The coronavirus pandemic creates both challenges and opportunities for businesses. Research on a 2014 London Underground strike found that approximately 5% of commuters maintained new travel routes afterward — suggesting that when people are forced to change, some proportion adapts permanently.
Today many people are forced to work remotely and adapting — perhaps using for the first time — digital connection tools like Zoom and Slack. The article highlights how seemingly minor innovations, such as touchless paper towel dispensers developed in 2007, proved prescient.
Invoking Schumpeter’s concept of creative destruction, the pandemic accelerates innovation. The year 2009 — a recession year — saw the founding of major companies including Slack, Uber, WhatsApp, Venmo, and Square.
Adaptation to emerging norms will be essential for all organizations moving forward. Core Finance is positioned to support clients through this transition.