Read & Share: COVID-19 Will Fuel the Next Wave of Innovation

March 23, 2020 | Share:

When a pandemic strikes, there are three dimensions of impact: biological, psychological, and economical. In regards to COVID-19, the biological impact can be seen with the elderly population; the psychological impact can be seen in the global population as many face isolation and are discouraged to make human contact and travel; and the economical impact can be seen as supply of various products begin to shorten. However, in the midst of the heavy hitting impact, pandemics typically are the catalyst for innovation:

• Supply chains will merge into resilient ecosystems. As China scaled down, it revealed the lack of sophistication in traditional supply chain models, and unveiled the need for more resilient approaches. An innovative approach calls for 5G, robotics, IoT, blockchain, self-driving cars, and delivery drones. Companies like Amazon and Ali Baba are likely to take the lead on innovation in the coming years.
• Digital bureaucracies will become mainstream. COVID-19 has caused governments around to world to take action overnight. For example, China constructed a 645,000 sq. ft hospital in a matter of 10 days, and South Korea tested over 200,000 citizens using smartphones to tag the movement of the infected. As an outcome of the pandemic at hand, governments will invest more in cities becoming “smart” cities to better equip for the next crisis. Cisco and Microsoft, a few focused companies, smart governments, as well as digital city startups will be benefit from this shift.
• Mental health support will be provided at scale, digitally. It is said that the coronavirus will be an accelerant for more remote working, but this redirect will likely impact morale, productivity, and mental health. For business owners looking to provide human touch digitally, startups like Humu, Github, and Automattic will be of assistance. Additionally, to support the mental health of remote workers, companies such as Braive are in the business of solving challenges associated with remote work.

Source: Entrepreneur

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ABOUT MIKE MERCURIO

Mike Mercurio | mmercurio@offitkurman.com | 301-575-0332

Michael N. Mercurio is a leading attorney in the field of mergers and acquisitions (M&A). He serves as outside general counsel in buy-side and sell-side M&A, as well as in all business law and real estate law matters. As a strategic partner to firm clients, Mr. Mercurio regularly counsels entrepreneurial individuals and assorted entities on the many challenges, issues, and opportunities companies face throughout the business lifecycle—from start-up to eventual exit.

 

 

 

 

 

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