โAre there certain ways that companies need to do in response to the COVID-19 pandemic? Surprisingly, the answer is no. Professor Michael Goldberg, a venture capitalist and Associate Professor of Design and Innovation at Case Western Reserve University, argued that there should not be any generalization on how companies should respond to the pandemic, as he spoke on @america x Campaign.com 2nd webinar yesterday.
The ways companies respond to the pandemic are significantly affected by the condition of the country where the companies operate their business.
The other speaker, Jefrey Joe, a technology investor at Alpha JWC Ventures, proposed two ways that the country condition could possibly affect how companies respond to the pandemic: whether the country is poor or rich; and how flexible or strict its government in terms of public policy and business regulations.
Jefrey, however, suggested some strategies for companies to adapt to this pandemic:
1. strengthen the organization, focus on managing the team to survive the pandemic;
2. focus on R&D (Research and Development) to help predict opportunities that the company can potentially make out of the pandemic;
3. think about where the organization will head to after the pandemic.
One pivotal lesson that companies should learn at this very hard time is how important it is to accelerate technology in business. Yes, what is happening today shows us that technology in business is essential not only to help companies navigate new trends, but also to deal with a crisis.
Conclusively, both of the speakers emphasized that company's growth is what needs to be retained during and after the pandemic. The two speakers urged companies to set up strategies to maintain, even excel their growth once the pandemic is over.