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Digitalks - How to reinvent your core business during the Covid-19 crisis?

Do we have to wait and see or adapt our business to this new-born market? If we need to reinvent, what methodology can be used?

“Airbnb, Pinterest, the bitcoin... all these innovations and inventions have been created during the last financial crisis.” Cedric Maloux, CEO, StartupYard and Digitalks mentor

The coronavirus crisis has accelerated a lot of trends and there is a growing awareness about the business ecosystem: 

  • Most of the businesses and public institutions have been forced to move online (companies, schools...). Do we really need offices and buildings?  

  • All meetings take place online. People are wondering “Why did I have to do all these business trips?” 

  • About 15% of the US workforce sought unemployment benefits last week. What will my job situation be in a few weeks?  

This new situation will last much longer than expected, and it is a unique moment of transformations and opportunities! Airbnb, Pinterest, the bitcoin... all these innovation and invention have been created during the last financial crisis. It is a fantastic time for creative people, entrepreneurs and agile organisations: It is therefore time to get back to work and take advantage of these opportunities  

  

“The market has changed, it is now unpredictable and all industry will be disrupted” Serge Dupaux, Head of business development, Creative Dock

This “new world” has brought a lot of business opportunities in healthcare, cashless payment, local business, global warming... To reinvent your business, no magic recipe is needed, just a mindset: be curious, don’t be afraid of new ideas, try, fail and learn. In innovation, there is no guaranty! 

  1. Involve your team and your clients: they have business experience and know their topics.   

  2. Analyse the market and look for problems: be empathic and customer centric, understand your public to create a solution to solve their difficulties.  

  3. In most of the cases, there is no need of an invention. You will just have to put a tool or a process to create a new solution.  

  4. Create and test quickly. The market is moving, launch your MVP quickly as you can and be agile. 

 

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