a rollercoaster start, Tivoli posted a record for visitor numbers and turnover in 2024.Monocle meets Koch to find out more about how she has shepherded this cherished Danish brand from catastrophe to triumph, and about her plans for the future.Tivoli Gardens CEO, Susanne Mørch KochTivoli seems to hold a special place in Danish hearts. What is its appeal?Many of us carry childhood memories from Tivoli. My family didn’t have a lot of money when I was young, and looking back I now realise that my parents worked so hard and we didn’t have a lot of spare time together. But we would visit Tivoli every summer as a family, and it was something that I looked forward to for the whole week running up to it. I couldn’t sleep the night before. And that’s still true for kids today. My favourite ride was Galejen – just little boats running round in a circle but it’s quite a legacy ride today and always busy. It even has a special smell and feel. Now, I ride the old wooden rollercoaster most often.Who is your competition?Are you vying with computer games, streaming services and social media to capture the imagination of children?No, not really, because we are so different from that world. There has been pressure to gamify the park with apps – we had a suggestion for something a bit like Pokémon Go – but we have deliberately not done that. We are selling quality time and screens would get in the way of that. Of course, no one wants to stand in line and be bored, but we’re not afraid of people queuing a little: it’s where you can ground yourself, reflect on what you’ve just experienced and build anticipation. We see it as a benefit. Where apps can improve a visit, we use them – restaurant bookings, for instance – but we don’t want technology to be part of the show.Tivoli has iconic gates that seem to draw people in – how important is this exterior image? The main entrance is crucial. It’s a magical place where we welcome and say goodbye to our guests, so there’s a lot of footfall. Throughout Tivoli there is an intentionality behind every detail. Rather than having things that shout for attention, it’s an accumulation of all the little things, such as the way that we use lighting, the planting and the sentiment of the people who work here.Gates of paradise: People queuing at the entrance to the Tivoli Gardens, circa 1965(Image: Getty Images)How do you balance the history of Tivoli with a need to innovate? When I started, people warned me that I risked provoking outrage by changing things. But I’m yet to experience that. Tivoli has always moved forward, it has never shied away from change. If it had done so, it would risk becoming a postcard version of itself – what use is a theme park with no thrill? From the start, my guideline has been that it has to make sense to the people who live just outside our walls. It’s not a typical amusement park that could be anywhere – with live entertainment and good food, we cater to more than tourists and day trippers. What does the future hold for Tivoli?There is still scope to grow visitor numbers, particularly in the shoulder seasons, spring and autumn. We are choosing to expand the Halloween season as the Norwegians have an earlier autumn vacation and we want to attract them. But there’s something huge ahead of next summer – we are redeveloping our street-like layout, with new rides and scenography. The budget is somewhere between DKK100-200 million (€13.4-26.8m)and it’llfeel like a real refresh. Tivoli GardensFounded 1843Open:Apr-Sept, Oct, mid-Nov-Early JanLocation:Central CopenhagenTotal employees:high season 2,200+, low season 700-800Turnover (2024):DKK1.32bn (€177m)Visitors (2024):4.25 million, of which 35 per cent are touristsOwnership:Tivoli is listed on the Danish stock market but is majority owned by the Augustinus FondenSustainability:Net zero by the end of 2025Want more stories like these in your inbox?Sign up to Monocle’s email newsletters to stay on top of news and opinion, plus the latest from the magazine, radio, film and shop.Your EmailSubscribe
The commute: Join José Miguel de Abreu biking from Porto to the central Ribiera district
In the first of a new series joining people we admire on their way to work, we hitch a ride with Portuguese entrepreneur José Miguel de Abreu, co-founder of menswear brand La Paz. As a keen surfer and photographer, De Abreu has an eye for the sublime.He uses his short scoot east from his home in the riverside neighbourhood of Lordelo do Ouro to the central Ribeira district to study the light on the water, stop at a portside café to see what the locals are wearing and unplug a little before the day ahead.Ah, you’ve got a helmet on, so perhaps you’re not walking to work. Tell us about your vehicle of choice.It’s a BMW c400 GT motorcycle that I’ve had for the past two years. It’s on the bigger side so perfect for riding in the city.A soundtrack? Are there any headphones under those flaps?That’s not possible, I’m afraid. I’ve got to listen out for other vehicles. An accident in a car could leave you with a few scratches. On a motorbike, you’re a little more exposed.And for the day, what reading material do you bring?I’ll always pack a book as well as my computer. I’m readingA Whole Lifeby Robert Seethaler andThe Way of the Worldby Swiss photographer Nicolas Bouvier. I also packPúblico,a Portuguese daily, to keep me informed.Best time to beat the traffic?In Porto it’s about 08.30. There’s lots of investment in transport for commuters and there are a few metro lines under construction. But right now, there’s a lot of congestion because often only one lane on most roads is available. So it gets busy in the morning; a journey of 4km could take 40 minutes. People in cars get stuck – that’s why I ride.Any pit-stops?Most mornings there’s an espresso at Paparoca da Foz, a café in the port where the Douro River meets the ocean. I soak in the atmosphere and see the locals; it’s very different to the city centre.And, since you’re in the business, let’s talk outfits. No leathers?In winter, I’ll wear a heavier jacket, which helps with safety. Usually it’s just the clothes I’m wearing that day.How is Porto’s road etiquette?Drivers here don’t beep their horns too much. They’re pretty polite and respectful. Even so, if you’re on a motorbike like me, you have to keep your eyes peeled.Some people see the commute as a means to an end but you seem to enjoy it. What’s the best bit?The view. There’s water everywhere, with bridges taking me over the river and the ocean on the horizon. In the evening the light on the waves is beautiful.
Five important ways the time value of money is shaping the world
During the past decade, interest rates were taken to their lowest level in history. Central banks maintained their policy rates at close to zero for a prolonged period in the US and UK. In Europe and Japan, short-term interest rates turned negative for the first time. In my view this great monetary experiment was a mistake of the first order, whose unhappy consequences we will be living with for years to come.First, some backgroundWe have data on interest rates going back more than 5,000 years. There was a lot of criticism of usury in the Ancient World because high debt burdens resulted in debtors losing their properties and even their freedom. Greek philosopher Aristotle claimed that interest was unjust because, as he wrote, “money was intended to be used in exchange but not to increase at interest”. What’s lacking in this comment is the factor of time: loans are made for a certain period. The Yale School of Management faculty director and economic historian William Goetzmann describes interest as the most important invention in the history of finance as it enabled people to transact for a period of time. Interest is the price of time.The importance of time in economic affairs was best expressed in an aphorism attributed to Benjamin Franklin: “Time is precious. Time is money. Time is the stuff of which life is made.” Franklin’s contemporary, 18th-century French economist Anne-Robert-Jacques Turgot argued that people were impatient – “a bird in the hand is worth two in the bush,” he wrote. Thus, a sum of money today and the same sum in the future couldn’t have the same value. For Turgot, interest is the price given for the use of a certain quantity of value during a certain time. The time value of money exists in all societies and economies. It is especially important for a market-based or capitalist system.Illustration: Paolo PiccininiThe time value of money shapes the world. Here’s how:1.ValuationInterest in the form of a discount or capitalisation rate is essential to every act of valuation. What we call capital is a future stream of income that is discounted (using a discount or capitalisation rate) to arrive at a current value. Without this, an apple in a 100 years’ time would be worth the same as an apple today. As John Law, the Scottish-born gambler and economist, wrote in the early 18th century, “anticipation is always at a discount. £100 to be paid now is of more value than £1,000 to be paid £10 a year for 100 years.” Law founded France’s first national bank while assembling a business enterprise, known as the Mississippi Company. He conducted an experiment, substituting paper money for gold and silver, and issuing new banknotes to bring interest rates down. As rates fell to 2 per cent, the price of the Mississippi stock soared. Alas, Law’s Scheme failed. His experiment fuelled inflation, confidence in his system was lost, and Law’s paper money was withdrawn. Every great speculative bubble has occurred during periods of “easy money”. In 2020/21, when interest rates were stuck at zero and central banks were printing trillions to buy securities, the “Everything Bubble” – stocks, real estate, contemporary art and vintage cars – entered its last phase.2.ProductionThe level of interest influences the length of production processes or the “payback period” for new investments. When interest rates are high, investors demand a quick payback and, when low, a longer payback. Interest encourages us to economise on scarce resources, spurring efficiency gains and profits. The ultra-low interest rates of recent years thwarted the process of creative destruction, slowing the tempo of production. With interest rates stuck at zero for many years, we witnessed the appearance of so-called zombie companies – inefficient firms kept alive on the drip of easy money. Low interest rates also stimulated investment in businesses with distant cash flows, such as venture capital. When rates were stuck at zero, capital flowed indiscriminately into Silicon Valley, which financed ever more preposterous businesses – autonomous cars, space tourism and dubious crypto ventures.3.Risk-takingInterest was described by Ferdinando Galiani, an 18th-century philosopher, as the “price of anxiety” or the price of risk. Galiani reasoned that lending produces anxiety in the part of lenders which must be compensated. Put another way, interest can be seen as an insurance premium received by the creditor against the risk of loss. What we find is that low rates offered an inadequate protection against loss. Easy money encouraged “yield-chasing” by investors, accompanied by a widespread decline in underwriting standards. Interest is also the cost of leverage. As the interest rates fell, governments and companies took on more debt. Government debt levels around the world have soared since u2008. Ultra-low rates spurred companies to use debt to enhance returns whether buying back shares (rather than investing) or acquiring other companies. Leveraged buyouts and mergers proliferated. As a result, global debt levels are higher than at the time of the financial crisis.4.SavingInterest has been described as a “reward of abstinence” – an inducement to save. Interest compounds savings, enabling us to retire at some stage. Low rates punished savers – what the former German finance minister Wolfgang Schäuble called “Strafzinsen” (penalty or negative rates). Without an inducement, saving rates in the UK and the US declined far below their historic averages. Low rates also contributed to the ongoing pensions crisis.5.InflationCentral bankers view interest rates as a policy lever to control inflation. During the pandemic, their fixation with falling prices kept rates at zero while expanding the money supply. After 2020, inflation suddenly reappeared and central bankers called time on the era of zero and negative rates. Renowned US hedge-fund manager Seth Klarman called it “The Great Reset”. During 2022 some $30trn (€28trn) was wiped off global bond and stock markets. The most speculative stocks dropped by 90 per cent or more. Early last year a regional banking crisis broke out in the US as several banks suffered losses on bond-holdings. Venture-capital investments started to trade at substantial discounts to appraised value. Private equity, which had been paying record multiples for buyouts, and piling on nosebleed leverage, ran into trouble. Last year the IMF observed the weakest economic growth in 30 years.The excesses of the easy money era have still not been fully expunged from the system. The US stock market has bounced back to a new peak and a mania relating to anything that AI has taken hold. Cryptocurrencies – a barometer of speculation – rebounded. US stocks are currently more expensive than they were at their 1929 highs.Housing markets from Shanghai to Stockholm have also started to deflate. China’s largest real-estate developers have failed and problems are beginning to appear in the country’s shadow banking system. Bloomberg reports that property stress in Asia is brewing in countries such as South Korea, Indonesia, Vietnam, Hong Kong and Australia. Commercial real-estate problems are also percolating. Austrian group Signa has gone bust with €5bn of debt. In the US, some $2.2trn (€2.06trn) of commercial mortgages are also due in the next few years.Highly leveraged companies, including the UK utility Thames Water and French telecoms group Altice, are struggling. Interest-rate caps and loan extensions that protected companies from the effect of rising rates are running off.Zombie companies are also under strain, especially small companies that lack access to the debt markets. The Wall Street Journal reports that bankruptcies have surged among private organisations in the US. Public finances are also stressed: Washington now spends more on debt-servicing than on defence. The US economy grew last year thanks to an unsustainably large fiscal deficit (about 6 per cent of GDP).Markets have been buoyed by excess liquidity from pandemic-era stimulus programs. This is running dry and many commentators expect bullish financial conditions to continue. Yet, after great bubbles, soft landings are rare. Investors would do well to remember Milton Friedman’s comment that monetary policy operates with a “long and variable lag”.About the writer: Chancellor is an award-winning financial historian and the author of ‘The Price of Time: The Real Story of Interest’, published by Penguin.
