Crisis Induced Innovation
Week of 24th February 2020
The idea of evolution comes from survival of the fittest. Species that develop traits that can battle environmental changes to increase their chance of survival live on. Unfortunately dinosaurs were not one of those species.
The same concept can be applied to non-biological evolution.
As the world continues to battle COVID-19, reports are surfacing daily about the impact to supply chains, retail industries, F&B, tourism etc. At the same time, however, COVID-19 has forced companies to be more innovative and evolve, from contactless food delivery, to mutual fund sales. Some companies are able to quickly adapt and develop new businesses and revenue during the moment of crisis.
While by no means should we be rejoicing to crisis for innovation, we also certainly should not be waiting for such drastic moments to allow for our innovation to bloom. Perhaps not all bad comes out of a crisis, but it would certainly be better if we are innovative enough to prepare for the next crisis the moment it hits. It would certainly reduce a whole lot of casualties, lives or businesses.
If time is limited, I suggest reading: