The Hudson’s Bay Company (HBC), the company that owns the Hudson’s Bay department store chain, was founded on May 2, 1670, making it the oldest company in North America. Sadly, HBC is in trouble and courts have been asked to allow them to liquidate. Whatever they were doing no longer works and they don’t have any fresh ideas. Retail is a tricky world. Too tricky for them at least.
But the story I want to share is a story that I can’t guarantee is true, but can say is close to true and too good not to share and enjoy. Hudson Bay was named after Henry Hudson. The Hudson River was named after Henry Hudson.
Before the Bay: How Henry Hudson Chased a Dream Across the Ice
This man, Hudson, was quite the guy, twice raising money in England to help him discover the wrong way to Asia and twice not getting stuck in mud but being blocked by ice.
But he was creative and diligent and a believer, going on to convince the Dutch East India Company and Royalty to fund another attempt at the Northwest Passage but this time aiming for India and all its bounty.
As he got to the coast of North America, he found an option he had never considered. There were two inland rivers, not one — either could be the Northwest Passage he imagined. He decided to take the one to the south and that took him to what eventually became New York City, which at that time was not a city at all but an island with a forest and animals on it. He bought the land for the Dutch, reasoning that he couldn’t go back empty-handed. But he was embarrassed and sad that he missed what he was looking for and had to return with such a lame asset and sailed home (making a long story shorter) with a brief stop in England.
Selling the Dream: How Hudson Turned Failure into Funding
I am definitely paraphrasing when I imagine what Hudson told potential investors in England: “King and fellow investors, dear sirs, I learned on this trip where not to go. There were two rivers and I took the wrong one. But the good news is I know the other goes to India. If you fund another expedition to find the Northwest Passage, I will use my Dutch-paid experience and disaster and hand you India.”
The money folks in England loved the story and immediately agreed to fund Hudson for his promise to bring them India.
Then Henry went back to the Dutch, commiserated with them on his failure but gave them New Amsterdam. Off he went back to England and prepared to sail back to “India.”
Mutiny in the Ice: Henry Hudson’s Final Voyage and Mysterious Disappearance
Unfortunately though, Hudson encountered ice in what is now known as Hudson Bay. After freezing through a wicked winter with low supplies, tensions between Hudson and his crew became intense. They wanted to abandon the trip and go home, ensuring their survival. Henry, like a madman, was insistent they keep going towards India. As things warmed up, the discussions turned into mutiny and Hudson, his teenage son and some loyal crew members were dumped in a small boat and left behind as the ship returned to England.
No one knows what happened to Hudson and his little boat as neither the vessel nor his body were ever found. The point, and what I found most exhilarating about this story, is that Hudson had faith in his idea — willing to anger the Dutch (New Amsterdam actually turned out to be a better purchase than anyone thought), and willing to risk anger from the English — all to prove himself right. It’s a process that many of us face every day in business. Fight for what’s right or in what we believe. Hudson died for his dream. Now that’s passion. And he left the world with a lot to remember him by.
-Andrew Olah
