Innovation From Recession
Right now, while we’re in the thick of it, it’s hard to see the upside of the current economic situation. Though it may have been pushed ahead by the global COVID 19 outbreak, there have been signs of an economic slowdown for a while. Now that it’s here, entrepreneurs and businesses have a lot to worry about – from taking care of payroll to keeping their customers happy. Many might not have the time to raise their heads above the chaos and use this time to look forward.
However, it is in these uncertain times that some of the best ideas have been born. There is a long list of companies that have used a crisis to break through the clutter and come out as an industry leader. Many of these are technology companies that are now household names – Microsoft, Apple, Airbnb, Netflix, Uber – or even further back to the founding of General Electric in 1890 and Disney in 1923. All of these companies’ origins go back to times of economic hardship.
A 2009 Kauffman Foundation report found that more than half of the companies on that year’s Fortune 500 list were launched during a recession or economic downturn. Does this mean 2020 is the year for big, new ideas?
There is no doubt that innovation comes with risk. Business leaders who are successful at innovation in the rough times are not afraid to lose momentum or miss their sales projections. This is a great time step back, look at the big picture and find new opportunities. It’s a great time to reinvent yourself as a company or to double down on an idea that could be transformative.
Innovation comes from adapting current business models to meet the “new normal.” Right now, we at Appstem are seeing two clear trends emerging: telemedicine and remote business. Long past this pandemic, doctors will continue to need new ways to manage telemedicine. If our experience with COVID 19 teaches us anything it will be that health care practitioners need efficient ways to reach at-risk and vulnerable populations who might not have access to a doctor’s office. We have experience working with health care entities (read more here) to help build new systems, reduce costs and help provide the best care for patients. It’s more important than ever to get patients and practitioners the information they need quickly and efficiently.
We’re seeing other businesses evolve as well. Storyline Strategies runs focus groups that provide valuable insights for market research and analysis. Today, they can’t run these groups in person so we’re working with them to evolve their entire platform so they can administer their focus groups remotely, with real-time feedback, so they can continue their work. Other clients are looking ahead to the other side of this crisis – what are groundbreaking ways to create interest and build loyalty now so that when this is all over, they can deliver a great product that meets customer expectations.
They say necessity is the mother of invention and businesses can achieve long term growth by innovating through this downturn. But not every company is going to be comfortable taking risks right now. They’re busy taking care of their employees, maintaining their current business and weathering the storm but they can look at your strengths and weaknesses to better prepare for what’s to come next..
Either way, it is a time for companies to strive to emerge from the current crisis intact and, hopefully, stronger and more experienced than before. When the time is right to develop mobile-driven strategies for the future, we have the team to help you reach those goals.
