The world is facing the largest health, financial & economic disruptor since the Spanish influenza of 1918 and potentially of all time. During this time of great tragedy that crosses the globe & is hitting its peak here in the US; it is also the time of great innovation & ingenuity. Companies across industries are transforming their manufacturing capabilities into life sustaining services by making PPE, anti-bacterial & ventilators. Globally, we’re coming together. Collectively sharing resources whether physical or intellectual to defeat this virus that is crippling the world.
Learning about the step’s companies, small & large, local & global are taking to combat COVID19 for the sake of helping others & keeping themselves afloat financially, I began to wonder what new businesses, will begin out of this calamity. During the Great Recession, we saw the rise of several of the most successful businesses in today’s market: Instagram, Uber, Netflix, Slack, WhatsApp & Venmo. These companies began amid what was the biggest international economic crisis since the Great Depression. Is it a coincidence that these companies are now essential businesses during what is now the largest economic & health crisis of the century? I don’t believe so.
These companies got their start as what we now call “disruptive innovations”. Theses companies came into existence as a direct response to the failings of the economy. Their founders witnessing the global crises, responded by starting companies that provided solutions to key inconveniences, missed opportunities & fundamental needs of society. Now as we are all at the brink of what will probably be the two highest mortality weeks in our generation, I wonder what life changing, disruptive innovations will come to be from this tragic time?
Conklin, Audrey. “10 Successful Startups Founded during 2008 Great Recession.” Fox Business, Fox Business, 30 Mar. 2020, www.foxbusiness.com/markets/startups-great-recession.