Airbnb and Uber were founded amid the 2008 financial crisis, and probably would not have succeeded if either was launched a few years earlier or later.
There is perhaps no time more ‘ripe for disruption’ than during a crisis. PACESPECTIVES: The World-Changing Impact of COVID-19Įntrepreneurship is often associated with some form of disruption, the creation of a significant change in the market. Remember what Yogi Berra said: “It ain’t over ’til it’s over.” But what’s important to remember is that it’s not about making predictions or coming up with an interesting idea it’s about the passion, persistence, and perseverance to actually make it happen. What innovative business concepts will be born out of the COVID-19 crisis? We’ll have to wait and see. Once these concepts proved successful, they were able to become a new normal. Same for customers, who were suddenly willing to sleep in a stranger’s bed and pay for a ride in a regular car. Why? Ordinary people would not have been willing to turn their home into a hotel or their car into a taxi absent the financial distress they were facing. There is perhaps no time more “ripe for disruption” than during a crisis. How do we know? Entrepreneurship is often associated with some form of disruption, the creation of a significant change in the market. The great baseball philosopher Yogi Berra once said, “It’s difficult to make predictions, especially about the future.” That might sound somewhat inane, but the underlying message is astute: The future is not only unpredictable, it’s unknowable.Īlthough that is especially true when it comes to human behavior and societal norms-and so many variables are changing the way we teach, learn, worship and socialize these days-we can expect that innovative business concepts will be born out of the COVID-19 crisis. Pace Professors on How COVID-19 Changed EverythingĬlinical Professor of Management and Executive Director, Entrepreneurship Lab
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