How the Coronavirus is transforming innovations? According to WHO, Coronavirus is an infectious disease which is caused by a newly discovered Coronavirus. The first case of Coronavirus was identified in Wuhan, China, in December 2019. Since then, there has been 13.1M confirmed cases. Among which 7.23M has recovered and 527K people have lost their life because of Coronavirus. The cases are still rising every day.
The ongoing Coronavirus pandemic has a profound impact on all of our lives. Not only our Professional but also personal life activity has been affected. The virus is already impacting the world economy. Also, stocks are out of proportions, travelling has become difficult and so many people are jobless. In addition to that, the Economist are predicting the virus will result in an economic loss of nearly hundreds of billions of dollars. However, in spite of all this pandemic going on, there might be a silver lining. If we look at the history, every pandemic has sparked a wave of innovations, which has shaped the society.
Some of the examples of such Innovations are as follow
One of the earliest pandemic is the great plague or the Black Death which occurred between 1331-3153 in Europe. It is said that during this pandemic 30%-60% of Europe’s population were killed . But, because of this, people needed to work harder and longer, giving rise to today’s work style. Since people were working harder and for longer time, one of the first innovation that came in to existence were clocks and hourglasses to keep track of time. Also there was introduction of modern medicine. Furthermore, there was introduction of first eyeglasses, also hospitals, modern homes and a host of other innovations.
Similarly, in November 2002, SARS (Severe Acute Respiratory syndrome) first appeared in china and quickly spread to Hong Kong and other regions, also putting the whole world on high alert. But, during that pandemic, there was invention of E-commerce. People were staying at home (just like toady) but they still wanted to stay connected and shop from home. And hence, one of the most influential company in China and the world Alibaba and JD.com came into existence.
Coronavirus transforming Innovations
As we read above, pandemics catalyze innovations and accelerate change in society by providing environment for launching and testing new ideas. Today’s Coronavirus is also changing cultural as well as the business norms. The simple act of handshake is eventually fading, also we have to wash our hands dozen times a day.
“Work from home” has now become the new normal. This change in workplace is already impacting teamwork, productivity, collaboration, and communication. Because of social distancing, the use of Video Conference Apps like Zoom has become an essential. Additionally, people are avoiding social gathering. Because of this, food deliveries, online shopping, ultra-fast broadband and pelotons and also demand of Netflix has increased. In the same way, in education, there has been a rapid shift towards online lecturing. Also, the students are giving virtual exams.
Recent research from Columbia Business School has provided information that financial crises are not only destructive events, but also great source of Innovations. We’re already seeing the early signs of the process of innovations in the initial months of the Coronavirus pandemic. However, it is most like to have significantly further more to go yet.