They have no right being this resilient

The London black cab belongs to that curious set of objects with the remarkable ability to immediately situate you in a place - ICON Eye

It has no theoretical right to be as successful as it has been. It has faced unparalleled industry disruption, competition funded by the wealthiest investors on Earth, and operating costs that soar beyond sustainable limits. Pandemics, taxes, and oil price fluctuations have further tested its endurance. It has an onboarding process that isn’t guaranteed, takes years to complete, and is unpaid. Yet, it has remained resilient beyond imagination, an institution in its own right and a core symbol of the world’s 36th largest metropolitan area.

If a seasoned risk professional had analyzed its compounding future threats in 1897 (when the first petrol-powered “cab off the rank” hit the streets of London), she might have predicted its demise no later than the mid-20th century. After all, few industries can claim faultlessness in their original conceptual design and purpose for nearly 127 years. Understanding this extraordinary example of resilience could offer guidance on how we, too, can overcome our own adversities. And like so many systems and processes we tackle, for the London black cab, it always comes back to first principles.

Existential threats

We are emotional animals. We tend to draw from the past to influence what we imagine for the future. Anxieties run wild as we envision a leader's rise to dictatorship, ignoring the rare sequence of events required to make it happen. Or how rarely we remain logical during a significant crisis. Because of this, our businesses are like our dogs—a mirror of our emotions.

For eight decades, London’s black cab industry has faced numerous challenges threatening its survival head-on. Its seen world wars, Kings and Queens, and Olympic games come and go. The rise of unlicensed minicabs in the 1960s and the advent of ride-hailing apps in the 2010s, created by the Broligarchs of Silicon Valley, introduced fierce competition. Yet, it remained calm. Where Uber’s price surges left a sour taste in commuters’ mouths, the black cab’s cash and card offering provided the nostalgia of yesteryear’s good times.

Economic pressures such as fluctuating fuel prices, increasing licensing fees, and congestion charges further strained drivers’ livelihoods and the very fabric of what made this service so special - so integral to London. Technological advancements like GPS seemed to diminish the value of "The Knowledge." Environmental regulations mandated the adoption of low-emission or electric vehicles, creating additional financial burdens. Public health crises, most notably the pandemic, drastically reduced passenger numbers, while legal disputes over ride-hailing licensing added further uncertainty.

That oddly shaped little black taxi has been through a lot. But they’re still there, I’ve seen them. They continue to persist, chugging along at no impressive pace but adhering to their unqiue first principles. The black cab has adapted, remained humble, and leveraged its iconic status to survive.

Validation

Talking of status...

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