Innovation is Happening - Its all around Us

Necessity is the Mother of Innovation. In the midst of this Global pandemic innovation is all around us. We have innovated our Greetings from a Handshake to a Namaste. We are innovating, around the social distancing prerogative and the necessity of managing the rampant Virus.

Organisations are innovating – I read about a firm mfg filters is now churning out Masks by the millions, which is the need of the hour.

The shortage of Ventilators forced scientists to relook its design and now the same single Ventilator can simultaneously cater to 7 patients. increasing utility/effectiveness by 7 times.

Some goernments including ours have responded to this threat at amazing, never before seen speeds to force lockdowns, aggressively spreading the message of the threat and protocols to be followed. Every time we make a call we are being reminded of the threat and the steps to be taken. That’s innovative use of available resources. 

Innovation is around us. It is upto us to utilise the available resources to manage the challenges – for businesses it would be lack of orders, a broken supply supply chain, shortage of Cash. For individuals it would be managing our livelihoods and keeping ourselves and our families and friends safe.

It is important to remember that some of the best known names in Business – started during a recession – Amazon, P&G , Walt Disney , HP all started operations during major downturns. We are in the midst of one such steep Downturn . At the end of it some Business are going to be in the front. These are the ones who are the most responsive to what is happening around them. 

This week saw a historical first. For the very first time in the history of Oil trading, the Oil prices turned negative. That meant the oil producers need to pay the oil buyer instead of the other way round.

Even though it was just a technical correction, it is something to dwell upon.

How are we going to innovate around the paradigm shifts taking place?

Opportunities are available. 

Facebook has seized one such opportunity. The 10% stake sale of Reliance Jio for USD 5.7 Billion means that Whatsapp ceases to remain just an app and becomes a platform for commerce and transactions. A platform with access to 360 million users.

What opportunities are available to us?

What changes can be taken advantage of? 

Perhaps a few questions might help us in moving in that direction –

How have we adapted to over the last few weeks?

Have we utilized any of our resources differently?

What surplus respurces are available to us?

Human race is great at adapting. We will adapt and move on – and this COVID -19 will become a distant memory. The ones who adapt first – who see the opportunity early, will thrive. 

Makes Sense?