New Ideas and COVID-19, Innovating to Thrive

If your goal is to get your startup off the ground in the face of a world pandemic, it might be that your business idea will solve the right problem. Previous articles published in the Entrepreneurship Campus have highlighted the essential role of startups and small businesses in achieving sustainable development and post-crisis economic recovery. Remember this, surveys show that customers now care more about sustainability. But not all types of businesses, especially large ones have been able to adapt to such abrupt market conditions.

Besides this, many companies have invested in getting perfectly optimized to face old challenges. Suddenly they faced the need to look at the future. As this article points out, most organizations are terrible at looking to the future. Trying to control the market place in difficult times would be like trying to control the weather. No one does it, you just look at the weather forecast and act in a flexible way.

Hence, the old business adage ‘adapt or die’ has never been truer than in 2020. COVID has shown that adaptability is more than just a competitive advantage. It is a strategy to survive.
It’s easier for startups, although not for all, to respond faster, change faster, and to execute faster.

How many things were taken for granted?

Experience has shown that many startups have been able to cause huge changes to the industries where they operate. Many call it the Airbnb, Uber, or Lyft effect. They revolutionized the markets while keeping prices for specific services in check. However, even successful companies like Airbnb have been hit by the pandemic. Travel restrictions and health concerns give insights on how many things we took for granted. Who would have thought to not visit relatives, not use public transport, or not hold a normal office meeting for entire months? The new normal now is online. School, work, family celebrations, healthcare, shopping, and many more, all are done while facing a screen.

In such a situation young innovators are vigilant for new ideas in specific sectors.
As healthcare, transport, and mobility, education, work, shopping, fashion and self-care, entertainment, logistics will never be the same. These sectors hold huge potential for business ideas, however, their chances for success depend strongly on local contexts and circumstances. Yet the logic is simple. You can try to write down a list of problems and possible solutions. Pick the one that seems to be more practical and give it a try.

It can sound difficult, but with the right mindset, you can make it possible to pivot innovative solutions that help your community and contribute to the Sustainable Development Goals.
What problem needs an emergent solution in your city? How would you help to solve it?
make your ideas and projects part of the 2020 Citizen Entrepreneurship Competition.

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35 Comments

  1. Surveys show that customers now care more about sustainability. But not all types of businesses, especially large ones have been able to adapt to such abrupt market conditions.
    Did we know?

  2. The old business quote ‘adapt or die’ has never been more correct than in 2020. COVID has shown that adaptability is more than just a competitive advantage. It is a strategy to survive.

  3. If your aim is to get your business off the floor in the face of a world pandemic, it might be that your business concept will solve the right problem.
    Did we know?
    Let’s be inspired

  4. It is true that with the COVID-19 epidemic that has occurred, logistics will never be the same, but there is a solution to this devastating widespread disease, toys as a means of entertainment to kids and grown-ups as well can deal with 95% of this problematic pandemic. That’s my initiative; why not state yours?

  5. Yes l agree with gregoryanayochukwu strongly. Moreover, many companies just focused on business profit neglecting the problem fact of businesses but something bigger than that has emanated, the COVID-19 which is ravaging the world. Campus members, tell me have these sloppy companies exhibited that they are professionals or amateurs?

  6. COVID-19 have indeed open a different perspective on the global economy. Many start-ups have actually sprang up giving the opportunities that the pandemic has created. Without mincing words, No country or government knows when normalcy will return. Therefore, as stated in Brain versus Capital, innovators need to look around for in the community for opportunities to recombine components that will proffer solution to challenges posed by COVID-19.

    Campus members I encourage us to read and act as much as possible. We still have a widow for submission of ideas.

    Thank you Campus administrator for sharing this article

  7. I agree deeply with Julius comment here;

    juliusanayochukwu

    27.07.2020 · Reply

    Surveys show that customers now care more about sustainability. But not all types of businesses, especially large ones have been able to adapt to such abrupt market conditions.
    Did we know?