How to fall in love with a big brand: Samsung’s first chief design officer is sending a clear message
Samsung is the world’s leading seller of both smartphones and TVs. But it doesn’t matter how successful you are – the electronics market is a competitive field. Today’s number one might not remain so tomorrow. In April, the South Korean giant appointed Mauro Porcini as its new chief design officer, a job that had not previously existed at the company. With such a title, could he become to Samsung what Jony Ive was to Apple?Porcini has held the same role at his two previous companies, 3M and PepsiCo. Speaking to Monocle in New York after Samsung unveiled its latest foldable smartphones and smartwatches, he is dressed in a white open-necked shirt, an understated suit and eye-popping trainers. He’s keen to explain that his new role goes beyond creating chic designs or selecting fun colours for upcoming products.Mauro Porcini“It’s about understanding people: what they need and what they want,” says Porcini. “For the company, it’s about understanding the technology, its manufacturing capabilities, branding and business models. From there, we define the innovation strategy of the business – what is Samsung’s portfolio going to be in 10 years?”Porcini, who was born in Gallarate, Italy, 50 years ago, talks about products having “emotional benefits and semiotic needs”. Semiotics, or the study of signs and symbols along with their use and interpretation, is important to the design executive. He wants to know what buying a certain brand says about a person – what kind of statement does wearing a digital watch over a classic one make to the world about the wearer? You could also say that an Apple, Samsung or Google watch each projects a different image of its user.When the conversation moves to AI, Porcini seems relaxed. “AI is a tool, right?” he asks. “I studied design at the crossroads between analogue and digital. I started with a pencil and Pantone markers, then suddenly had to learn how to use software. Everything was done with computers and renderings. Many designers thought that they would lose their jobs and machines would take over. Now we realise that human intuition, interpretation, creativity and imagination are still needed.”Porcini, whose talk of design focuses on what it means to the users of the products,wants more AI in Samsung’s gear. “If you think about the company’s portfolio, the products are with you wherever you go and they can monitor your body wherever you are, even while you sleep.” Porcini is animated – the benefits of this technology for human health seem to be a topic close to his heart. The latest Galaxy Watch, he tells us, has a sensor that can inform you when your antioxidant levels are low (perhaps you need to eat more carrots or kale). In the not-too-distant future, Samsung refrigerators could access this information and not only tell you which food is nearing expiration but also encourage you to choose vegetables over a slice of cake. Alternatively, your TV could remind you to exercise for five minutes before you sit down on the couch. It’s all very impressive but do we want our appliances to mother us? Should an oven count our calories? How will Samsung get the right tone? “We often say that designers create ‘meaning’ – we don’t design products or brands,” says Porcini. “And different ingredients play into the creation of meaning. You have a sender, a message and a receiver. You have a code, a media, a context and a noise,” he says, explaining the elements meticulously. “Take me talking to you right now: I am the sender and you are the receiver. What we’re talking about is the message and English is the code. My body language, the way that I’m dressed and my Italian accent might be different from someone else and could change the meaning of the message,” says Porcini passionately. “You could do everything right but it won’t work if you have the wrong tone.”“Samsung is already in people’s lives in many ways,” he says. “Our products clean your floors, dishes and clothes. They preserve your food or entertain and connect you with others. It’s already a caring presence.” And this is what Porcini wants Samsung to be: a business where “high-quality, reliable or innovative” are not its only characteristics but also tangible human values.But the executive might have his work cut out for him. Can people learn to love a behemoth brand in the same way? “In big corporations, the dilemma is always the same: how can we please everyone while remaining relevant?” he says. “We need to have the courage to speak directly to people with a certain tone and an original point of view. That’s when they will fall in love.”
‘Free the laptops!’ Why Germany’s digital overhaul can’t come soon enough
Germany’s legacy administrative systems almost ruined my wedding. I have many fond memories of the build-up to the big day but also one terrible recollection: having to gather a pile of paper documents from offices across Germany to submit to the registry in Munich. Fortunately, this laborious task didn’t scupper our plans – but it was illustrative of how outdated systems are stymying the entire country.We might be the world’s third-largest economy with enviable engineering prowess but our bureaucracy and systems are notoriously analogue. So many of the processes that citizens rely on involve pieces of paper locked away in filing cabinets or make use of software that’s regarded as obsolete in many other countries. This was underlined by the coronavirus pandemic, during which the German government was derided for trying to do contact tracing using fax machines. Screen burn: Germany is finally working to bring its outdated bureaucratic systems into the digital ageMore recently it emerged that Deutsche Bahn, the national railway, still uses a decades-old computer operating system. The World Digital Competitiveness Ranking, published by the International Institute for Management Development in Switzerland, puts Germany at a tragic 23rd place out of 67 economies. A 2024 study by the Ifo Institute, an economic think tank, showed that if Germany caught up with Denmark in digitalising its administration, its GDP would grow by €96bn.Our underdevelopment on this front is symptomatic of a dispersed political structure. After the fall of the Nazis, the country went to great lengths to avoid centralising power, giving a lot of autonomy to states and cities. This often meant that they developed separate software packages to run local services, as well as their own ways of doing things. Such fragmentation still hinders co-operation. A long-held commitment to data protection has further hampered the adoption of digital services. Amid an expected third consecutive year of recession, Germany is currently in the process of rewriting the rules of how it is run. It has been working to loosen its previously airtight fiscal rules to allow for greater borrowing to splurge on defence and infrastructure. And now, somewhat late to the game, it is finally looking to go digital. The still fairly-new chancellor, Friedrich Merz, has set up a long-awaited digital ministry. Somewhat surprisingly, he appointed a political outsider as its head: Karsten Wildberger, a 55-year-old with a doctorate in physics and executive experience at firms relying on different technology networks: telecommunications company Vodafone, energy company E.On and, most recently, electronics retailer Mediamarktsaturn, where he was CEO.Wildberger was publicly received with a mix of optimism and eyerolls – one pundit described him as “the man who has been trying to sell you fax machines and now wants to take them all away from you again”. Despite the sarcasm, he has been handed real power. His newly mintedBundesministeriumhas obtained a veto over the digital projects of others, a high ranking in the government’s list of federal ministries(which serves as a kind of league table for their political sway) and responsibility for issues previously scattered across six departments, including parts of the much-coveted cybersecurity beat. Merz clearly means business about getting Germany up to speed.To do that, Wildberger has three priorities. First, he’ll seek to expand mobile and fibre-optic networks to boost phone coverage and internet access. Second, he will work to offer public services through a new digital wallet by centralising standards and establishing best practices from two pioneering federal states. Finally, he will seek to reduce annual costs for businesses by billions of euros by cutting red tape by 25 per cent. All three of these goals are now more achievable thanks to Germany’s new fiscal flexibility and its specially assigned assets of €500bn over 12 years to invest in infrastructure including digitalisation. On the back of that boost, Merz should continue to vigorously back the dynamism that Wildberger’s new ministry represents. Under Germany’s last chancellor, there was great public debate over the question of whether to send Leopard tanks to Ukraine, with some people taking up the battle cry “Free the Leopards!” Under its new plans, and its push for the future, Germany should unite behind a new rallying cry: “Free the laptops!”Schmidt is Monocle’s Munich correspondent. Germany is at a crossroads – read our reporting on the historic election that brought Friedrich Merz to power.
