Times of disruption – such as the case of the social unrest in Chile, coupled with the global onslaught of the COVID-19 virus – can be ripe for innovation and opportunities, Daniel McQuade, instructor of Columbia Business School’s Venture for All initiative, said during an online workshop hosted by the Santiago Center.
The workshop, entitled “Rotating to the New...How Periods of Disruptions can be Periods of Opportunities,” targeted entrepreneurs who are looking to pivot from current business models, given the unprecedented environment. During these trying times, it is the long-term visionary who excels as he asks “what is missing?” to address new needs, as opposed to a more short-term reactionary who is only able to describe what he sees.
McQuade reviewed several examples, including Tesla, Tide, Apple and Zoom, of firms that employed the four steps in innovating and successfully moving forward: grow the core, transform the core, scale the now, and pivot wisely.
Having an innovative idea, identifying the correct strategy, connecting the dots and putting the right team together makes it much easier for entrepreneurs to attract and obtain funding, he added.