• 5241 Finchley Lane
  • Virginia Beach, Virginia
  • 23455
  • (757) 636-1775
PUBLIC PROFILE

Innovation and Entrepreneurship: Dealing with the Impact of COVID-19

Posted by Joe Antle on May 29, 2020 8:35 AM EDT
Joe  Antle photo

While it is true that all innovations aren't necessarily created by entrepreneurs and all entrepreneurs have their ventures based on....

...innovations, some well-regarded business researchers and scholars feel that there are common links to how entrepreneurship and innovative projects and ventures are impacted by pandemics.  Some of the rules for surviving and thriving in and after pandemics may be applicable to all kinds of innovative projects or entrepreneurial ventures.  If so, it is highly likely these principles can be useful for the innovations and entrepreneurial ventures which lie ahead or have been recently put in place to help drive significant improvements in population health generally, and in chronic conditions recovery specifically.

Given this premise, a recent article by a professor from Wharton Business School who also is a successful entrepreneur on the side focused on advice for entrepreneurs in dealing with pandemics.  The title of the article which arrived this week in my email as part of my personal subscription to the "Knowledge@Wharton" e-newsletter is: "Pulling Through the Pandemic: Advice for Entrepreneurs" written by Karl Ulrich.  

The article is an excellent piece and an easy "read", meaning it's not too long, nor to academically-worded for most pragmatic and busy readers.  In fact, even I can understand it.  I wanted to share two key excerpts from the article that I found sort of summed up the issue presented by the author.    However, for those who prefer to read such bits of knowledge on their own to form their own conclusions, here is a link to the article:  

https://knowledge.wharton.upenn.edu/article/pulling-through-the-pandemic-advice-for-entrepreneurs/?utm_source=kw_newsletter&utm_medium=email&utm_campaign=2020-05-26

So, the following are those excerpts.

The VIDE Model

 

Ulrich teaches the VIDE model to his students. The acronym holds that value, or V, in entrepreneurship is a function of three factors: the idea (I); your skills and capabilities, or what you do with the idea (D); and exogenous factors (E) that are out of your control. That could be a fire that destroys the physical store, a sudden collapse in demand because of a change in technology, or even a viral outbreak that changes daily life across the globe. 

“For Karl Ulrich, vice dean of entrepreneurship and innovation at Wharton, the existential threat to small businesses struggling through the coronavirus pandemic isn’t just an academic exercise “We need to find a better way to communicate to young people that these things do happen and that there is tremendous value to being lean and flexible in the event that some disruption occurs,” he said. “I think tempering optimism with a sense of there is going to be something, it’s going to be outside of your control, and being resilient and lean to navigate it is an important quality in entrepreneurs.”

“Focus on what are your skills, and those skills better be tied to recognizing problems and solving those problems. Those are the skills that make you most useful in a crisis and that I think make you most useful in general in life,” he said. “We were in a period of a lot of irrational exuberance, a lot of capital available, a lot of people [getting] by on swagger. I think those times are gone.”

There are no comments

Sign in to add your comment.

Recent Posts

Affordable Care Act and Healthy Lives Innovation "Metals"
Thomas's recent blog posting of articulating the importance of putting others first and improving...
read more
In Innovation, What's Better Than The Golden Rule?
At the "heart" of the innovation that we consistently proclaim is the key to breakthrough innovation...
read more
Jane Gardner: A Tribute to A Courageous "Healthcare Hero"
Throughout my three-decades-long career in the newspaper business with two of the three largest...
read more
Mid-Year 2020: Applying "Focus" and "Vision" to An Unpredictable Year
As we stand at mid-year, 2020, it's important to consider the idea of how to apply "vison" and...
read more
July 4th: Celebration of America's Freedom and Independence
While we celebrate our heritage and our proud history, let us not forget that America's values which...
read more
Innovation and Newspapers as Socio-economic Platforms
I was recently asked if there is a great benefit to my role as a healthy living advocate for...
read more
Father's Day 2020: A Clearer Vision Into the Joys of Fatherhood
For more than three decades I have had the great honor to be a father. And these years have been...
read more
An Experienced Health Insurance Executive's Theory on Recent Riots
Recently, I had an opportunity to participate in a most enlightening and interesting text message...
read more
Seeing What's Next
The last three months of heart-breaking issues, battling COVID-19, social distancing, economic...
read more
Innovation and Entrepreneurship: Dealing with the Impact of COVID-19
While it is true that all innovations aren't necessarily created by entrepreneurs and all...
read more

Go to blog