How to Navigate the Coronavirus Crisis With Innovation at Warp Speed

“It is possible to commit no errors and still lose. That is not a weakness. That is life.” –Captain Jean-Luc Picard, Star Trek

 
Many of you likely recognize the truth in this quote from legendary Star Trek Captain Jean-Luc Picard. Many are dubbing the Covid-19 pandemic the biggest global crisis since World War II. There’s no way you could have had a foolproof plan to deal with it. Yes, scientists have long warned of a pandemic like this. And unfortunately, many countries have not been as well prepared as they should have been. But few businesses would have had incentive to plan for a potential pandemic where whole markets disappeared almost overnight.

Now it’s here, however, and the implications are massive. There is not one industry, not one organization, big or small, that has or will not be impacted.

 
Doubling Down on Innovation

So, what to do? Do we need to look at our organizations and see where we can cut costs and strengthen our core businesses? Yes. But protecting the core isn’t going to be enough. Contrary to common practice and what may seem practical, businesses also need to double down on innovation.

Statistics show that in times of crisis innovation suffers. Organizations become more introverted and risk averse. But they need to do the opposite, not only to survive in the short term, but to also keep pace with a rapidly changing world.

Companies need to be constantly looking beyond their core businesses to stay relevant. And whatever the speed of innovation needed to be up until the point when Covid-19 hit our countries—it just became too slow. We now need innovation at warp speed.

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Πηγή: singularityhub.com