20 hard-earned business lessons from entrepreneurs at the top of their game
Want to build a business that works? We have gathered 20 lessons from global entrepreneurs and industry leaders at various stages of their journeys. In candid conversations on Monocle Radio, they shared with us their thoughts on what it takes to succeed, from carving out a niche and building a purposeful brand to knowing when to trust your gut or pivot with grace. The ideas here span six continents, with sharp insights from founders and CEOs in fashion, media, manufacturing and robotics. Some spotted overlooked markets, while others turned to the past, stacking skills to create something new. What unites them is a willingness to rethink the obvious, be bold and keep building, whatever the size of the idea or the field they’re in.For more smart thinking and fresh perspectives, tune in to Monocle Radio’s weekly showsThe EntrepreneursandEureka, your blueprint for the best in business, retail and leadership.1.Pursue what challenges you“I didn’t set out to start a beauty brand. Cutting through in such a saturated market is incredibly challenging – it’s a steep hill to climb. But I saw problems that were worth solving and it felt meaningful to me to try. I decided that I wanted to bring new thinking into the industry and make it more sustainable, introducing products that combine nature and efficacy.”Emma LewishamCo-founder and CEO of Emma Lewisham skincare2.Value traditional techniques“Greece has an incredible jewellery heritage that isn’t celebrated enough. I have always thought that ‘Made in Greece’ should mean something, just as ‘Made in Italy’ does. Seeing the artisans of the country at work their craftsmanship, the goldsmithing techniques – made me realise that we could create something beautiful that was rooted in culture and truly worth sharing.”Alexia KaridesCo-founder and CEO of London-based jewellery brand Ysso, whose handcrafted pieces are made in Athenian workshops3.Digital doesn’t have to mean disposable“Speed tends to be prioritised over quality in digital journalism. Newspapers often save their well-researched long-form content for print, while digital news outlets churn out quick, low-quality updates. We saw that there was demand for depth over volume amid the relentless breaking-news cycle. The more polarised society is, the greater the need for a product that takes its time.”Tav KlitgaardCo-founder and group CEO of Danish digital-only news outlet Zetland4.Turn a pain point into match point“As a tennis player, I was always annoyed by how much time I would spend picking up balls instead of actually playing. So we built an autonomous robot that does it for you. Other players immediately supported us because it’s a common frustration in the sport. We knew that we had something that would do well, not just in the US but in all big tennis markets.”Haitham EletrabiCo-founder and CEO of Alabama-based company Tennibot, which makes ball-collecting robots for racquet sports5.Take advantage of overlooked market opportunities“Growing up in Oaxaca, I would find delicious mezcal everywhere. But many people in Mexico City dismissed it as a cheap peasant drink. I never imagined that it would become a global phenomenon but once the big chefs in the capital started talking about it, tourists came and everyone wanted a taste. At the start I just wanted to keep my grandfather’s recipe alive.”Yola JimenezFounder of Yola Mezcal, an artisanal brand based in Oaxaca, Mexico6.Build in sustainability from the start“The things that you need when you’re young and moving in with your partner for the first time aren’t what you want when you have two children and a bigger house. We wanted to design furniture capable of growing with our customers so that they don’t have to replace all their pieces – they can be adapted to evolving needs.”Anders ThamsCEO and co-founder of Moebe, a Danish design brand making interior goods that are easy to ship and simple to repair7.Keep things simple“Over the years, we have spent a lot of time thinking about the growth of the team and what happens when you bring 5,000 people together. Our biggest challenge is how to keep the culture vibrant, with everyone working together, while setting increasingly ambitious goals.“At Canva, we have a two-step plan. The first is to become one of the most valuable companies in the world. The second is to do the most good that we possibly can. When we bring in an investor, we ensure that they are very clear about what their money is going to do, what our vision is, what our mission is and what we are trying to achieve.“One of our core values is to make complex things simple. Thirteen years ago, when we set out to apply this to design, we wanted to make a product that wasn’t just serving the 1 per cent of the world that could think deeply about the subject for 10 hours per day. We wanted to produce something that would unlock the power of design for everyone – what we call ‘Empowering the world to design’. The first version of our graphic design platform did this and we spent the next 12 years making sure that the product stays simple but powerful.“Creating a better organisation and being a responsible actor within society is a key part of Canva. We have given away more than $1.5bn (€1.3bn) worth of our product every year to teach students and benefit non-profits all around the world. That’s an amazing thing that’s extremely simple for us to do, because we just flick a switch in our database to give people the product for free. It helps to improve people’s lives and their organisations, and non-profits to drive their mission. Students are able to learn more effectively and teachers can engage their students in a better way. It’s a win-win.”Cameron Adams Co-founder and chief product officer of Australian software company Canva8.Embrace uncertainty“We often strive to predetermine things. The temptation is to decide, ‘This is how my business should run.’ But the longer I do this, the more I realise how important it is to be adaptable. You never know how things will go on any given day, so you need to be able to pivot.”Tom Àdam VitolinsFounder of Berlin-based loungewear brand Tom Àdam, renowned for its pyjamas9.Stay in your own lane “I launched my brand to create my own space, not to fill a gap. At the time, South Korea’s perfume market was almost nonexistent. It was a risky move but I believed in my vision. I’m not trying to please everyone. I would rather know that one person really loved a scent. My biggest fear is making a forgettable fragrance that no one has an opinion about.” Jun LimFounder and creative director of Born to Stand Out, an artistic perfumery in Seoul10.Break the rules for long-term growth “Businesses need to make money if they want to continue to exist and thrive. Expansion can present new challenges but the shackles have been kind of thrown away a little bit. We always try to remember that we don’t need to be constrained by a certain set of rules. This allows all of the things that we love and care about – from hospitality to music, art and design – to shape and influence what we do next.” Johnny Smith and Daniel WillisCo-founders of hospitality group Smith & Willis11.Start in a niche to gain momentum and credibility“We began in the indoor-climbing industry because we knew that it was the fastest way for us to create an impact as we had access to the community. That gave us a way to test our material and connect with people who are eager for a solution to the problem of plastic use in climbing gear. Starting small helped us grow our vision in a way that felt organic.” Marta Agueda CarleroCo-founder and CEO of Material Alternative Design, a Berlin-based company making high-performance materials using mycelium, the root-like structure within mushrooms12.Unleash your inner nerd to find the recipe for success Lena Patriksson Keller: “While I have the greatest respect for anyone who has a full lifestyle brand, Jonas and I agreed to do something very specialised. We said, ‘Let’s be nerdy, go deep and dive into something where we can excel on all levels.’ Jonas especially has a long history in denim. Does the world need another denim brand? Probably not – but we felt that there was space for one with European values that moved away a little from Americana.”Jonas Clason:“We don’t use so many different elements but concentrate on the perfect fit, fabric and packaging, as well as on sustainability. We wanted to team up with industry leaders to create something new – owning the supply chain, threads and fabrics, and so on. We started with a laboratorioin Castelfranco outside Bassano del Grappa in Veneto. Instead of sending patents and finishes to a supplier,we made the ‘recipe’ there.”LPK:“There is a completely different level of knowledge today among customers and in the supply chain. At the beginning, we said that the industrial set-up was crucial for the whole business because a European brand is all about culture. As a new company, we were fortunate to have a close relationship with suppliers, developing all of these things for us. At an early stage, we said, ‘What Loro Piana is for cashmere, we want to be for denim.’”Jonas ClasonCo-founder and creative director of JeanericaLena Patriksson KellerCo-founder and chief brand officer at Jeanerica and executive chair of the Patriksson Group13. Rebuild long before you’re forced to do it“We took the whole company apart and rebuilt it to be more sustainable. Every business should do the same. Even without a crisis, act as though you have one. Re-evaluate your team, costs and core offering. Strip it all back, be clear on your purpose and build a strong, focused strategy.”Johan HellströmCEO and owner of Swedish haircare brand Björn Axén14.Seek out like-minded collaborators“I wanted to create the first African-owned high jewellery brand that honours the communities where the gemstones that are used come from. The first PR firms that I approached told me to tone down the African influence as it would be a hard sell with editors – so I chose to work with someone else. The whole purpose of founding this business was to celebrate that African heritage.”Vania LelesFounder of African high-jewellery brand Vanleles15. Build before you’re ready“We didn’t have engineering backgrounds but we kept experimenting. We tinkered with existing technology, tested countless prototypes and learned from every failure. Eventually, we realised that our makeshift headsets could become a business. The real breakthrough came when we saw the demand for personal use so we shifted focus to the hardware and it opened up a whole new world for us.”Sheera GorenCo-founder and CEO of Zygo, the world’s first underwater streaming headset16. Craft a compelling brand story“We made a website before we even had the product. My background as a photojournalist came in handy because I knew that a purpose-driven story resonates with people. So I wanted to focus on longevity and build a narrative that reflects my connection to Argentina – my homesickness for the country, Buenos Aires and the artisan craftsmanship that you find in Latin America.”Victoria AguirreCo-founder and creative director at Pampa, a rug and homewares brand in Australia with roots in Argentina17. Turn your skills into toys“I have a background in advertising and graphic studios – I spent years on creative teams before starting my own project in my forties, inspired by my five-year-old. I wanted to express what I had learned about creativity so I started a toy brand with designs that encourage open-ended play. Children think that they’re playing with toys but they’re really tools for building critical skills.”Nuria TorrasFounder of Lekkid, a Barcelona-based toy brand18.Future-proof your industry“You can learn the basics of ceramics in a matter of months but it takes decades to master it – and our workforce is ageing fast. That’s why every craftsperson should be training someone who is 10 years younger to ensure continuity and knowledge transfer. Our most experienced decorator was taught by her mother. Now we’re teaching her daughter.”Sarah WatsonOwner and creative director of Balineum in London and Phoenix Tile Studio in Stoke-on-Trent19.Success isn’t in still waters – so learn to ride the waves“Most great entrepreneurs feel like outsiders. They’re flawed, restless and often misunderstood. But strength lies in seeing beyond the surface and staying focused on the change that you want to create. Good leaders compartmentalise rejection, push forward when told no and keep going. Move on quickly and try again.”Jasper SmithFounder of Arksen, a company making vessels, adventure apparel and overland vehicles based in the Isle of Wight20.Question established models“For the first 14 years, I faced plenty of scepticism. People would say, ‘He’s not a pilot – he’s an asset-finance guy! What’s he doing here?’ But I didn’t want to learn the industry’s way of doing things because I wasn’t happy with it. I wanted to fix what wasn’t working. It needed a fresh set of eyes to help it completely change and offer something that would deliver exactly what users wanted. I had to trust my instincts.”Thomas FlohrFounder and chairman of Vista, a leading global private aviation companyIllustrator ——Michael Parkin
