A TEST OF ENDURANCE
Legacy is a loaded word these days. Once used to describe businesses with a long and lauded history, legacy industries are increasingly grappling with the challenges of adjusting to today’s fast-paced, digitally mediated world, where heritage can sometimes seem more like a curse than a blessing. There is no lack of examples that show how success earned and sustained over a long period of time can lead to complacency in the face of change. Kodak failed to respond to the rise of digital photography, while Nokia didn’t have an adequate strategy for dealing with the smartphone revolution. At this very moment, storied conglomerate General Electric, once renowned for its management prowess, is struggling to streamline a sprawling, complex business model that is proving a poor fit for the era of “fail fast, fail often”, an innovation mindset popularised by lean, mean tech start-ups. Still, legacy retains a distinctive allure that cannot be dismissed so easily. Disruption may bring the dizzying exhilaration of the new, but the desire to build something that endures is no less potent. In this issue of Singapore Tatler Industry Insider, we find out how entrepreneur Eric Cheng is striking a balance between investing in disruptive technologies and honing skills that transcend trends, in his bid to create a lasting legacy for his children (p.8). We also take a closer look at how some legacy sectors today, from art to aviation, are harnessing their traditional strengths even as they embark on new journeys of innovation. One thing is for sure—change may be daunting sometimes, but it is usually necessary. And there is nothing quite like the satisfaction of knowing you can figure out how to survive.