This is not about belittling the personal tragedies of Lehman employees who have been laid off, but instead looking at the bigger picture.
- In the same way that the financing problems of the 1980s created the junk bond, so this crunch will create a similar kind of entrepreneurship
- Unravelling the financial assets of organisations like Lehman Bros will provide a source of immense profit for organisations with deep enough pockets and sufficient smarts to find the value
- Financial institutions have traditionally been the most enthusiastic purchasers of enterprise technology. Their efforts to cut costs will provide new opportunities for things like Software as a Service (SaaS), or service bureaus like what telecoms companies use for billing services and other operational support services
- Bankrupt bank servers, storage appliances and networking gear will come on the market at rock-bottom prices and provide infrastructure for the next wave of web start-ups
- You will have a number of independently wealthy people without things to fill their 100-hour work weeks. Some of them will seek to finance productive businesses rather than just sponsoring an idle WASP lifestyle
- You have a surplus of skills: IT professionals, quant / math freaks, economists and former rocket scientists – all of which could be useful in coming up with a killer technology application or web service. Think about it this way – former Morgan Stanley computer programmer Joshua Schachter came up with del.icio.us
UPDATE (16.09.08): Hello, those of you who have come over from Cowboy Caleb’s link, céad míle fáilte (you’re very welcome) and make yourself at home.