Innovative entrepreneurs Ari S Heckman and Charles Brun bring fresh visions to hospitality and eyewear markets
1.Ari S HeckmanAshWhile most US hospitality brands would be looking for big-city locations, Ash is taking a different path, opening in North American cities overlooked by larger companies. The four properties (a fifth opens this summer in Richmond, Virginia) are the work of Ari S Heckman. Part architect and part interior designer, he is also a property developer, furniture buyer and hotelier. He runs a creative studio in New York – a city where, pointedly, he doesn’t run a hotel.Heckman seeks out what he calls “underdog” cities with overlooked building stock. In 2014, Ash’s first hotel, The Dean, opened in a former brothel in Providence, Rhode Island’s state capital. (It was renamed The Neptune in May 2025.) The Siren in Detroit resides in a 13-storey Italianate Renaissance-style skyscraper, which Ash restored to its 1920s period glory (when the city, perhaps not quite uniquely, was known as “the Paris of the Midwest”). Hotel Ulysses embraces Baltimore’s Gilded Age stateliness with a touch of camp, says Heckman, in homage to hometown filmmaker John Waters.Ash’s shops sell vintage ashtrays, pyjamas and umbrellas, as well as a selection of custom furniture and bath products. Meanwhile, Ash Staging outfits homes for sale or rent in the hotter New York and Los Angeles property markets. Monocle sat down with Heckman to find out more.What drew you to the hotel business?Vibrant cities always have at least one great hotel. They become a living room or embassy for their city – they’re more than just a place for lodging. People used to go to hotels just to send a telegram. I lamented that I grew up in the era of postwar suburbanisation. I was mystified that we had vibrant, walkable urban environments all over the country – not just in New York – and hollowed them out. I found that scandalous and depressing. But I came of age during the first wave of urban revitalisation, which has been an animating force for my career. The prospect of participating in the comeback of the American city by being a hotelier excited me.Your hotels have a cinematic quality. Was that intentional?I want a guest to walk through the front doors and feel an all-encompassing attention to detail. Our scent is filtering through the air; the playlist matches the time of day. Every detail of the interior, from the furniture to the wall finishes, feels super keyed into the building that you’re standing in. The lighting is just so. Those attributes create this sense of fantasy and escapism, which is our value proposition. Obviously, it’s a priority that everyone gets a good night’s sleep but it should feel as though you’re going on a vacation within a vacation or on a trip within your business trip. You’re on set and living in this immersive world. I want to build multifaceted snow globes that someone can inhabit when they visit us.Any favourite designers or furniture makers for your interiors?Everything is custom or vintage. I love acquiring found objects and antiques, so we’re constantly shopping around the world. At our properties you can’t just identify where something came from off the shelf, other than maybe the plumbing fixtures – and we sometimes custom-design even those. For a hotel, that’s a maniacal approach. It’s why the projects take so long. Often something is particular to a hotel and it will never be made again.Why underdog cities?Global cities have become like expensive luxury goods. Creators and coolness have been pushed out. Underdog cities have become the places where culture is being made and nightlife is happening. Opening a hotel in Baltimore or Detroit – I like the idea of changing people’s perception and creating a sense of discovery. Then we become a partial catalyst for other new openings around us. I’m so attracted to cities because they have this unique kinetic energy: activity becomes contagious, like a flywheel effect. That’s harder in a suburb.So no Ash country retreat?Never say never. We are urban-focused but I am interested in other types and styles of hospitality. I would love to do an old motel project. We’re also looking at international growth and expansion to Europe and Latin America. Europe has some fascinating markets and gateway cities such as Genoa and Naples. Even Rome. We model our approach on European hospitality. We’re definitely looking beyond just underdog cities. I like underdog buildings and neighbourhoods too – places where you’re reimagining or doing something unexpected. The definition is becoming more elastic as we mature but the ethos is the same.ash.world2.Charles BrunIzipizi“It’s a friendship story,” says Charles Brun, who co-founded French eyewear brand Izipizi in 2010 with former schoolmates Xavier Aguera and Quentin Couturier. “It’s also a family story.” The trio, who grew up together in Lyon, drew inspiration from their stylish mothers, who lamented the lack of off-the-peg but well-designed spectacles available at petrol stations and pharmacies. “Our idea at the time was to design and create cool reading glasses,” says Brun.Now, 15 years later, the brand is setting its sights on further expansion into the US market. “We love working out of here,” says Brun as he whizzes Monocle through Izipizi’s New York office. It’s not quite as big and impressive as Izipizi House – the company’s HQ in Paris, which has a sunny courtyard – but it’s a nice space for the US arm, which has a team of eight employees. Brun used to travel frequently between France and the US but since appointing Jonathan Crespo – formerly global senior director at Oliver Peoples – as Izipizi’s North America CEO in 2024, he now visits just once a month.Izipizi has a warehouse outside Chicago and the sunnies and specs are now stocked in more than 600 shops in the US, with more partnerships on the way (including with Goop). The brand is also testing the waters with Amazon, which will stock a core collection for a six-month trial. It’s more mass-market than usual for Izipizi, which has mostly leaned towards niche, independent stockists so far – but Brun believes that if you want to bring a European brand into the US market, you have to adapt. “We realised that everybody buys things on Amazon, including our customers,” he says.This is all part of the plan to improve Izipizi’s footprint. “We believe that the US should be our biggest market,” says Brun. Approximately 75 per cent of the brand’s sales are concentrated in Europe but America is the brand’s largest market outside the continent. The team is meeting brokers and agents in New York to scout out locations for potential retail spaces. (Los Angeles and Miami are expected to follow.)When the friends first launched the brand, they favoured selective distribution. “We wanted to be in the best shops around the world,” says Brun. The first major retail breakthrough came when Colette, the iconic Parisian concept shop founded by Colette Roussaux, agreed to stock their wares. “Colette understood the need for stylish options,” he says. The resulting exposure helped them to stake out space in the market. “During fashion week, tastemakers and buyers from across the globe would visit to see what products were featured,” says Brun.Izipizi expanded into other Parisian retailers including Merci and Le Bon Marché. It secured spots in London in department stores such as Harrods and Selfridges, as well as in Asia, which now represents about 10 per cent of the brand’s global turnover. South Korea and Japan are major markets. When it launched a collaboration with New York-based Engineered Garments in Tokyo, the line sold out in three days. But Izipizi turned down many proposals from larger chains. “We didn’t want to damage the brand,” says Brun. “We were in the mindset of building it step by step and making sure that we had the best shops.”What sets the company apart is that it offers sophistication while keeping products affordable, with an average pair costing about €50 or €60. The brand has also remained relevant by offering new riffs on classic designs, as well as dropping fresh products and collections. One big bet is a range developed with a Swiss researcher for those who struggle to fall asleep. The glasses block blue light, aiding the brain’s natural melatonin levels and helping people to doze off. Izipizi tested them on 300 insomniacs over the course of three months. “Eighty per cent of them told us that they loved it,” says Brun.Another focus for the brand is sustainability. It has cut the carbon emissions of producing its glasses nearly in half since 2019, becoming B-Corp certified in 2023. By the end of 2025, the company is aiming for all of its eyewear to be made from bio-based materials. For the past 12 years, it has worked with a family-owned supplier in Taiwan. “We chose it because of its values,” says Brun, who sees this as one of the brand’s best decisions – not least because of the tariffs that the US has imposed on countries including China. “Our philosophy is not to overreact,” says Brun. “Step back, observe and take time before making a decision.”Expansion is crucial for Izipizi but so is staying true to its principles. Despite being available in 90 countries and more than 7,500 shops, the brand is trying to preserve the close-knit, family-like atmosphere that fuelled its launch 15 years ago. “It has been a wonderful adventure and we want it to continue,” says Brun. He believes that a successful company is built on a strong team. “Without partners, I would be nothing. Izipizi wouldn’t be ‘easy peasy’.”izipizi.com
Can Candela build the perfect all-electric Med ferry?
Per-Arne Hjelmborn, Sweden’s ambassador to Spain, arrives early at Sotogrande, an upscale harbour on the southern coast of Andalucía. Standing on the quay in the soft morning sunlight, dapper and tall in a suit, tie and sunglasses, he says, “We’re about to set a milestone. We will be connecting Africa with Europe [in a new way]. This is a great day for Swedish technology.”Hjelmborn is about to boardElina, the fully electric hydrofoil boat that is attempting to set a world record for being the first all-electric vessel to traverse the Mediterranean. The plan is to graze past the Rock of Gibraltar, dock at the Spanish city of Ceuta on the African continent for a quick charge of the boat’s battery and then return to the Spanish mainland in the afternoon.Elinais a C-8 hydrofoil, a nimble and lightweight 28ft (8.5-metre) leisure boat built from carbon fibre that comes with battery technology and upholstery designed by car manufacturer Polestar. The boat, which is built and developed by Swedish firm Candela, can reach speeds of 30 knots (55.6km/h) and travel 40 nautical miles (74km) on a single charge. Candela’s crossing of the Med is not just about breaking records; it’s also a charm offensive. This will introduce the technology behind the firm’s larger hydrofoil, the P-12, which can take 30 passengers and is already running a successful commuter service on Stockholm’s waterways. If Gustav Hasselskog, Candela’s founder and CEO, gets his way, the two million people who travel between Algeciras on the Spanish mainland and Ceuta every year on large, polluting ferries will, in the near future, have the option to board Candela’s P-12 instead. “We’re proving that it is possible to revolutionise transport at sea,” says Hasselskog, as he climbs aboardElina.Since launching Candela in 2014, Hasselskog has added more funding (€35m raised in the latest round), staff (currently 220), an HQ in Stockholm and a factory outside the Swedish capital. The company will soon inaugurate a second factory in Poland. He has sold the P-12 to 10 countries so far, including Germany, New Zealand, the US and Saudi Arabia, where the hydrofoil will frequent the canals of the futuristic new megacity, The Line, once it’s built.The potential to electrify sea traffic is there and the market for smaller, faster and cleaner vessels is wide open and untapped. “These sea lanes have existed for thousands of years but we’ve lost sight of their potential,” says Hasselskog. “Ferries are expensive and dirty. We’re paving the way for a new zero-emissions mode of public transport.”Per-Arne HjelmbornTV crews interview Gustav HasselskogKarim Bulaix García-ValiñoCandela’s mottoHasselskog is hopeful that his hydrofoils will appear everywhere, from Mumbai to New York, and believes that people on the Costa del Sol would be quick to jump on a P-12 between, for instance, Málaga and Marbella, cities that can often only be reached via traffic choked roads.