Hedge: A Greater Safety Net for the Entrepreneurial Age by Nicolas Colin

The world is entering a new phase of entrepreneurship—a period marked by unprecedented risk, dynamism and accessibility. With technology enabling new players to enter markets and existing firms to pivot in new directions, the entrepreneurial age is one marked by rapid change. Yet, with companies built on shifting sands, the risk of failure is greater than ever before.

Enter Nicolas Colin's Hedge: A Greater Safety Net for the Entrepreneurial Age. In this groundbreaking book, Colin advocates for a new model of risk management tailored for the entrepreneurial age. He argues that the same old models of calculating risk are no longer sufficient, and that firms in this new era need to embrace more creative models tailored to the age of constant change.

Colin's book is divided into four parts. In the first section, Colin offers a historical overview of the changes in risk management since the early 20th century. He explores the transition from calculated risk to reflexive risk as markets increased across the globe. He then dives into the complexity of reflexive risk by looking at the increasing speed of change, the complexity of rewards and dangers, and the blurring distinction between what is known and unknown.

In the second part, Colin lays out why the traditional approach to risk-management must evolve to meet the challenges of the modern era. He argues that reflexive risk requires a more integrated approach to managing risk that involves both active and passive risk-management methods, including hedging and dynamic approaches such as scenario planning. He emphasizes how these approaches must be tailored to each company's needs and must be updated continuously in order to remain effective.

In the third part, Colin discusses the often overlooked role of culture in risk-management, from the impact of trust in a team and its ability to better manage risk to the creation of an organizational and broader cultural safety net for employees. He describes the techniques companies can use to build a trust-focused culture, including both short-term strategies for quick wins and long-term strategies, such as providing financial education for employees.

In the fourth and final part, Colin presents a more positive vision for the entrepreneurial age, one in which the power of technology and innovative risk-management models creates a more secure level playing field. He describes how integrating new approaches to risk-management can create safer and more comfortable employee experiences and ultimately, a healthier and more secure business environment.

Hedge: A Greater Safety Net for the Entrepreneurial Age is an essential read for anyone looking to stay ahead in the ever-changing world of entrepreneurship. Nicolas Colin provides an insightful and thought-provoking look at the history and future of risk-management and provides practical tools and strategies for companies of all sizes to more effectively and ethically manage risk in the age of entrepreneurship.