    Campus members align and comply with us Guten Abend German

  8. It is true, because what Togeda’s comment is real based from the book Brains versus Capital, we need to think and make your thinking beat capital not the bureacracy, and also we need to see that we can make money from selling umbrellas while the rain is falling than joining pessimists to lament like the pandemic, so we puny and instinct entrepreneurs must be unconventional and be a hope for the hopeless nations oder citizens.

    Also I want us to embrace Togeda’s comment here;

    COVID-19 have indeed open a different perspective on the global economy. Many start-ups have actually sprang up giving the opportunities that the pandemic has created. Without mincing words, No country or government knows when normalcy will return. Therefore, as stated in Brain versus Capital, innovators need to look around for in the community for opportunities to recombine components that will proffer solution to challenges posed by COVID-19.

    Campus members I encourage us to read and act as much as possible. We still have a widow for submission of ideas.

    Thank you Campus administrator for sharing this article

  9. Hence, the old business adage ‘adapt or die’ has never been truer than in 2020. COVID has shown that adaptability is more than just a competitive advantage. It is a strategy to survive.
    It’s easier for startups, although not for all, to respond faster, change faster, and to execute faster.

  10. Campus members the above article is very important, l hope we all will read it?

  11. Experience has shown that many businesses have been able to cause huge changes to the industries where they operate.
    Did you know?

  12. The new normal now is online. School, work, family celebrations, healthcare, shopping, and many more, all are done while facing a screen.

  13. From juliusanayochukwu’s comment
    Many call it the Airbnb, Uber, or Lyft effect. They revolutionized the markets while keeping prices for specific services in check. However, even successful companies like Airbnb have been hit by the pandemic.

  14. This article explains that experience is good while illiteracy is bad. Do you agree with me members?

  15. From the essay, travel restrictions and health concerns give insights on how many things we took for granted. Who would have thought to not visit relatives, not use public transport, or not hold a normal office meeting for entire months?

  16. It can sound difficult, but with the right mindset, you can make it possible to pivot innovative solutions that help your community and contribute to the Sustainable Development Goals.
    Do you know?

  17. Having a knowledge about things is very essential rather than being ignorant.

  18. Campus members, didn’t you observe that this blog is relevant to two old ones, ‘starting a business in the time of crisis’ and ‘shaping youth skills in challenging times’?

  19. Oh yes! I definitely agree with anayochukwugregory’s comment because it is true and obvious. Why not you too?

  20. Difficult times are times of rapid experience. Don’t you think?

  21. “Hence, the old business adage ‘adapt or die’ has never been truer than in 2020. COVID has shown that adaptability is more than just a competitive advantage. It is a strategy to survive.
    It’s easier for startups, although not for all, to respond faster, change faster, and to execute faster.”
    And this is what Chicken 4All Ltd tells when asked, can you tell us about what your Key to success?.

    “Our ability to adapt to change by responding according to our customers’ needs’ mutation. We are market-oriented rather than product–oriented. This strategy helps us make difference as far as our products and services’ attributes are concerned. At chicken4all Ltd, the market research always precedes production”.

    Do you agree with us? Support us with votes and comments @ https://www.entrepreneurship-campus.org/ideas/26/17279/

    Thank you!

    Chicken.

  22. “Trying to control the market place in difficult times would be like trying to control the weather. No one does it, you just look at the weather forecast and act in a flexible way”.
    This article is really educating. In the face of the pandemic companies need to adapt rather than trying to control the market. Start up also should be such that they can adapt to the presence and future challenges, It may not be a pandemic, but who knows what else therefore starts up should be adaptable. For me that is the core component of Eduheal; ability to adapt in present time and unforseen future circumstance through our digital literacy approach.

    Thank you campus administrator for sharing this important article for campus members to read.

  23. Hallo Campus members,

    Today being neunundzwanzig Juli,

    i want all of us to support chicken’s comment below;

    chicken

    29.07.2020 · Reply

    “Hence, the old business adage ‘adapt or die’ has never been truer than in 2020. COVID has shown that adaptability is more than just a competitive advantage. It is a strategy to survive.
    It’s easier for startups, although not for all, to respond faster, change faster, and to execute faster.”
    And this is what Chicken 4All Ltd tells when asked, can you tell us about what your Key to success?.