“We have a product that delivers a fast, clean and reliable alternative to clunky, dirty ferries,” he says. “We also have no competitors.” Hasselskog steersElinaout of the harbour and sets the bow towards the open sea. Candela boats run on a software system similar to that found in fighter jets; it stabilises an essentially unstable craft using ultrasound sensors that gather information about wave movements, adjusting the foils accordingly for the boat to stay on course. Lowering the foils into the water, the CEO then pushes to full throttle.Cresting the waves alongsideElinais a fossil-fuel-powered speedboat, which struggles to keep up with the C-8, with its foils that lift the craft about half a metre above the water’s surface. She’s silent, fast and stable – unlike the speedboat, which smashes hard onto the waves, roars and smells of gasoline.Fully electric P-12 ferry in SwedenExcept for the fog that envelops the harbour entrance at Ceuta, the trip over the Mediterranean runs smoothly – and we’re accompanied by schools of tiny dolphins. At 25 knots (46km/h), it takes about an hour to travel between continents. Upon arrival in Ceuta, Hasselskog’s PR manager, Mikael Mahlberg, who rode in the speedboat next toElina, shouts to his boss, “We have a world record!” and gives a thumbs up.As Hasselskog moors the hydrofoil, he and his team are surrounded by a scrum of journalists and TV crews, who are there to record the historic crossing, and are then greeted by dignitaries including Karim Bulaix García-Valiño, president of Ceuta’s chamber of commerce. “Ceuta is reinventing itself,” says García-Valiño. “We want to be smart and green. Candela fits right into that.” This sentiment is echoed by Ceuta’s diminutive mayor-president, Juan Jesús Vivas, who expresses his enthusiasm once Hasselskog shows him a reel of the P-12 cruising Lake Mälaren in Stockholm in more explicit terms. “Es de puta madre,” he says, which roughly means, “It’s awesome.”The man who is most likely going to operate a fleet of Candela P-12s between Ceuta and the Spanish mainland is Manuel Gómez Guiterrez-Torrenova, the president and CEO of Avangreen, a multinational green-energy infrastructure firm that recently opened a solar-panel park in Ceuta harbour. “We can plug in the boats to charge right here,” says Guiterrez-Torrenova. “Millions of people visit Andalusia every year but many don’t realise how close they are to Africa. There’s a big gap in the market. These people could easily pop over to Ceuta on a Candela boat.”To understand how a small Swedish firm could become a world leader in the electric hydrofoil market, you have to understand its founder. Hasselskog’s core team describes his leadership style as open and hands-on. He certainly looks the part of a technology entrepreneur: black T-shirt emblazoned with the company’s logo, shorts and a Candela cap. He also speaks like one when he says that he is ready to dominate the world’s waterways.Candela team with Ceuta’s mayor-president, Juan Jesús VivasThe 53-year-old, who has an engineering degree, is quintessentially Swedish, hiding his intelligence and entrepreneurial prowess behind a measured and humble attitude. And, judging from the boyish glint in his eyes, Hasselskog retains the same curiosity for research and development that he had as a young man when he would tinker with anything that he could disassemble and reassemble – then improve.That is further confirmed when he talks about the beginnings of Candela. “I had achieved all that I wanted,” he says. “I had the corner office, the money, the nice car. But I realised that no one cared about what I did. Nobody would remember me for my corner office.”Hasselskog, who talks with great affection about his two teenage sons – “They don’t take after me,” he says with a laugh, sounding content. “One paints, the other makes music” – explains how he stumbled across the idea of launching a company that makes electric hydrofoils. “I’d spend €50 on petrol to take my sons in our motorboat from our summer house in the Stockholm archipelago to the nearest kiosk in town to buy ice cream,” he says. “Those ice-cream runs were far too expensive. I had to do something about that.” Now, just over a decade later, Hasselskog knows that he did the right thing when he spent part of his savings on renderings of the first boat and embarked on the schlep to find investors, sketches in hand. Out of 90 venture capitalists, all but two turned down meeting him, though they too ultimately said thanks but no thanks. It took investment from Christer von de Burg, a Swedish rare and antique bookseller in London, to get things going. “Hasselskog is an inventor,” says Von de Burg over dinner with representatives from Málaga’s local government. “He is passionate about his project. He gets things done. He’s the real deal.”That assessment proved wise. Though Candela’s first prototype failed to lift out of the water and brought the team back to the drawing board, the next iteration, the C-7, worked – and Hasselskog’s doggedness and belief in his product has delivered a clean way to travel by sea. “We flew across the Mediterranean today,” he says back at the quay at Sotogrande, looking relaxed and happy. “That has never been done before.”Candela timeline2014:Hasselskog launches Candela2019:The first hydrofoil, the C-7 model, is launched2021:Launch of the C-8; 60 orders are made within the first five weeks2022:Candela opens a factory in Rotebro, Sweden. First US Candela test centre opens in San Francisco2024:The P-12 starts a commuter service in Berlin and Stockholm.The C-8 crosses the Baltic Sea from Stockholm to Mariehamn, the capital of Åland, for the first time2025:Candela sets a world record for an all-electric hydrofoil crossing the Mediterranean. New factory in Poland is scheduled to open at the end of 2025
Bringing industry back: Werkstadt Zürich’s model for city-centre manufacturing
At the edge of Zürich’s historic Altstetten neighbourhood, in an area adjacent to one of Europe’s busiest rail hubs, industry is in full bloom. Monocle is inside a cavernous brick building for a “Factory Friday” open-house event on the Schweizer Bundesbahn (SBB) Werkstadt Zürich campus. The reinvention of this former SBB maintenance hall, known as Halle Q, is the first step in a wider transformation of the former railway-operations area into a thriving urban factory that offers space for businesses of various kinds to operate right in the city centre, rather than being banished to the outskirts.Bierwerk Züri team at Werkstadt Zürich“Assembly and manufacturing can work in an urban setting,” says Christian Kaegi, whose company, Qwstion, uses banana-plant fibres to create its bags. When Werkstadt Zürich opened in 2024, Qwstion was one of its first tenants. On the last Friday of every month, members of the public are invited for a behind-the-scenes look at the design, manufacturing and repair facilities of 10 businesses. About a third of Werkstadt Zürich’s tenants now participate in Factory Friday, helping to show how things are made.Werkstadt Zürich’s brick exteriorLaflor chocolates“Today there is a disconnect between the products that people consume, how they are made and what they are made from,” says Kaegi, who now runs the open-house initiative to make production more transparent to those outside the industries.As well as Qwstion’s facilities, Werkstadt Zürich is home to natural cosmetics label Soeder, gin distillery Deux Frères and young chocolatier Laflor. Each of these companies was born and bred in Switzerland’s largest city. The development is a result of a federal mandate for SBB to generate returns from its substantial property portfolio and a policy strategy by local politicians to preserve zones for urban production in the centre of Zürich, rather than allowing it to be dominated solely by white-collar offices and housing, says Ben Pohl, an urban designer from Denkstatt Sàrl.Christian Kaegi of QwstionNeumühle clothingIn 2016, Denkstatt Sàrl – now also a tenant at Werkstadt Zürich – and fellow Zürich-based urban designers kcap were commissioned to define and then design the project,” says Pohl. “One of the main reasons for their failure is a lack of a proper place to scale.” That’s why Werkstadt Zürich’s spaces range from modest 100 sq m rooms to 3,000 sq m units with eight-metre-high ceilings, giving tenants plenty of room to grow.They held a series of workshops with nascent and would-be urban manufacturers who helped to inform the design. The idea was to build a learning ecosystem that would support planners, the owner and tenants as part of a thriving whole. “It is a community for creation,” says Andreas Fehr, co-founder of apparel company Neumühle, another business that has joined the hub. Though factories disappeared from most European city centres decades ago, Werkstadt Zürich is encouraging entrepreneurs to base themselves in the heart of Zürich once again. Want more stories like these in your inbox?Sign up to Monocle’s email newsletters to stay on top of news and opinion, plus the latest from the magazine, radio, film and shop.Your EmailSubscribe
Boeing’s rocky flight path to recovery hits turbulence with Dreamliner crash
Another aviation accident, another three-digit coded Boeing airplane. After years of bad press dogged Boeing’s 737 line, the 787 Dreamliner now faces its first major reputational hit following the fatal crash of Air India Flight 171 on Thursday. While the exact cause of the incident won’t be known for many months, the disaster immediately resuscitated whistleblower complaints about production flaws in the wide-body aircraft – and proved that new CEO Kelly Ortberg’s turnaround efforts at the aerospace behemoth still have a long way to go.The maiden voyage for Boeing’s 787 Dreamliner took place in 2009 at Paine Field, its flagship manufacturing facility in Everett, Washington. The Dreamliner doesn’t cut as dramatic a profile as the double-decker Airbus A380 and holds fewer passengers than the Boeing 777. But as the name suggests, it provides a smoother ride than its peers for long-haul flights with more comfortable cabin pressure, higher humidity, better air filtration, dimmable windows and anti-turbulence technology.Wings of promise: A Boeing 787 Dreamliner taxis before its maiden flight in 2009(Image: Stephen Brashear/Getty Images)Like many global carriers, Air India has been stocking up on Dreamliners to replace an ageing fleet of 747s. While the Queen of the Skies is a beloved aircraft, the more fuel efficient Dreamliner is an ideal workhorse for flights between secondary airports, such as Thursday’s route from Ahmedabad to London Gatwick. Just last month, Ortberg joined president Donald Trump and Qatari emir Tamim bin Hamad Al Thani for the signing of a $96bn (€83bn) purchase agreement that includes 130 Dreamliners – the largest order for a single model of jet in Boeing’s history.The blockbuster deal in Doha papered over lingering concerns about the Dreamliner, concerns that the Air India accident has now propelled to the forefront. The same year as the 787’s inaugural flight, Boeing broke ground on a final assembly line in Charleston, South Carolina, that could handle wide-body aircraft – only the third such facility in the world after Everett, Washington, and Toulouse, France. The move was widely interpreted as a jab at Boeing’s unionised workforce in Washington state, as South Carolina state law prohibits compulsory union membership. The powerful machinists and engineering unions crowed that the lower-cost non-union labour in South Carolina would build inferior airplanes.Wreckage and reckoning: Aircraft debris at the crash site of Flight AI171 in Ahmedabad, India.(Image: Siddharaj Solanki/Bloomberg)Indeed, five years ago, Boeing discovered small gaps in the joins that could weaken the fuselage and production halted for two years to correct the issue. In 2024, whistleblowers testified before a Senate committee that Boeing had taken shortcuts and was “putting out defective airplanes,” an allegation the company denied by pointing to the thorough revamping of how it makes the Dreamliner’s carbon-composite airframe. The Federal Aviation Administration, which in the past has been accused of being asleep at the switch and effectively letting Boeing certify its own aircraft, oversaw the process. Media were also invited into the Charleston plant to see the improvements first-hand.The Dreamliner that crashed on Thursday, however, was built in Everett by union machinists and delivered in 2014 (before Charleston fully took over wide-body production). Any potential problems with the flagship wide-body jets cannot be reduced to a simple question of union or non-union labour. There are perhaps deeper structural issues facing the inordinately complex engineering of a modern aircraft such as the Dreamliner; it’s also possible that a fluke, such as a flock of birds, caused the crash, as with Jeju Air Flight 2216 in December. Boeing will, of course, dispatch a crack team to assist US and Indian authorities with the crash investigation. In the immediate aftermath, Ortberg has the toughest assignment for any aviation CEO – damage control in the wake of a fatal disaster that has shaken the confidence of the public. Whether he can pass this test with flying colours will prove the true mark of the man who has taken on one of the most daunting leadership roles in global business.Scruggs is Monocle’s Seattle correspondent.
