Accelerated digital transformation, in previously under-equipped sectors, supported resilience so much that we now think the damage to potential will be less than we earlier feared.
The pandemic exposed some glaring deficiencies in businesses’ agility, and like any other crises gave entrepreneurs an opportunity to take a step back to reflect and revisit assumptions they took for granted, in a dynamic, tech-driven global economy. Now is the time to rebuild better, starting by reassessing the status quo. High unemployment, evolving problem statements, and the magnifying power of the internet-fueled the eruption of the entrepreneurial mindset like never before.
Digitization has gained much more traction than ever before. In a recent report titled Economic Outlook: Beyond COVID by Bennett Jones suggested that the pandemic accelerated the structural trend of loss of lower-skilled jobs to automation. Accelerated digital transformation, in previously under-equipped sectors, supported resilience so much that we now think the damage to potential will be less than we earlier feared.
Business Beyond Borders came to a halt with travel uncertainties. This created the need for tools in e-commerce, cloud computing and DIY solutions that can help anyone launch a global company in quick and easy steps. Shopify, the Ottawa headquartered software company that lets small businesses sell online, saw a near 80% increase in new stores in 2020. Equipping businesses to best leverage this zero barrier to entry is an area of growth post-pandemic.
Virtual health, biotech and wellness start-ups will continue to be in demand. The health industry is set to grow with an ever-increasing offering of virtual services in relation to the great demand over the last year. Be it tele-health, tele-medicine, home fitness products, health supplements, etc., start-ups are indulging in every aspect possible to allure customers. According to a recent survey conducted by the Canadian Medical Association, 47 percent of Canadians have used virtual care during the pandemic, and of these, 91 percent said they were very satisfied with the experience.
Transforming Education. With campuses opting for limited in-person interaction, the new student, faculty and staff experience is a space ripe for innovation. With Canada’s post-secondary international student population contributing about $22 billion in GDP and about 11,000 new permanent residents annually, and many parts of the world still in partial lockdown the international student will be unable to reside in Canada and make connections like before. Solving for today’s students and tomorrow’s talent pool can potentially benefit from innovation and entrepreneurial intervention.
Preparing for the Future. Let’s face it, the pandemic will transform how people travel internationally for the foreseeable future. In a bid to modernise and equip its borders, in the recent federal budget, the federal government announced $82.5 million to fund COVID-19 testing infrastructure at Canadian airports and another $6.7 million to buy sanitisation equipment for the Canadian Air Transport Security Authority. The need for a touchless travel experience, solutions to enable social distancing in busy airports, and digital tools to automate and minimise human interactions in areas with increased security are other areas expected to play a key role in how we thrive in the new normal.
Source: Business World
