The past year has been filled with human and economic loss, but looking back at the way the world and the local economy seemed to be falling apart at the end of March 2020, the fact the regional economy weathered the storm is clearly a sign of our resilience.
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If you look at the common traits shared among the 2021 WBJ Business Leaders of the Year and Hall of Fame inductees in this edition, you’ll find many admirable ones, including decisiveness, perseverance, and the desire to make the community a better place. These attributes were all the more important in the past year as the coronavirus raged and social justice issues moved from the shadows to the forefront. Collectively, the entire Central Massachusetts business community put its strengths on display over the last 12 months, which is among the reasons why the region has fared as well as it has.
The past year has been filled with human and economic loss, but looking back at the way the world and the local economy seemed to be falling apart at the end of March 2020, the fact the regional economy weathered the storm is clearly a sign of our resilience. Yes, Central Massachusetts is fortunate to not be dependent upon industries like retail or tourism, and more reliant upon sectors like health care and manufacturing, which became all the more essential in the past year.
Among the big boons to the business community was the federal Paycheck Protection Program, which starting in the spring provided forgivable loans to companies and much needed financial stability in an uncertain time. Our local bankers worked night and day and over several long weekends to process these loans for their business customers, and it was a major reason the summer was less scary than the spring. The new wave of federal coronavirus relief efforts from December and in March provided more assistance, which didn’t have the same direct benefits for as many businesses, but did clarify unresolved issues around bankruptcy and tax liabilities. The latest effort, the $1.9-trillion stimulus just approved in March, does inject significantly more money into the economy and is expected to boost spending and consumer confidence. Throw in the growing rate of vaccinations, and we’ve got the first real signs of optimism in quite some time.
All told, the last year was one we’d all prefer to never experience again. But out of that darkness came some positives, and many of our business leaders showed how to manage and lead in a crisis.
Gordon Lankton’s legacy
While we honor the accomplishments of the 2021 WBJ Business Leaders of the Year, we wanted to take a moment to reflect on the life of Gordon Lankton, a former winner of the award who died March 7 at age 89. Lankton lived one of those amazing lives, highlighted in his early days by a nine-month motorcycle journey from Germany to Japan. In the early 1960s, he purchased small Clinton manufacturer Nylon Products and turned it into a billion-dollar, employee-owned business called Nypro. He used his money and appreciation for foreign culture to found the Museum of Russian Icons in Clinton, highlighting artifacts from the Byzantine traditions of the Russian Orthodox Christian faith. A deeply loved and respected leader, Lankton’s was a life well lived, and the local community will experience the benefits of his extraordinary efforts and generosity for decades to come.
