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Opportunities For Startups In A Time Of Crisis

CIO Insider Team

COVID-19 pandemic has caused havoc. But with every bad thing, there is always something positive. Whenever there something threatened human existence, we have come in the face with that and showcased the creative skills at the highest level. And it is that time. United Nations claims that the crisis created by the COVID-19 coronavirus has devastated the labor sector in many countries.

ILO’s (International Labor Organization) analyzed that between 5.3 million and 24.7 million people become jobless. Comparing to the 2008-09 global financial crisis, which resulted in global unemployment of 22 million, it is almost the same.

However, not taking anything away from the ill effects, this is the time when startups could play a significant role. In different verticals, startups can start venturing out as the need of the hour is technology. Technology-based healthcare facility, mobility, education, e-commerce, work-from-home, etc. can change the dynamics of the world and give newer perspective to every living human.

1. Healthcare Technology – Leveraging Artificial Intelligence, Biomedical Engineering, 3D Printing, Nanotechnology, and Robotics, Healthcare Tech startups are rising to the occasion to fight the novel coronavirus. Innovation in Healthcare startups is

giving lifeline to COVID patients through virtual treatments. Already, Microsoft has partnered with the Center for Disease Control (CDC) to implement AI-powered chatbot called Clara to assess coronavirus symptoms and risk related to it. Through this technology, patients can get medical resources quickly and also a contingency plan.

2. Mobility All The Way – COVID-19 is leading to the days when transportation system and urban centers will face changes. Travel restrictions, social distancing, and related measures are being adopted to prevent the spread of coronavirus and due to which they need for seamless mobility is much needed. Technology might come with driverless cars to limit the spread of coronavirus and maintain social distancing.

3. Tech In Education – Since schools and colleges are closed, online learning tools are creating a buzz among today’s learners. Major Ed-Tech startups are introducing pocket-friendly courses for students who want to skill up themselves. For professionals, there were already platforms to learn and up-skill, but based on the current situation, they are also getting courses which could have required classroom learning. Bringing in the podiums to the online tutors, the course providers are finding exciting ways to engage students to learning and making learning interesting. AI and gamification are the most in-demand value-added services. It is expected that the Ed-Tech sector will grow sharply to $12.6 billion by 2025 with investments on AR and VR for digital learning.

4. E-Commerce – The e-commerce executives took life risk and yet succeeded in fulfilling the online order demands. The e-commerce business is witnessing increasing revenue as the consumers are mostly inclined towards ordering online. Big names like Amazon, Grofers, Flipkart, and Bigbasket have seen unexpected surge in the demand from consumers’ end which resulted into shortage of products.

5. Work From Home – Although lockdown is still imposed on in many places to fully fight the coronavirus, people are working from home to make ends meet. Online collaboration tools, applications, and workplaces have gained much recognition in this time with the simplified support they provide.

There is more technology intervention to happen following the innovation, and discovery of technology. Only technologists know the best to make such things.

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