Pavan Kumar Partner @ F50. Original on Linkedin
The stark reality is, we are caught off guard and its ripple effect will impact the global commerce, economies and enterprises in a big way. Stock markets across the world lost trillions of dollars, supply chains are disrupted and demand will soon see a southward trend. Every government is focused on preventing the outbreak of virus, managing the identified cases and maintaining the economic stability. The crisis would soon have an impact on corporate earnings, bankruptcies being filed, economic slowdowns and govt. interventions to restore normalcy.
This incident which has taken the world by surprise will also bring numerous opportunities to the fore. While large and traditional organizations are limited by bureaucracy, startups will definitely bring lot of innovations to the market. The attempt here is to list a few and I am sure there are lots many that can be shared by the readers.
The scale of global impact would see lot of regulations related to drug testing, human trials and regulatory approvals undergo a dramatic change, making it easier for new drugs to enter the market.
The pace with which we find the vaccine to tackle Corona Virus might recognize new technologies in the drug research and in developing drugs. Since those administered with this vaccine need closer watch, the patient data itself might see lot many new entities analyzing, to monitor the outcomes.
The mass transportation is the most venerable system for the spread of infectious diseases and viruses. We could see a surge in deployment of devices at airports, rail stations, bus terminus etc., and these would include the aircrafts, rail & buses themselves to detect and isolate the infected individuals. The trend to detect and isolate would catch-up soon and could extend to all potential places where people gather. The right of admission could be determined based on the health of an individual.
Communities face the immediate impact due to limited govt. action. This would result in hyperlocal community movements to protect their wellbeing and take collective action where the govt. interventions are limited or unlikely to be in time. This brings opportunity for startups that can provide hyperlocal information, detection and rescue services to protect the community.
The medical home test kits have made significant progress over the past few years. Lot of test kits are available that only need saliva or drop of blood for some of the common ailments. Today, every individual would be keen to self-test for the corona virus on the very first symptom. Startups that can create a consumer market place and effectively reach kits & results in time can reap significant benefits.
Today, remote working got endorsed out of compulsion and might soon become the norm. Though working from home is a trend, lot many smaller hubs that could provide the ideal work environment on casual terms might emerge. It could turn out to be an opportunity for hotel, restaurant, pubs, schools and lot many other places that can accommodate workers during lean or ideal time.
Though Concords first flew in 1976 and retired in 2003, not much innovation has taken place to reduce the air travel times. Airlines flying transatlantic and transpacific are the most impacted due to high travel times. Though Boom Aviation is expected to fly maiden supersonic flight in 2023, lot more ideas are needed in supersonic space to reduce the travel times.
There would be lot many ideas and opportunities, would love to read your comments.