Covid time has brought up many entrepreneurs both in the service sector mostly in healthcare sector and in the manufacturing of PPE equipment and ventilators ... When the developed and developing world, who are the major victims of this virus which originated in China, are trying to shift their developed businesses from China to other countries of the world, with maximum focus on India, going to be the greatest beneficiary, this topic is of great significance.
When we have so many new entrepreneurs who have set up new experiments and businesses in these trying times, what are the features of these businesses to ensure that they have the potential to survive into the future ?
The following four points would throw some light on this aspect.
1. Is the innovation addressing a a long term problem which has evaded a solution for a long time ?
2. Finding the future potential of the present business and how it would perform and which customer segments can it target ?
3. At the right moment, understand the market, pivot the activities of the startup to a higher level and gear, addressing new potential sectors and customer segments
4. Keep in mind that a business model that supports social entrepreneurship can transform into great innovations into the future.
We should not forget that it was the second world war that brought the digital revolution, including the digital computer, digital communication and everything digital, to the fore, of which we all are great beneficiaries. There is a great potential for some new technology or business that has been developed during these trying Covid times to turn into an innovative offering for the world in the future.
This paper has valuable inputs from a paper by Dirk Schroeder "Turn your Covid 19 solution into a viable business", in HBR of July 2020 (click here for the paper)
George..
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