{"id":545103,"date":"2022-03-03T14:03:20","date_gmt":"2022-03-03T14:03:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/03\/how-innovation-got-some-businesses-through-the-pandemic-and-why-it-could-be-key-to-weathering-the-next-crisis\/"},"modified":"2022-03-03T14:03:20","modified_gmt":"2022-03-03T14:03:20","slug":"how-innovation-got-some-businesses-through-the-pandemic-and-why-it-could-be-key-to-weathering-the-next-crisis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/03\/how-innovation-got-some-businesses-through-the-pandemic-and-why-it-could-be-key-to-weathering-the-next-crisis\/","title":{"rendered":"How innovation got some businesses through the pandemic \u2014 and why it could be key to weathering the next crisis"},"content":{"rendered":"

<\/a> What key lessons has the pandemic taught us on innovation?<\/strong> Companies that have thrived since the outbreak of covid-19 prioritized innovation, rather than simply continuing with business as usual, putting their heads down and hoping to survive, argues a recent Financial Times op-ed<\/a>. Amid pandemic-fueled disruption, these businesses saw a chance to grow by creating new products and services. We\u2019ve seen multiple examples<\/a> of this in Egypt, in everything from digital payment facilitation to the explosion of fintech, from a boom in healthtech<\/a> and infrastructure startups to co-working spaces diversifying their services<\/a>. And while these companies went about it in their own ways, the FT argues that there are three common lessons that could be learned.<\/p>\n

The first key lesson: When crises hit, competitive advantages shift.<\/strong> There\u2019s a strong case for focusing on innovation in a crisis, because competitive advantages change quickly in response to shifting market conditions, notes McKinsey\u2019s Innovation Through Crisis survey<\/a>. The report surveyed more than 200 organizations across different sectors on their responses to the pandemic.<\/p>\n

Innovating out of a tight spot is great \u2014 but it isn\u2019t the norm: <\/strong>Of the companies interviewed by McKinsey, even ones that prioritized innovation pre-covid were generally ready to eschew it when the pandemic hit, favoring risk aversion. Only 23% of participants named innovation as a top priority in the midst of covid, compared to 55% pre-crisis.<\/p>\n

And execs aren\u2019t confident about getting out of their comfort zone: <\/strong>McKinsey found only 21% of executives interviewed felt prepared to execute new growth strategies in the 12 months following the survey, compared to 47% who felt able to execute their core business.<\/p>\n

Forward-looking actions should be prioritized ahead of minimizing risk and shoring up the core business,<\/strong> McKinsey said. These include adapting the core business to meet changing customer needs, identifying and seizing new areas of potential growth, reallocating resources to areas for innovation, and building a strong foundation for post-crisis growth.<\/p>\n

A second key lesson: Innovate pre-crisis, not just in the thick of it. <\/strong>Innovation works best when it\u2019s a long-term approach, the FT argues. Companies that innovate before a crisis are more likely to have the organizational structure and talent in place to innovate during one, it adds.<\/p>\n

Is this a case of adapt or perish?<\/strong> \u201cMany companies did not innovate in response to the pandemic and have not survived as a result,\u201d noted UPenn professor Serguei Netessine in a Financial Times op-ed<\/a> last year. The businesses that survived tended to be those where management was \u201cmore resourceful in finding new sources of revenues, or reinventing their businesses,\u201d the World Bank<\/a> noted.<\/p>\n

A third key lesson: Innovation doesn\u2019t mean abandoning your existing model: <\/strong> For a business to emerge strong from a recession requires a combination of defensive and offensive moves, noted Harvard Business Review in a recent study<\/a>. That often means trimming fat in some places in order to make significant investments elsewhere. The purpose isn\u2019t to completely change or reinvent your business, but to look for new avenues of growth. Some business leaders describe this process as \u201cpivoting,\u201d because the businesses \u201ckept one foot on the ground and rotated with the other to twist what they were doing,\u201d the FT says.<\/p>\n","protected":false},"excerpt":{"rendered":"

What key lessons has the pandemic taught us on innovation? Companies that have thrived since the outbreak of covid-19 prioritized innovation, rather than simply continuing with business as usual, putting their heads down and hoping to survive, argues a recent Financial Times op-ed. Amid pandemic-fueled disruption, these businesses saw a chance to grow by creating […]<\/p>\n","protected":false},"author":1,"featured_media":545104,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9630],"tags":[633,203,1500,1497,1499,1498,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entrepreneurship","tag-enterprisepm","tag-entrepreneurship","tag-innovation-through-crisis","tag-starling-bank","tag-taskty","tag-va-q-tec","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"0ad09b17-3d83-409c-92ee-b114d84634ba","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/425.jpg","photo_position":"above","related_issue":[545094],"teaser":"","voice_url":""},"yoast_head":"\nHow innovation got some businesses through the pandemic \u2014 and why it could be key to weathering the next crisis - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/03\/how-innovation-got-some-businesses-through-the-pandemic-and-why-it-could-be-key-to-weathering-the-next-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How innovation got some businesses through the pandemic \u2014 and why it could be key to weathering the next crisis\" \/>\n<meta property=\"og:description\" content=\"What key lessons has the pandemic taught us on innovation? 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The competition, which runs until February, will be sponsored by unnamed French companies. The initiative comes a week after Communications Minister Amr\u2026","rel":"","context":"In "Telecoms + ICT"","block_context":{"text":"Telecoms + ICT","link":"https:\/\/enterpriseam.com\/egypt\/category\/telecoms-ict\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560187,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/18\/egypts-startups-got-a-covid-boost\/","url_meta":{"origin":545103,"position":2},"title":"Egypt\u2019s startups got a covid boost","author":"enterpriseam admin","date":"18 February 2021","format":false,"excerpt":"Covid has been a boon for Egypt\u2019s startups, but there\u2019s still much to be done by way of legislative and regulatory changes to bring in more investment. 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Several unnamed international and local institutions will invest alongside the CBE in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560440,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/28\/1-trolley-among-the-prizewinners-in-ebrds-startup-innovation-challenge\/","url_meta":{"origin":545103,"position":4},"title":"1 Trolley among the prizewinners in EBRD\u2019s startup innovation challenge","author":"enterpriseam admin","date":"28 February 2021","format":false,"excerpt":"Egyptian pick-up and delivery platform 1Trolley is the only MENA business among the prizewinners of the European Bank of Reconstruction and Development\u2019s (EBRD) Startup Innovation Challenge, the bank said in apressrelease (pdf). The company beat 226 competing businesses from the 30 EBRD countries, and will share a USD 500k prize\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/390.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568518,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/01\/founder-of-delivery-service-presto-wins-prize-for-young-african-entrepreneurs\/","url_meta":{"origin":545103,"position":5},"title":"Founder of delivery service Presto wins prize for young African entrepreneurs","author":"enterpriseam admin","date":"1 November 2020","format":false,"excerpt":"STARTUP WATCH- 21-year-old Egyptian businesswoman takes home African innovation award: Alaa Moatamed has been awarded the grand Anzisha prize of USD 25k for her work co-founding delivery management service Presto, according to an announcementby the prize committee. Presto aims to help small business owners overcome operational hassles by providing fast\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=545103"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545103\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/545094"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545104"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545103"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545103"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}