Startup entrepreneurs, known for their creativity and flexibility, are rapidly confronting the crisis in various ways. Entrepreneurs in different fields have started to share their conduct consequent to the business challenge that this economic crisis – a direct result of the corona pandemic – is posing. Some are serial entrepreneurs who went through a similar economic slump in 2008 and are sharing their experience with others. In this blogpost, I am happy to share some insights of entrepreneurs confronting the challenge.
This is the time for corporations to build business partnerships with specialized, maximally-flexible third parties at the technological forefront. This is the time to assimilate startup innovations and advanced technologies. Corporations that manage to do so with emerge from this crisis leaner, more technological, and more efficient than their competitors.
Corporations in every field must constantly monitor technological advancements which affect their business. If a manager thinks his R&D department can keep up with the constant changes in technology taking place around him and remain relevant, he’s mistaken. Innovation won’t come from within. It will come from without.
Today, everyone knows that internal innovation will happen only after successfully implementing an open innovation process with startups. This process must have great value, so that implementing open innovation will be effective and have minimal errors.