By By Ayushi Mahajan[1]
Abstract
Startups that understand the new definition of ‘will normal’ will seek to bring out the best in themselves by grabbing new opportunities and identifying new customers.
Undoubtedly, it is a time of despair. But this is also the time to hope. Yes, the fast-spreading coronavirus epidemic has put enormous pressure on big businesses and startups alike. And yes, investors are on the rise, valuations are down and skilled workers are being laid off in industries. However, I still believe we have enough reasons to be able to live up to the expectations – to see the silver layer as unique opportunities that the crisis will soon open.
Furthermore, the epidemic that has gripped the planet will soon end. In keeping with this optimistic view, India’s emerging startup ecosystem must be vigilant for the birth of new ideas that will force it to re-imagine business for the post-epidemic world. In this article, I examine the major pockets of opportunity that the coronavirus human tragedy is opening up across sectors.
As we prepare to return to a world that will change forever, the time is to reset everything we knew. If there was ever a time where this was a level playing field for both reputable startups and more humble people, it is now. Startups that understand the new definition of ‘will normal’ will seek to bring out the best in themselves by grabbing new opportunities and identifying new customers.
Healthcare Tech To Lead The Way
Patient care and public safety have come to the forefront since the battle to introduce the deadly virus. As of May 30, there have been around 6 million coronavirus cases worldwide. Innovative healthtech companies are at the pinnacle of a major transformation that will create virtual health solutions by leveraging AI (artificial intelligence), biomedical engineering, 3D printing, nanotechnology and robotics, among other digital technologies, to combat coronavirus.
While startups are on an overdrive to reduce or suppress the spread of infection, Microsoft has also pulled out all the stops to find innovative product care solutions. The chief of technology has partnered with the CDC (Center for Disease Control) to deploy its AI-powered catboat called Clarke to assess symptoms and risk factors associated with coronavirus. The technology aims to track high-risk individuals and suggest a contingency plan to help access medical resources in a timely manner.
The Reshaping Of Learning
The coronavirus virus has adopted the online learning process to enable both students and teachers to have rich digital experiences. Almost overnight, schools and universities around the world have restructured the traditional teaching method to adapt to a dynamic digital classroom.
In India, virtual classrooms are being made more effective by innovative EdTech startups such as Byjus, Vedantu, Unacademy, Toppr and UpGrad. Many are offering classes for free and averaging and are competing to add value to classroom learning.
Given the nature of the coronavirus epidemic, online learning is here to stay. In my view, the innovation ecosystem will only flourish when entrepreneurs cater to all areas of learners. Experimental education, anytime learning and self-education are new pockets of development for EdTech companies.
Redefining The New Norm Of Work From Home
The rapidly spreading coronavirus has started a new era in the future of work that is here to stay. Work from home has become the new norm adopted by organizations. It has emerged as a potential game-changer for how businesses will operate once the crisis escalates. However, facing uncertainty, businesses can use the distance learning paradigm to create enabling environments for their workforce.
The compulsory social removal policy has led businesses to invest in new technology tools to work from home and make efficient. Organizations around the world are using new technologies and virtual web conferencing / meeting tools to facilitate remote tasks. Zoom, GoToMeeting, G Suite and WebEx are some of the key tools that have enabled organizations to communicate with employees, customers, vendors and other partners.
A New Path For Mobility
The novel Coronavirus has changed the definition of a hyperconnected world. The global transport system and the urban center will never be the same again. The crisis has been an eye-opener for the transportation ecosystem to quickly adapt travel restrictions, social disturbances and other measures to prevent the spread of the virus at local, national and international levels. With major disruptions affecting travelers worldwide, it’s time to stop and think creatively.
Coronaviruses have also contributed in other innovative solutions. For example, staying on the home directive issued by governments has put a new spin on how future deliveries will be handled by restaurants, pharmacies and grocery owners, among other businesses. Contactless distribution is the new paradigm of innovation to emerge that ensures the safety of customers and delivery personnel.
Startups: Change The World Order In The Age Of Coronavirus
As we knew that before the coronavirus the world has changed after the virus outbreak. With social disturbances and work from home being the new normal, stakeholders in the Indian startup ecosystem are pivoting to channelize innovation.
Everyone is asking this question whether we will ever be back to normal after the outbreak is over. I am not resetting the clock. Coronavirus will usher in a new normal that will create a unique set of opportunities. Startups around the world must find opportunities in chaos and capitalize on new trends to create new normalities.
If the journey of development is to continue, now is the time for startups to demonstrate flexibility and creativity.
- Student, BBA. LL.B. (VII Semester), Center for Legal Studies, Gitarattan International Business School.
REFERENCES
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