In the wake of COVID 19 pandemics, there's an increase in the rate of unemployment, people losing their jobs and business is all of the sudden shut, mostly for vendors and small businessmen.
Still, people are coming up with innovative ideas to earn bread for their families. The whole world is facing an economic recession after 2008's " great recession" Still people managed to find more innovative ideas for their business to grow more in this state.
Still this inspired people to build on existing trends that have been paced and accelerated by the pandemic.The explosive growth in telehealth, the use of AI in health care.
An MIT student built a model to track the national giving out of critical medical supplies for the hospitals in need.
More innovative ideas have come forward, a man came up with an idea to track COVID patients with the help of technology i.e. through Bluetooth in your phone and with GPS, he made an app which will alert you too, if you had some symptoms or if you came in contact with a COVID patient.
The proper handling out of medical supplies is a crucial problem today, but even more important is whether the cost of supplies will raise or come down? On the other hand, some organizations have been established in response to problems that are vital and dire today but are unlikely to be as critical, once the set of conditions change. Meal deliveries were started to help health care workers for free.
People from all over the world are working hard and coming with more innovative ideas and solutions. India was facing a shortage of ventilators, latest business news stated IIT Kanpur made a portable ventilator assuming the cost price of Rs 50,000 INR if we go on an international scale many countries have such people who have been working on these types of projects and some of them have accomplished too.
Most of the labour workers were going through financial problems but people needed masks so there was a demand. These types of opportunities helped a lot of people, but still, a lot of them are facing problems.
PPE demand is High because of safety precautions, doctors and staff need it. So some Indian companies started factories for PPE. These kinds of demands generate more opportunities for people.
Talking about work from home, this pandemic made us all realize how important technology is for today's world. People had started teaching on social networks, for the sake of people some are teaching free of cost and some for a reasonable amount of money. The concept of webinars is booming now.
Every other school, colleges, and Universities have accepted it. But this has started a new hackathon on social networks.
People try to steal your data and loot you digitally. Again these things made us realize the importance of cybersecurity. Businesses are coming on social media. To boom their business, there is an increasing demand for digital marketing.
Business executives who are operating on representing their line model should also look at the past when other economic disruptions had similarly forced many companies to rethink their businesses. During the “great recession” of 2008, processes needed to deliver the offering as they navigate a future that is likely to demand novel solutions for some time to come.