    “Our ability to adapt to change by responding according to our customers’ needs’ mutation. We are market-oriented rather than product–oriented. This strategy helps us make difference as far as our products and services’ attributes are concerned. At chicken4all Ltd, the market research always precedes production”.

    Do you agree with us? I Ephraim I strongly agree with Chicken!!!

  24. I also strongly agree with eduheal comment that is been commented here below;

    eduheal

    29.07.2020 · Reply

    “Trying to control the market place in difficult times would be like trying to control the weather. No one does it, you just look at the weather forecast and act in a flexible way”.
    This article is really educating. In the face of the pandemic companies need to adapt rather than trying to control the market. Start up also should be such that they can adapt to the presence and future challenges, It may not be a pandemic, but who knows what else therefore starts up should be adaptable. For me that is the core component of Eduheal; ability to adapt in present time and unforseen future circumstance through our digital literacy approach.

    Thank you campus administrator for sharing this important article for campus members to read.

  25. I want to urge all campus members, others sustainable citizens across borders to reflect on this today;

    neunundzwanzig Juli,

    Adaptation, Not Optimization, Is How Businesses Will Survive a Post-COVID World
    June 23, 2020
    Tom Cheesewright Author

    Leanness is a virtue in achieving business success. At least, that has long been the mantra. We have whipped our organizations into shape, trimming fat here and building muscle there until they are perfectly optimized for the singular challenge of the day.

    The problem comes when new challenges arise.
    Dealing With High-Frequency Change

    Being lean is not synonymous with being supple. In fact, the more perfectly optimized our businesses are for the challenges of old, the harder it can be to address something new. There is no spare resource, no breadth of experience. Everything has been tailored to what is now an outdated goal.

    This has been demonstrated time and time again, as high frequency change has swept through industry after industry, powered by a combination of new technologies, globalisation, and an accelerated consumer culture. Music, media, retail, consumer electronics, and now, banking and automotive — even government — have all found themselves optimized for an old world and struggling to adapt to a new one.
    Adaptation Beats Optimization

    Even before the COVID-19 pandemic, there were signs that leaders were starting to recognize that a philosophical shift was required, along with taking some steps to turn a new philosophy into practice. The new philosophy is simple: Adaptation beats optimization as a route to sustainable success. The pandemic has just hastened its adoption.

    For the last couple of years, I’ve seen a marked increase from leaders in the skills of foresight. They don’t need convincing that they need to scan the horizon, they want to learn how to do it. Such skills are increasingly part of corporate leadership development programmes. Likewise entrepreneurialism and innovation: one of the questions I am now most frequently asked is “Who is doing innovation well?”

    Leaders are highly motivated to pursue this new philosophy of adaptation. Arriving in a job with a typical tenure of five years, in the past, a new CEO may have looked at the organization and decided that, with some nipping and tucking, she could deliver a couple of periods of outstanding growth.

    Today they look at the arrayed uncertainties in front of them, and struggle to make confident claims to shareholders about plans for rapid returns. Instead, they are starting to have conversations about the long term and how they can lay down a platform for sustainable success. They want their legacy to be the performance of the business in a decade or two, not a short-term hike in the share price. The proportion of global CEOs that agreed that “we must look beyond purely financial growth if we are to achieve long-term, sustainable success” doubled between 2018 and 2019.

    Even investors are thinking differently.

    At one event, a hedge fund manager told me that his firm is now focused on the far horizon, not the near, and backing CEOs who take a more long-term approach.

    So, what does it look like to do this? How is this philosophy of adaptation over optimization translated into real-world behaviour? There are three core components of the shift that I see organizations making and that I’ve helped guide them through.
    Looking to the Future

    The first is about foresight. The earlier you see change coming, the better you can respond.

