Crises often act as the kindle for innovation, but only those with broader use cases survive.
While the pandemic has inspired many entrepreneurs to come up with innovative products, they should ensure they are addressing a long-term problem. They should conduct market-opportunity analysis using pre-pandemic data from 2019 and evaluate how their product stacks up.
Building up this, they should also make sure that there is a market available for their product or service once the crisis is over. Once they have established that there are enough consumers interested, entrepreneurs should design their products around their target base.
Businesses should also be ready to strategically pivot their services to survive adverse market conditions. But, pivoting should be done “early, proactively, and thoughtfully” rather than reactively.
[6 minute read]