The new morning economy: CEOs aren’t the only ones benefitting from crack-of-dawn starts
The past few years have seen a surge in wellness-seeking early risers jumping out of bed before the cock crows for pre-work runs and yoga classes. LinkedIn is awash with self-congratulatory posts about 04.00 starts, and the quest to be more productive has ushered in a wave of pre-dawn routines in C-suites around the world.When Sydneysider Ivan Power – an investor, government adviser and morning person – noticed this trend earlier this year, he teamed up with Melbourne-based academic Dr Anna Edwards to launch a study of the “morning economy”. A self-proclaimed “data nerd”, Edwards has been studying the night-time economy since 2009, initially in her native UK and subsequently in her adopted home of Australia. With several research projects and reports underway, the expert already believes that the opportunities for businesses during the ungodly hours could be just as big as they are at the end of the day. Monocle spoke to Power and Edwards about wake-up routines down under, Australia’s ownership of breakfast and city halls’ rising investment in the 24-hour economy.Illustration: Studio PongBefore we dive in, let’s have a quick temperature check. Who saw the sunrise this morning?Anna Edwards:Not so much; I was out late last night. That’s the thing – sometimes we want to be out late and have a drink after work, and sometimes we want to get up early and enjoy the morning. Ivan Power:I’m an early riser. Generally, I’m up at about 05.00 and I’m down at the beach by 05.30, either for a swim, a paddle, a surf or to go to the gym. I’m fortunate enough to live in Bronte, a Sydney suburb that’s home to one of the world’s great urban beaches.What tipped you off that early-morning activity might be more than just a lifestyle trend, and something worth studying?I:Since the coronavirus pandemic, I began to notice more people in the mornings while doing my laps. But one day, when I was sitting out in Bronte at 06.30, I noticed that there were no seats available at the seven cafes that line the strip. It dawned on me that this increase in business was an economic thing. I posted a few thoughts about the “morning economy” online, and Anna was one of the first people to reach out and express interest in the topic. A:I was involved in the first-ever measurement of the night-time economy in the UK, so when I read Ivan’s morning economy piece, I saw a huge opportunity. The early-morning hours provide another time frame for us to utilise outside of the regular nine-to-five workday, which is really beneficial to society. One of the projects that I’m working on now is a global comparison of morning activity, which will be available later this year.Why should mornings matter to city hall?A:One of the main reasons that cities around the world are investing in their nightlife offerings is to enhance livability and attract talent and investment. But things are changing. People are drinking less alcohol and we’re seeing a shift in what the younger generation is looking for. It’s all about personal choice and providing opportunities for the sky larks, not just the night owls. How does it compare to when you started work on the night-time economy?A:When I first started measuring the night-time economy, nobody had heard of it. I remember talking to friends and they thought that it was all about alcohol, which is not true. It’s about making cities in the evening more vibrant and safer by offering a diverse range of activities for a broader audience of people. We need to apply the same kind of thinking to the morning economy. It’s an untapped part of the day, and from a livability perspective, there are opportunities all around the world for cities to embrace.What data are you collecting?A:Trading hours, credit card spending, foot-traffic data – things like that. At first glance, I’m seeing more activity in the warmer months, as you’d expect – but also that Wednesdays and Thursdays seem to be the days when we see the most movement. That could be because people tend to go to the office during the middle of the week.Does the size of a morning economy depend on culture or climate?A:Moving from the UK to Australia, I learned that it’s fair enough to invite people to a 07.00 park run. That’s not an anti-social thing to do here. Likewise, there are a lot of Asian countries where the early morning is the only time to be outdoors to avoid the heat. There’s a lot that we can learn based on climate and temperature.I:Australia can get quite hot, and as a country, we’ve put a lot of thought into our breakfasts – they have to be done really well. In fact, we’ve even exported a little bit of that breakfast culture to the rest of the world.It’s winter in Australia right now. Does it get lonely in the early hours?I:It’s not lonely at all, and the number of active people stays fairly consistent. Sure, it’s not as busy in the depths of winter as it is in the height of summer. But there are still plenty of people taking the time to get out in the mornings – to look at the water, walk along the coastal path and watch the sun come up. This is the way that certain cohorts want to socialise, and it’s been quite a development over the past decade.Is the dawn crowd spending money? Or just stretching?I:Although I didn’t pay for my gym membership at 05.30, I’m using it at that time and morning people are spending a lot of money on leisure wear and other accessories. Beyond food and drink, there are parts of the morning economy, such as workout classes and clothing, that we are amortising in those early hours.Is public safety a big challenge?A: Yes, but not a huge issue. Mornings are a safer option than the evenings because coffee shops and gyms don’t have the same challenges with alcohol-related anti-social behaviour. But during the winter months, we must think about public lighting, transport and having sufficient traffic at certain places to make people feel safer.Anna, you’ve spent 15 years studying night-time economies and watched cities invest billions in after-dark programming. Now you’re telling them to invest in sunrise too. Are cities spreading themselves too thin, or is this genuinely the future of urban economics?A:We’ve seen a seismic shift in the way that the night-time economy operates around the world. What was treated as a problem that needed to be suppressed through regulation is now actively supported. There are approximately 80 cities globally with dedicated night-time economy governance, and a broader range of people are socialising at the end of the day. But I should also mention that, right across the world, we’re seeing a shift away from the evening towards an all-day economy. Here in Australia, New South Wales has a 24-hour economy commissioner with a 60-person team.What might a future-fit, fully awake city look like?A:Back in the day, shops were open from nine to five, Monday to Friday, because women, who typically stayed home during the week, could go out and do the shopping. But as they entered the workforce, opening hours extended through weekends and evenings to allow people to shop after work. The coronavirus pandemic has shifted things again, which has provided us with an opportunity to think about the way that we use our time and how we can introduce more flexibility. It’s not about replacing the night-time economy. It’s about finding opportunities for businesses in the morning too.Want more stories like these in your inbox?Sign up to Monocle’s email newsletters to stay on top of news and opinion, plus the latest from the magazine, radio, film and shop.Your EmailSubscribe
How a pregnancy craving led to Dubai chocolate and a new chapter for Emirati food culture
When Dubai-based entrepreneur Sarah Hamouda was grappling with pregnancy cravings in 2021, she never imagined that she would also give birth to one of the most remarkable Emirati food-and-drink success stories in history. Dubai chocolate consists of a brick-like bar roughly the same thickness as a deck of cards, loaded with pistachio cream, tahini paste and crunchyknafeh(shredded filo pastry). The original was made by Hamouda’s Fix Dessert Chocolatier. At a relatively hefty AED68 (€16), not everyone could afford it, so cheaper alternatives to the unpatented indulgence began to proliferate, creating an entire Dubai-chocolate ecosystem.Since then, makers from London-based chocolatiers Maison Samadi to Swiss heavyweight Lindt and German supermarket chain Lidl have come up with versions of Hamouda’s best-selling creation. Chocoart uae has launchedknafehpistachio chocolate and Chocovana Chocolaterie has taken batch orders for their pistachio-stuffed bars. Noon Minutes – Dubai’s express delivery service – has collaborated with luxury brand Vocca to make its own. Dubai Duty Free says that it sold $22m (€19m) worth of various brands of Dubai chocolate in the first quarter of 2025, equivalent to 1.2 million bars. The sweet that began as an experiment in Hamouda’s home hadn’t just gone viral – it had become ubiquitous.What do you do when a product takes on a life of its own? Hamouda’s business partner and husband, Yezen Alani, admits feeling frustrated by copycat bars. Hamouda is more sanguine. “It’s incredibly flattering,” she tells Monocle. “It’s a testament to how influential Dubai’s appetite for creativity and innovation has become. It doesn’t annoy me. In fact, it makes me proud to have played a part in defining what Dubai chocolate means.” Imitation bars often have little of the gooey indulgence of Fix’s original creation, mainly because these cheaper, mass-produced versions are designed to have a longer shelf life. Yet all of this activity has proved to be an inspiration for Fix. “We’re exploring collaborations, expanding our flavours and looking into new ways in which people can experience us,” says Hamouda, hinting at plans for international expansion. She hasn’t forgotten where those first bars came from. “I think that people genuinely felt the creativity, care and authenticity behind it,” she says. “It wasn’t just another chocolate bar. Fix has become about much more than just chocolate.” Want more stories like these in your inbox?Sign up to Monocle’s email newsletters to stay on top of news and opinion, plus the latest from the magazine, radio, film and shop.Your EmailSubscribe
How Cha Haeyoung is steering South Korea’s Nonfiction beauty brand towards global recognition
South Korea’s beauty industry is renowned for its trend-setting skincare products, often promoted by the country’s film and music stars. But 42-year-old Cha Haeyoung, the CEO and founder of perfume and skincare brand Nonfiction, wants to outgrow the K-moniker. “I have so much respect for K-beauty but I don’t want to be defined by it,” says Cha, who tends to stay out of the spotlight. With plans to expand to the US and Europe, she wants to create a borderless brand that transcends nations and any ties to her as founder and majority shareholder.Dressed in black, Cha meets Monocle in Seoul’s Hannam neighbourhood, home to many of the country’s richest families. In Nonfiction’s boutique – one of 11 outposts in South Korea, alongside two in Japan and one in Hong Kong – yellow tulips bloom on display tables, adding colour to the brand’s monochrome aesthetic.Floral scents have become Nonfiction’s flagship product line, popular with both men and women. These include The Rose, the latest perfume created by French perfumer Maurice Roucel. Cha says that she has always had a sensitive nose, though fragrance wasn’t in her original blueprint for the company. “This is embarrassing but I wasn’t used to buying South Korean perfumes,” she says. “There was a perception that the best scents were made abroad, so I didn’t think about making fragrances.”A few years ago, Cha was introduced to well-established perfumers in France. At her first meeting with Roucel, the 79-year-old showed her original fragrance samples inspired by Nonfiction, created at his own initiative. “Maurice is the wittiest, coolest French grandpa,” says Cha. “He told me that Nonfiction inspired a minimalist, clear feeling. Something that brings out the very fragrance of our skin.” This encounter yielded their first collaboration, The Beige, in 2024.Nonfiction’s turnover last year surpassed €30m. Annual revenues are averaging double-digit growth and the six-year-old company now has almost 150 employees in South Korea alone. While perfume is powering its current growth, the coronavirus pandemic proved to be the first unexpected business opportunity. Nonfiction launched in 2019 with a collection of body washes and hand lotions sold at Sephora. These products became a viral gift for South Koreans to send each other during lockdown and, by the end of 2020, first-year sales of about €50,000 had soared to almost €3.5m. This growth was “shocking” for Cha. “At the time, I didn’t even know what that success meant,” she says. “I was scrambling to answer emails and attend meetings. The growing pains were indescribable. I had no time to feel happy. I was working all the time.”Cha started Nonfiction with two employees. They would meet at her home, a “fairy-tale” period before rapid growth that she compares to falling in love. Cha describes her first showrooms, in Hannam and Busan, as having “the warmth of our grandmother’s living room”. The retro-themed shops were a hit, face masks and social distancing notwithstanding. “Good branding is about different elements coming together in harmony,” she says. “When I enter spaces that reflect that, I feel a huge thrill.”“I have always loved clothes,” says Cha. “Since I was young, I have wanted to experience everything first: the best hair salon, the best natural wine, the best bread.” Now customers race to Nonfiction shops to be first to buy a new scent.As international markets beckon, her advice to other entrepreneurs reflects her brand’s evolution. “Trust your instincts and be wary of flashy exteriors, especially your own,” she says. “What is seen by others is fiction. Explore what lies beneath.”Six years since founding Nonfiction, Cha takes more holidays and strives for a better work-life balance, something she credits to her married life. Yet she remains committed to the business. “I love creating a product, making it sell well and building revenue,” she says. “If, some day, I’m OK with my company changing colours without me, I’ll let go then.”nonfiction-beauty.comWant more stories like these in your inbox?Sign up to Monocle’s email newsletters to stay on top of news and opinion, plus the latest from the magazine, radio, film and shop.Your EmailSubscribe
The business agenda: An airborne taxi start-up and a Lego-style construction in Singapore
Urbanism: New YorkBusiness is bloomingOnce the niche fascination of native-plant obsessives, wildflower meadows are poised to go mainstream as more homeowners and landscape designers reconsider the ecological cost of traditional lawns. The trouble is that few have the patience or the time to pull it off. Enter Meadow Lab, a start-up that allows people to roll out a biodiverse native wildflower meadow just as they would a lawn.Launched this year in New York’s Hudson Valley by former Food52 chief commercial officer Claire Chambers, Meadow Lab offers two products: Wildflower Soil, a blend of northeastern native seeds mixed into high-performance soil; and Wildflower Sod, a pre-grown wildflower turf. Both are designed to speed up the notoriously finicky multi-year process of establishing a meadow. “There’s a lawn-conversion conversation happening everywhere,” says Chambers. “But most people who try to start a meadow end up with a horror story.”Her version eliminates early failure points, appealing to designers, developers and homeowners who want ecological impact and instant visual feedback. “It’s a gamechanger,” she says. “You’ve asked for a meadow and so you actually get one.”After a long career that has seen her running ecommerce at Walmart, Chambers is leaning into the back-to-the-land lifestyle and plans to have a network of company-owned farms across the US. “This should feel like a generational business,” she says. “Something built to last.”Aviation: USAFlights of fancyAdam GoldsteinCEO and founder, Archer AviationThe hype around airborne taxis has long outpaced the hardware. But Archer Aviation, a Silicon Valley Evtol (electric vertical take-off and landing) start-up, believes that it’s primed for flight. The plan is for its four-seater, Midnight, to launch in the UAE in December. It aims to eventually run 20-minute hops from Dubai to Abu Dhabi.Flying taxis have been in the works for years but haven’t shown up. Is Archer different?The technology’s ready now. Tesla led a revolution in battery tech that’s made its way into aviation. Governments are working with industry to shape aircraft standards and real capital is coming in.Why the UAE and not the US?From Abu Dhabi Investment Office, Mubdala Investment Company and Etihad Airways to the regulatory authorities, everyone in the UAE said, “We want to make this happen.” It’s is more agile and ambitious. And it’s our gateway to the Gulf, India and Asia.The ‘Midnight’ seats four. Will it work as public transport?We’re looking at $200 (€175) for a 20-minute flight but as we scale that number comes down. We want the price to be closer to that of an Uber Black.What about military use?We’re building an autonomous hybrid Evtol aircraft that can carry significant payloads for surveillance, logistics and tactical mobility together with [US defence start-up] Anduril.Construction: SingaporeStacking upPrefabricated homes have struggled to shake off a reputation for drab uniformity. But Singapore’s developers and designers are showing how prefab can be pretty fabulous – and premium. The city’s skyline now has several silhouettes that are standing due to PPVC, a construction method akin to that of Lego houses: modules are manufactured and finished in a factory before being fused together to make a high-rise.Leading the way is homegrown studio ADDP Architects, which has designed several skyscrapers using this technique. Its 56-storey condominium complex, Avenue South Residence, features some of the world’s tallest prefab buildings.Hang Ping Chin, partner at ADDP, wants to challenge the idea that prefabrication results in cookie-cutter developments. “Building modularly doesn’t mean standardisation,” she says. “In fact, PPVC enables one to experiment freely and test different façades, treatments and high-quality finishes.” The firm’s latest addition to Singapore’s skyline is The Orie, currently under construction, which features eye-catching origami-like folds in its design. It’s pretty far removed from being a mere stack of little boxes.
