Innovating from necessity: The business-building imperative in the current crisis

The coronavirus crisis is a world-changing event. Here are early solutions and concrete steps leaders can consider as they plan and build new businesses for the next normal.

 
The rapid, global spread of COVID-19 has unleashed what is possibly the biggest shock to our lives and livelihoods in nearly a century. While COVID-19 is above all a humanitarian crisis, businesses have also suffered as economies skid to a near halt. But already, there are signs of creative business building, as companies respond to the crisis with innovative solutions born of necessity. They are throwing out the old assumptions that govern how they do business, as they rethink how to interact with customers and employees, are required to build more resilient supply chains, and reexamine attitudes toward privacy and data sharing.

That ability to envision new ways of operating will be crucial to weathering the crisis. Those that succeed will set the tone for the next normal that will follow and define the subsequent generation of paradigms for consumer and corporate behavior. These will become the operating structure for the next decade. Companies that hope to lead in this world should ask themselves some fundamental questions:

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