    Most organizations are terrible at looking to the future. Even the most rudimentary planning capabilities are often poorly executed. In one research exercise conducted with the Canadian software company Prophix, around two-thirds of CFOs and finance directors told us that their annual budget only connects at the top level — if at all — with the annual strategy.

    CEOs are pointing their finger in the direction of travel, and very often the money does not follow. Wider foresight exercises are conducted infrequently and either under duress or with little corporate buy-in.

    Share

    The businesses of today that will still be around in 10 or 20 years’ time are the ones led by people with the bravery to change their philosophy.

    Foresight needs to be a way of life for every leader in an organization. I advocate that every leader should spend a minimum of 1% of their time — one day every six months — focused purely on the future.

    They need a structured approach to examining the near horizon that breaks them out of their narrow industry mindset. They need diverse perspectives from across the organization, partners and customers. And they need to take occasional dives into the distant future.

    The impact of the pandemic has forced lots of organizations to think about how they look to the future. But even before that, the tools of foresight were becoming a growing part of the corporate toolkit. Just anecdotally, in recent years I have taught hundreds of leaders how to scan the horizon. I have been invited to speak on corporate programmes at Audi and BMW that have changed to incorporate these tools alongside entrepreneurialism and accelerated innovation.

    Do you agree with me Entrepreneur Essien ? Support us with votes Germany dovetail Nigeria and Nigerian Bioneers Green Ribbon and comments @ https://www.entrepreneurship-campus.org/ideas//26/17721/

    Thank you!

    Entrepreneur Ephraim Essien,
    Guten Nacht bis campus members 2020
    Auf Wiedershen Tschuss

  26. I personally think the the key is to start local first and then expand your reach. For instance, there are many things we can do in a small scale to fight Covid-19 and make a tangible impact in society such as doing voluntary service in your community eatery or offering yourself to do the shopping for your building’s elders, etc.

    In addition, I do believe that anything negative can be transformed into something positive if our perspective towards it changes. So, this horrible situation could turn up being a great opportunity for the common good, as well.

  27. If your goal is to get your startup off the ground in the face of a world pandemic, it might be that your business idea will solve the right problem. Previous articles published in the Entrepreneurship Campus have highlighted the essential role of startups and small businesses in achieving sustainable development and post-crisis economic recovery.

  28. Previous articles published in the Entrepreneurship Campus have highlighted the essential role of startups and small businesses in achieving sustainable development and post-crisis economic recovery.

  29. Trying to control the market place in difficult times would be like trying to control the weather. No one does it, you just look at the weather forecast and act in a flexible way.

  30. According to the write-up
    School, work, family celebrations, healthcare, shopping, and many more, all are done while facing a screen.

  31. In such a situation young innovators are vigilant for new concepts in specific sectors.

  32. Travel restrictions and health concerns give insights on how many things we took for granted. Who would have thought to not visit relatives, not use public transport, or not hold a normal office meeting for entire months?

  33. I agree with juliusanayochukwu
    His comment is pragmatic and good

    I hope you all agree

  34. I agree with this constructive comment here below;

    anayochukwujulius

    29.07.2020 · Reply

    Travel restrictions and health concerns give insights on how many things we took for granted. Who would have thought to not visit relatives, not use public transport, or not hold a normal office meeting for entire months?

    Do you agree with me? Entrepreneur Essien ? Support us with votes Germany dovetail Nigeria and Nigerian Bioneers Green Ribbon and comments @ https://www.entrepreneurship-campus.org/ideas//26/17721/

    Thank you!

    Entrepreneur Ephraim Essien,
    Guten Nacht bis campus members 2020
    Auf Wiedershen Tschuss

  35. In such a situation young innovators are vigilant for new ideas in specific sectors.
    As healthcare, transport, and mobility, education, work, shopping, fashion and self-care, entertainment, logistics will never be the same.
    Do you agree with me? Entrepreneur Emmanuel? l wish all campus members, Nigerian Bioneers friends and individuals to support me votes and [email protected]://www.entrepreneurship-campus.org/ideas/28/17040/

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