How driverless taxis and remote-controlled cars have shifted into Estonia’s fast lane
Auve Tech: Autonomous last-mile shuttles“These shuttles are essential for getting more people to use public transport,” says Silver Kalve, Auve Tech’s vice president of business development. The firm’s MiCa 2.0 shuttle – a fully electric, low-speed vehicle – eliminates the need for a driver. The cars use lidar (laser-based range detection) and camera fusion combined with AI to identify objects and predict where they will move next. The firm itself has plans to make moves globally, and the fleet is now operating on four continents and road legal in 15 countries. “Estonia has an innovation-driven mindset, along with a very strong digital society,” Kalve tells Monocle. “Autonomous vehicles were allowed on our roads as early as 2017.”Is that MiCa or yours? Auve Tech’s MiCa shuttle is ready to roll(Image: Courtesy of Auve Tech)Bolt: Driverless taxisOperating in 51 countries and with a €2bn annual revenue last year, ride-hailing company Bolt is planning to integrate autonomous vehicles into its platform by 2026. “We see long-term potential,” says Jevgeni Kabanov, Bolt’s president and head of their autonomous vehicle workstream. “[Though] still in their infancy, autonomous vehicles are going to transform how people live and move around cities.” Kabanov is convinced that Estonia’s digital-first attitude makes it a “natural hub for innovation.” But he is also mindful of how the shift to driverless cars might affect Bolt’s drivers. “They’re the backbone of our platform and power local economies.”Elmo: For a car that’s roadworthy and remote-controlledThe firm behind the world’s first road-legal tele-driving technology, achieved a breakthrough in 2024 with its AI-powered SOS braking system. Remote-driven vehicles can now operate without a safety driver at higher speeds and no area restrictions. Launched in Estonia and Finland, Elmo’s technology is now operating on public roads in cities including Paris, Amsterdam and Los Angeles. A practical alternative to fully autonomous vehicles with lower hardware and deployment costs. Read next: Why small electric vehicles are making a big impression in Cuba
Inside Mexico’s creative gold rush: four high-growth industries to watch
1.Film production“We came to Mexico and never left,” says Austrian Alexandra Ruths Braas, explaining how she ended up in the country alongside her business partner, Paul Krauskopf Romero, a German of Mexican heritage. The pair arrived in 2014 with a grant to make documentaries. More than 10 years later, Ruths Braas is still here, while Krauskopf Romero helms the Munich outpost of their company, Romero&Braas, which facilitates international film productions in Mexico, as well as making original content. “We help productions feel at home away from home,” says Ruths Braas. That means everything from location scouting to dealing with permits and sourcing technical providers. “There are people in Mexico who are used to an American way of working,” says Ruths Braas. “There’s amazing talent here.”Alexandra Ruths BraasNetflix recently announced an investment of more than $1bn (€850m) in Mexican films and TV series over the next four years. The deal cements the country’s status as a rising filmmaking nation, which can only bode well for the likes of Romero&Braas. “There has been more growth in the past four years than in the past 15 or 20,” says Ruths Braas.romeroandbraas.com2.Graphic designMexico City-based studio owner Adolfo López-Serrano didn’t set out to build his own studio. What began as a solo consultancy evolved into Base Agency in 2018, which today works with brands such as Revolve and Wix. Base is one of many Mexican firms helping to redefine where the world turns to for design. “We have a dynamic creative ecosystem here and great talent,” says López-Serrano. As a bonus, operating costs are relatively low.Base Agency’s officeBase co-founders Adolfo López-Serrano and Ronald CustodioDeduce Design teamBy the end of 2024, Mexico was home to more than 60,000 graphic designers. UK-born Andy Butler is the founder of Deduce Design, a Mexico City-based practice that has worked with everyone from Nike to Grupo Habita, the country’s leading hotelier. International perceptions, he says, are rapidly shifting. “Mexican designers are being sought out not just for value but for their creative vision.”While Mexico City leads when it comes to the concentration of designers, some of the strongest work is coming from unexpected places, such as Cocay Branding in Quintana Roo and Prizma Studio in Sinaloa. Walk through any Mexican city and you’ll see the fruits of the nation’s design scene all around you – in street signs, protest posters and hand-drawn menus. This colourful visual culture is making Mexico a magnet for creative talent.3.HospitalityMexico’s F&B sector is expected to grow by 6 per cent in 2025, buoyed by a rise in food tourism (which received a boost when Michelin launched its first guide to Mexico City in 2024). Opportunities abound for those trying something new. Take the capital’s Baldío, the nation’s first zero-waste restaurant and one of eight places in the city to have been awarded a green star by Michelin. Baldío’s designers Jachen Schleich and Sana FriniBaldío’s cosy interiorSeasonal greensSweet treat at BaldíoThere are new openings across the country: in Mexico City, Masala y Maíz has a smart take on fusion, combining Mexican, African and Indian cuisines. In Guadalajara, Xokol has embraced the communal-table experience, while Mesa Temporal in Oaxaca offers a walking dinner in which patrons eat in different rooms, exploring specific ingredients in each. These risk takers are taking the country’s hospitality scene in fresh directions.4.Department storesWhile US department stores such as Macy’s have been struggling, the picture couldn’t be rosier south of the border. Leading the pack is El Palacio de Hierro (The Iron Palace), a luxury player that has bet big on Latin American shoppers’ love of experiential shops, while also snapping up exclusive distribution deals with brands such as Loewe and Hermès. Last year its net profits were up by 23 per cent on 2023. How does it do it? First, it doesn’t skimp on costs. In 2015, for example, it spent almost $300m (€259m) on refurbishing its pyramid-like flagship in Mexico City. Second, it continues to branch out into new markets, with the most recent being in León in 2024.El Palacio de Hierro in Mexico CityEl Palacio de Hierro isn’t the only department store that is demonstrating that multi-brand, in-person retail is a growth sector in Mexico. Take Liverpool, a group that dates back 175 years and operates 345 outposts across the country. Alongside a recently acquired 49.9 per cent stake in the US’s Nordstrom, it plans to open about 30 new shops in Mexico this year, many of which will be its smaller-format Liverpool Express stores. Meanwhile, another retailer, Coppel, has announced a $4.2bn (€ 3.6bn) investment in e-commerce and new shops. The skies are bright for Mexico’s department stores.liverpool.com.mx; elpalaciodehierro.comImages:Jeffrey Isaac Greenberg/Alamy Stock Photo, Anna Pla-Narbona, Alejandro Ramirez, Alejandra VelazquezRead more from Monocle’s 2025 Mexico Survey:Three game-changing developments about to transform Mexico CityEntrepreneurs to watch: the forward-thinkers making new paths in Mexican industriesEight ideas for Mexican businesses that are ripe for the takingMeet the self-starters behind the clever hospitality boom in Oaxaca CityThe entrepreneurial trailblazers revitalising Guadalajara’s art sceneOaxaca Aerospace’s Mexican-built plane has beaten the odds and is ready for takeoff
Businesses we’d back: Eight ideas for Mexico that are ripe for the taking
As Latin America’s second-largest economy, Mexico has the expertise, population and market conditions to help your next venture succeed. We highlight some areas that are wide open for business.1.Manufacturing:AutomotiveA car maker to get the region moving Mexico has a long track record of making cars. Often that has meant foreign brands setting up plants in the north from which to export to the huge US market across the border. Given the country’s expertise and wealth of engineers, there is surely room for a viable Mexican motor brand that could service Latin America and, one day, export further afield. It could take inspiration from the Volkswagen Beetle that is beloved by Mexican drivers. And while its entry-level car would run on petrol, a “Made in Mexico” electric version could spotlight the country’s hi-tech manufacturing skills. This year has already seen the arrival of Mexico’s first e-bus, from exporter Megaflux and manufacturer Dina.2.Services:Animal wellnessA standout in pet careAbout 70 per cent of Mexican households have a pet and the industry is ripe for start-ups. The country might already have websites such as Pasea Perros, which finds dog walkers for owners as far afield as Campeche and Chiapas but there’s still an untapped market – whether it’s for a line-up of chihuahua-inspired grooming products or a treats brand that draws on Mexican speciality ingredients (see US start-up Wagwell, which has taken a big bite out of the market). There are also opportunities for an online-driven pet daycare service or a new breed of veterinary service. Los Angeles brand Modern Animal provides a successful model: offering pet pampering in a well-designed, trustworthy setting would quickly get tails wagging.3.Hospitality:RestaurantsA chain of tasty, stylish bistrosMexico has its fair share of star chefs, from trailblazer Enrique Olvera to fêted names such as Edo López, Lucho Martínez and Elena Reygadas. We would happily invest in a well-priced restaurant group that faithfully represents the country’s 31 states and capital, with outposts dotted around a few key cities and beach resorts across Mexico. The concept would be to reintroduce forgotten flavours from the regions to the country, with a view to a potential global roll-out. As for the look? Mexico has no shortage of graphic-design talent to work on the visual identity. For international inspiration, we like the style of Jack’s Wife Freda, whose playful aesthetics can be seen in its five outposts in New York.4.Transport:Traffic managementA company to shift cities up a gearThere have been recent mobility breakthroughs but what about a private company that could raise funds, offer consultancy services and work with municipalities to create greener town centres and reduce traffic? While we salute public transport initiatives such as Mexico City’s Cablebús gondola, it’s not solving the mess on the ground. Our plucky new start-up would assist existing mobility companies, look for new shared transit options, help implement traffic calming and improve bike-sharing infrastructure. From Nuevo León to Veracruz, regions are sprawling with urban growth and there’s a pressing need for some smart thinking to help keep cities moving.5.Cosmetics:Make-upA new face in the beauty worldAs consumer spending rises, the beauty market is poised and ready. Native brands, such as Xinú perfumery, have distinguished themselves by creating distinctive bricks-and-mortar experiences. But there’s an opening for other Mexican brands nationally, in the rest of North America and beyond. With readily available natural ingredients, such as prickly pear, cactus, tepezcohuite and blue agave, the stage is set for glowing success.6.Beverages:Soft drinksA healthy hydrator with a touch of fizzMexican Coke, which is made with real cane sugar, not corn syrup as it is in the US, is sought after far beyond the shores of Sayulita. But there’s an opportunity for healthy drinks from an independent maker too. We would love to see a range of organic drinks that draw on local herbs and flavours. Some upstart brands are already getting in on the action: take Oasis and its Club Suero electrolyte drink, which debuted earlier this year and features limes from Veracruz, agave syrup and salt. Our bubbly brew would take inspiration from the timeless label design of Monterrey’s Topo Chico.7.Retail:StationeryA shop to write home aboutMexico’s metropolises need a top-notch stationery shop in the vein of London’s Present&Correct or Milan’s Fratelli Bonvini – a place to get postcards and writing