If necessity is the mother of invention, then innovation — at least judging by prevailing business narratives — might be parented by crisis.
The disruptions presented by COVID-19 will certainly be the lens through which economists and historians view the business successes and failures of 2020, if not the entirety of the global economy as we approach the quarter-century mark. And certainly this crisis has changed habits — in the way we work, shop, collaborate, and gather.
“Digital innovation is a long-term commitment,” Legrand says. He points to ING’s early role in fintech innovation as evidence that companies innovating even now likely have a demonstrated history of being among the first entrants into a new space.And digital innovators must also have innovation-minded financial support. “We can play a role by financing change, sharing knowledge, and using our own, internal innovation skills,” Legrand adds.Given historical precedent, that is a near certainty.
While climate-change activists welcome this trend, some fear companies that factor carbon-footprint reduction into their corporate social responsibility goals will feel they’ve made a contribution merely by responding to the pandemic’s disruption. There is also the fear that companies in economic recovery mode will make a short-term choice to focus on bottom line over environmental accountability.
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