Caroline Ulbrich can recall overhearing her father calling her “dumb”. She did not thrive academically in school, and some of her teachers suggested she might do better at a different establishment with a less demanding curriculum. It transpired that she had undiagnosed dyslexia. As a child, she displayed a vivid imagination, and led her friends in adventures fueled by her inventive story-telling. “I was always the strong warrior, saving people and animals in the jungle, and they helped me in that mission.”
Her father had had an austere upbringing and was more conventionally academic, so the unfortunate idea grew within the young Caroline that displaying imagination was a sign of a weak intellect. She was later to learn just how proud of her, her father was – he has since passed away.
Daydreaming extended to school hours, however, and she had to retake a year, though she did well enough to apply for university. She was admitted to EHL in Switzerland, one of the world’s leading universities for hospitality and hotel management. The assessment process was rigorous, testing temperament and aptitude as well as academic ability, and this played to her strengths.
As she began her career, she blossomed. Her second professional role was as a people development manager at aviation catering company Gate Gourmet in Basel-Mulhouse, Switzerland, where her innate ability to inspire a group of people prompted the general manager Matthias Dräger to recommend her for promotion. She can still recall his words: “You are a natural leader. You can do much more than people development. The way you inspire people is a great gift, and we need to develop this further.” He recommended her for Gate Gourmet’s management training program, and she was accepted. Promotions followed, including international experience, with postings in several countries around the world.
“By staying connected to your inner self, you’ll lead with integrity and find the clarity and courage to navigate whatever life throws your way”
Many business leaders have excelled academically from a young age, and then have learned the craft of leading people once arriving at a managerial level. Caroline’s leadership journey has been in the opposite direction – but, having completed a BSc in International Hospitality from EHL University, as well as the EMBA at IMD, she is no intellectual slouch.
Perhaps inevitably, given her creative instincts, she became drawn to entrepreneurial roles. She was founder of Gate Retail Onboard, a new branded subsidiary of Gategroup operating independently and serving the low-cost airline sector. She became its CEO, a post she held for five years. Then in 2016 she took the bold decision to set up her own company. She reached out to Professor Jim Pulcrano, leader of the Silicon Valley Discovery Expeditions and an authority on successful entrepreneurialism. Expecting encouragement, she was rather surprised to be given a “sobering reality check”, as she puts it.
“He reminded me that most startups fail and that I would be trading the support of a large company for the isolation of entrepreneurship. He warned me that some people who called me a ‘friend’ might not pick up my calls anymore. ‘If you think that working for a big corporation is a rollercoaster,’ Jim said, ‘you’ll see it’s nothing compared to starting your own business’.”
Nonetheless, she proceeded, setting up Versilia Solutions with three former colleagues, as an independent provider of retail products and services for airlines. It was indeed tough, but she and her team managed to build a customer base, reaching break-even after three years, ahead of schedule. Then, just as they were poised for a period of profitable trading, they were hit by the COVID-19 outbreak, global lockdowns and the grounding of most airline fleets around the world.
Investors pulled out. Versilia was on the brink of collapse. On a flight from London to Frankfurt, after another failed attempt to secure financing, she fell into a state of despair. Yet this very low point prompted some deep reflection, resulting in a perspective-altering recognition of the magical nature of the conscious agent that is a human being; that she remained a healthy, intelligent person independent of the external pressures over which she had no direct control. She set about rediscovering her sense of self, and autonomy.
“It became clear that the real ‘me’ had nothing to do with my job or the external validation I had been chasing. It was a deeply personal, almost spiritual moment, and I instantly felt much calmer. “I realized that by staying connected to your inner self, you’ll lead with integrity and find the clarity and courage to navigate whatever life throws your way.”
She re-connected to her inner self, gained new courage and approached the search for investors with a calmer, more confident manner. In November 2020, just weeks before the business was due to run out of cash, a private equity firm decided to invest. The reaffirmation of herself as someone of worth, independently of the immediate fate of her business, enabled her to relax in the key meeting, and exude more confidence.
Business picked up as lockdowns were eased and by the end of 2022, Versilia was trading profitably again, and two years later it was employing nearly 100 people and operating in 12 countries.
“I wish I had realized sooner just how important the leadership reflections at IMD were”
Giving the keynote speech to the EMBA graduating class at IMD in September 2024, Caroline emphasized two themes:
“I wish I had realized sooner just how important the leadership reflections at IMD were, particularly the question: ‘Who am I, and what do I really want in life?’”
“The second theme is the power of your inner state – being present, trusting your intuition, embracing your imagination, and tapping into your unused potential.”
The importance of imagination she began learning in childhood – and not only in the classroom.