paper, and stock up on pens and notebooks. It would carry the best stationery from Germany to Japan and champion emerging Mexican brands. Mexico already has spots such as OfficeMax for work supplies and Papelería Lumen for art paraphernalia – but it’s missing a place to casually linger in. It would feature plenty of beautiful wrapping paper, much of it incorporating Mexican design and motifs – and, of course, a dedicated gift-wrapping service.8.Defence:Arms and aerospaceA regional security championMexico’s defence sector has the potential to boom, given its proximity to the vast US market. The Mexican government clearly feels the same – earlier this year the country’s president, Claudia Sheinbaum, opened the sixth edition of the capital’s aerospace fair, Famex. The fledgling Latin American and Caribbean Space Agency is based in the country too. The government is looking to push technological independence and develop “Made in Mexico” through its Plan México, including funding a range of smes. There is room for companies to make everything from whole planes to components, given that areas such as turbine production are growing. New players shouldn’t look to compete with the likes of the US, UK, Israel, Germany or Japan. Nascent plane maker Oaxaca Aerospace knows that well. Instead, they should focus on offering competitive prices that developing countries might be interested in.Read more from Monocle’s 2025 Mexico Survey:Inside Mexico’s creative gold rush: four high-growth industries to watchThree game-changing developments about to transform Mexico CityEntrepreneurs to watch: the forward-thinkers making new paths in Mexican industriesMeet the self-starters behind the clever hospitality boom in Oaxaca CityThe entrepreneurial trailblazers revitalising Guadalajara’s art sceneOaxaca Aerospace’s Mexican-built plane has beaten the odds and is ready for takeoff
Sadiq Khan supports “a better Heathrow, not a bigger one” as £21bn runway plans are submitted
Heathrow Airport has formally submitted detailed plans for a third runway as part of a proposed £49bn (€56.5bn) infrastructure expansion. The government claims the project could deliver major economic benefits – including the creation of 100,000 jobs – and boost the UK’s status as a global transport hub.The proposed 3.5km runway, which would require rerouting part of the M25 motorway, is projected to support more than 750 additional daily flights and increase Heathrow’s annual passenger capacity to 150 million. Airport officials say the scheme is “shovel-ready” and aim to have the runway operational within the next decade. They argue that it would unlock at least 30 new international routes.Up in the air: London Heathrow Airport(Image: Getty Images)However, London mayor Sadiq Khan remains a vocal skeptic of the expansion, despite acknowledging aviation’s contribution to the economy. Following the submission of the runway plans, Khan said he “remain[s] unconvinced that you can have a new runway at Heathrow, delivering hundreds of thousands of additional flights every year, without a hugely detrimental impact on our environment.”“City Hall will carefully scrutinise the new Heathrow expansion proposals – including the impact these would have on people living in the area and the huge knock-on effects for our transport infrastructure, which would require a comprehensive and costed plan to manage. I’ll be keeping all options on the table in how we respond.”In a recent interview, Monocle asked Khan whether Heathrow’s proposed growth could spark conflict with central government, particularly as national leaders push for accelerated infrastructure development and increased air-travel capacity:“Aviation is important for our economy but I support a better Heathrow, not a bigger one,” he told Monocle’s editor in chief, Andrew Tuck. “The noise pollution already affects more people than all major European hubs combined – and that’s with just two runways.”Looking ahead: Sadiq Khan (Image: Caroline Teo/Greater London Authority)“Air quality around the airport is still poor and a third runway would only worsen it. Plus, the Climate Change Committee says that aviation growth must meet carbon goals. Can Heathrow do that?”“Then there’s the infrastructure; rerouting the M25, tunnelling, upgrading the Piccadilly line, the Southern Rail and the Elizabeth line. It’s not the best use of money. Though I agree with the government on most issues, on this, maybe not.” As the project moves into the planning approval phase, it’s clear that the debate over Heathrow’s third runway is far from over and might become a defining test of the UK’s infrastructure priorities in the face of climate and public health concerns.Read Monocle’s full interview with Sadiq Khan here.Want more stories like these in your inbox?Sign up to Monocle’s email newsletters to stay on top of news and opinion, plus the latest from the magazine, radio, film and shop.Your EmailSubscribe
Three entrepreneurs who switched careers after being inspired by something in their kitchens
1.Leon Foo Singapore (Image: Morning)Singaporean entrepreneur Leon Foo left behind a career in accountancy to found his roastery, PPP Coffee, in 2009. But that wasn’t the end of his journey. “In 2018 I discovered how controlling the temperature, pressure and solubility of a coffee machine would create an opportunity to transpose features from a £15,000 industrial machine into a £300 capsule one,” says Foo. This led to the launch of the Morning Machine in 2018. The Nespresso-capsule-compatible contraption allows users to control the temperature, pressure and water-to-coffee ratio through an app. “We are still one of the very few companies that are laser-focused on coffee drinkers looking for convenience,” he says. Last year, Foo followed up the Morning Machine with the Morning Dream, which helps home brewers froth café-grade milk with precision. “We hope to become the Spotify of the coffee world. Just like how the streaming platform connects artists to listeners, we hope to connect roasters with coffee drinkers.” drinkmorning.com2.Shiza Shahid USA In 2012, Pakistani entrepreneur Shiza Shahid and Pakistani activist Malala Yousafzai founded the Malala Fund, which lobbied for funding for young women to access education, especially in countries where there are significant barriers. Shahid’s next solution was to a more domestic issue. Upon migrating to the US at the age of 18, she found an outdated kitchenware industry in which items were riddled with toxic chemicals. She launched cookware brand Our Place in 2019 alongside her husband, Amir Tehrani. “At the time, the kitchenware industry felt exclusive – we leaned into inclusivity,” says Shahid, who wanted her brand’s imagery to show the product in kitchens with more realistic, messier dishes. She was determined to prove that the kitchenware industry didn’t need to rely on sometimes toxic PFAs (chemicals widely used for their grease-resistant properties). “Our Place holds more than 200 patents but much of the sector is still doing things the old way,” she says.Its next foray is into kitchen appliances. “The UK market loves air fryers but most are made from plastic and coated in Teflon,” says Shahid. Her version is made from stainless steel and glass and uses a patented, non-toxic Thermakind coating. fromourplace.co.uk 3.Gen Terao Japan Rock musician-turned-entrepreneur Gen Terao founded home appliance brand Balmuda in 2003. “We realised that many kitchen appliances were just made for convenience,” he says. Tokyo-based Terao wanted to create something stylish as well as functional. Among a line-up that includes coffee makers and hot plates, the bestselling product is the much-copied toaster (two million sold and counting), which steams bread with precise temperature control to achieve a crispy exterior and a soft, pillowy interior. Terao is more inspired by his travels than by market research. “I see my music career as fundamentally the same as my work in kitchenware,” he says. “In my time as a musician, my perspective shifted. I moved from wanting to be the most popular hitmaker to aspiring to build a company that could genuinely contribute to people’s lives.Whether I’m holding a guitar or a screwdriver, these are tools that allow me to create something meaningful.” The toaster has been given a reboot this autumn, with better temperature control for perfect crunchiness, while the design “keeps the essence of the current toaster with a little more elegance”.
Oaxaca Aerospace’s Mexican-built plane has beaten the odds and is ready for takeoff
Based between the Mexican capital and Oaxaca City, the Fernández clan – best known for transportation business Traylfer – is developing and building a “Made in Mexico” aircraft in a country not well known for its plane-making prowess. The family’s Oaxaca Aerospace has built a series of prototypes for its diminutive Pegasus jet, with its distinctive “canard” formation (small wings at the front) and large ducted propeller at the back. The impressive PE-210A was followed by this year’s P-400T, unveiled at the Famex aerospace fair in Mexico City.Rodrigo Fernández in a Pegasus cockpitRodrigo Fernández is the family business’s second-generation leader. The general manager says that Oaxaca Aerospace, which foresees military and civilian applications for its planes, is now ready for takeoff. The next step is to conduct further flight testing, with the goal of eventually converting the family factory that lies about a 20-minute drive from Oaxaca City into a production line for a full-fledged international plane developer.How did Oaxaca Aerospace come about?We’re a family business and my father is its president. For many years we specialised in fabricating trailers for transporting cargo. We have been making them for 40 years. My father has always loved aviation and has been up in those small, stripped-back Cessna planes that don’t have much technology. At some point, he wondered, “Why can’t we make a plane like this in Mexico?” and decided to do it. He began gathering together engineers and then we made our first drawings – that was in 2011. We had our first prototype by 2015 and began testing.The PE-201A prototype in OaxacaWas it difficult to develop and build an aeroplane in Mexico?Yes, because there isn’t much of an industry here when it comes to making aircraft. Mexico has focused on the maintenance and manufacturing of parts, rather than on the design side. So it has been hard to find experts in aeronautics. We had to look overseas to universities and to retired people to help us keep the project moving forward. We do our wind-tunnel testing in Madrid, for example.Instrument panelA snug fitHave you identified a market for the Pegasus?Our market is principally made up of emerging countries. We’re not about to take on advanced countries that have aircraft that are much more complex and sophisticated. Our proposal is more about military observation and safety missions, pilot training and things like these. There are a lot of countries in Latin America, as well as in Asia and elsewhere, that require this type of aircraft for these types of missions. If we can build a plane that has a low cost for maintenance and operation, it will be very attractive.How far are you planning to go?The dream is to eventually sell our planes across the globe and for the company to grow. We would also like to sell executive planes, such as a seven-seater.aeronavespegasus.comSteps to success1.Believe in what you do: Passion can take you a long way. In this case, a family’s love of aviation trumped the lack of an established industry.2.Find the right people: Don’t be afraid to look abroad. Gather experts around you wherever they are in the world.3.Know your market: Oaxaca Aerospace knows that its offering can’t compete with advanced jets so it is creating its own niche.Read more from Monocle’s 2025 Mexico Survey:Inside Mexico’s creative gold rush: four high-growth industries to watchThree game-changing developments about to transform Mexico CityEntrepreneurs to watch: the forward-thinkers making new paths in Mexican industriesEight ideas for Mexican businesses that are ripe for the takingMeet the self-starters behind the clever hospitality boom in Oaxaca CityThe entrepreneurial trailblazers revitalising Guadalajara’s art scene