Bar For Entrepreneurship Has Been Raised: Sanjay Nath According to the co-founder and managing partner of Blume Ventures, it is important how businesses are being reshaped today as it will have long-lasting consequences
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While a large number of start-ups have experienced downtime during the current pandemic, COVID-19 has also led to a boost in entrepreneurship. Corporations and individuals across the world have reacted to tackle this crisis. Automakers turned to manufacture the much-needed ventilators. People and companies have developed new ideas to fulfill the budding needs.
According to Sanjay Nath, co-founder and managing partner of Blume Ventures, it is important how businesses are being reshaped today as it will have long-lasting consequences.
Talking to Entrepreneur India during a webinar, Nath said it is an opportunity for entrepreneurs in India and across the world to shine by striving even in the face of adversities.
Several new entrepreneurs and start-ups, according to Nath, have been more opportunistic through the pandemic; spinning their businesses by repurposing and readdressing existing information, expertise, people and networks to cater to several new needs. Here are some of the sectors that he believes will rule in the post pandemic world.
Consumer behavior is changing speedily as the world moves towards a new normal, wherein social distancing, work-from-home and virtual meetings are the norm. Demand for at-home digital media has grown considerably. Digital media has already been drawing new consumers. The virus outbreak will magnify the already apparent shift from laptops/digital devices viewing to large television screens, providing an important spur to Internet companies.
Once the catastrophe passes, the psychological hang over from the virus might mean it would take some time for consumers to embrace external consumption models again, especially in areas that have been the worst affected by this crisis. This could pave the way for advancement and outreach resolutions wherein patrons turn to virtual live events and new delivery models. Hi-tech developments could play an essential role in outdoor entertainment.
Media and entertainment companies should be able to augment their dependence on technology to usher cost efficiencies and revenue augmentation opportunities. For example, the conception period for content could potentially be lowered with greater technology incorporation leading to process efficiencies. With greater yoking of cloud and remote functioning solutions, companies may look at efficiencies in the way they conduct business, even across revenue-creating functions such as sales. Companies could place an escalating amount of reliance on artificial intelligence to predict consumer behavior in these uncertain times and thus perking up reliability.
To protect patients and visitors from the risk of exposure to COVID-19, new remote healthcare schemes need to keep as many patients home as possible. This requires new tools to allow current patients to continue treatment without interruption and to initiate care for new patients. With the current requirement on the healthcare establishments supervising coronavirus patients, the amplified need for segregation of patients and added measures to help ensure protection for clinicians is paramount.
To facilitate the delivery of quality care and lessen the hazard to patients and staff, telehealth competencies and digital technology that allow virtual care and remote patient monitoring are mounting. Patients can log on to meet with providers over two-way video or phone appointments. They can also schedule appointments with their own specialists or have an on-demand visit for urgent needs.
Online grocery market
Pandemic has pushed consumers towards online grocery stores and it will likely to continue as many customers have downloaded apps, tried new services and discovered convenience.
This is an extraordinary time for the whole business world. While there is no PowerPoint presentation of tried and tested top operations for dealing with this universal pandemic, the above-listed business ideas can help budding entrepreneurs emerge as winners through this crisis. Furthermore, it is evenly vital to appreciate that the notion of the online market space comes with a futuristic approach. "This time is all about trust and confidence," said Nath.
"The world will be a healthier and safer place. Whether you are operating a trade already or have plans to provide for better tomorrow, join the revolution to go online."