Pandemic's effects on New Frontiers of Digitalization
We are facing a truly unprecedented situation. The global Coronavirus pandemic is affecting all aspects of our life and having social and economic impacts on a global scale. We would like to take this opportunity to send our thoughts and prayers to those who have been affected by the disease.
While all businesses and sectors are currently in unknown territory, we have collected & experienced significant amount of insights through other crises and are equipped to handle moments like this. We know that these kind of circumstances present rare and valuable opportunities.
This is a period of unusual turbulence and economic loss. We predict that the consequences will be significant and that will have profound long term economic and social effects. While all sectors will be affected, we believe that the companies who are better prepared for the crises and for the fundamental changes it will bring, will not only survive but experience periods of significant growth, innovation and acclamation.
In March 5th edition of The Economist, an article was explaining how In February 2014 during a strike on the London Underground Londoners were forced to rethink their commutes to and from work. Researchers at Oxford and Cambridge universities were surprised to later find out that around 5% of passengers adopted their new itineraries even after normal service resumed and chose to stick with their new routines. Today many people are forced to work remotely and adapting or perhaps using for the first-time digital connection tools and software such as Zoom, Slack, online gaming or other similar software. Many people refrain from touching elevator buttons or other equipment wishing they was a no-touch option such as Georgia Pacific's touch less paper tower dispenser. We objectify this dispenser as the norm today, but it was not long ago, in 2007, when it was first developed as a novelty and we now realize how farsighted this innovation was.
We're firm believers in Schumpeter's Creative Destruction and under the given circumstance we predict that Social Disruption will magnify the speed of progress & innovation. Indeed, 2009 was one of the best years to start a unicorn, with 15 unicorns founded that year including Slack, Uber, Whatsapp, Venmo, Square and many more.
Whether you are a technology firm or a traditional industrialist, adapting to the new norms will be the critical for the new future lying ahead of us.
We're always here help, our team at Core remains focused on your success.
Core Finance Team