Building new roads to success
Mogens Smed recalls the telephone call with crystal clarity. The phone rang at his home and Mogens was told he was terminated by the company he co-founded. He was 71 years old.
“My wife said to me, ‘What are you going to do, Mogens?’ I said, ‘I’m starting over.’ She said, ‘I knew it!’”
While others in the same situation might consider retirement, the idea never crossed Mogens’ mind.
“One of the things that I’m the epitome of is no matter how down you are, sooner or later you’ll get it right,” says Mogens, a well-known Calgary entrepreneur and innovator who created the companies SMED and DIRTT, achieving international recognition in past decades.
What he’s done after the age of 70 is even more impressive. He’s created a new company — Falkbuilt — that has introduced a whole new way of building prefabricated interior solutions for businesses, industrial, retail and healthcare markets. Additionally, he and partner Barrie Loberg co-founded a complementary company called Echo — a cloud-based construction technology company.
At first, Mogens wasn’t sure what direction he would take Falkbuilt (inspired by his middle name, Falk.) In fact, he wasn’t even sure what he would initially call the company, often referring to it as TTIMI, which stood for “This Time I Mean It.”
As the new company began operations, the COVID pandemic hit, so Mogens — always the entrepreneur — pivoted the company to ensure it could help, by manufacturing fast, affordable components for healthcare structures around the world.
The company started with six employees just a few short years ago and now has a staff of 500, including many new Calgarians who represent 120 different countries of origin. Mogens, whose family immigrated to Canada in 1952, is a strong believer in giving new arrivals a solid start in the labour market.
His leadership style is unconventional.
“While he has sold hundreds of millions of dollars of private offices, Mogens has never had an office with a door,” say his nominators for this award. “Rather, he has always placed his desk in the middle of the action. Better to hear what’s going on and be accessible to anyone — whether they work in the finance department, the factory or somewhere in between.
“He empowers people to make decisions, come forward with their ideas and ‘work their butts off.’ When an employee makes a mistake, he knows they learn from it.”
Mogens has also been called a “walking, talking MBA school,” giving his time freely to mentor younger entrepreneurs.
As Mogens, 75, likes to say, “No matter what you do in business, there’s nothing more powerful than your reputation, your experience and your relationships.”
Mogens is also a strong believer in giving back to the community and was widely admired for an early role he took in the 1980s, when many people were afraid of being associated with AIDS-related causes. Mogens was the first Calgary CEO to sit on the board of directors for the AIDS Calgary Awareness Association. These days, he supports a variety of cultural, environmental, entrepreneurial and mental health initiatives, while also happily being an unofficial ambassador for the city.
“Calgary, Alberta is the best place in the whole darn world,” Mogens says. “We came here in 1952; I wouldn’t be anywhere else.”