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Leveraging Technopreneurship Using Digital Tools in this Global Pandemic

Helping entrepreneurs leverage the digital economy will have a positive knock-on effect on society.

•To survive the ongoing crisis, the ability to leverage digital tools has become a must for entrepreneurs.

•The pandemic has accelerated the process of digital transformation across almost all sectors.

•Greater social mobility and shared value creation are among those factors that entrepreneurs can leverage using digital tools on the recovery path.

The world has been perpetually experiencing pandemic, even on B.C era which was the earliest and first ever recorded time to experienced global disease outbreak. Seventeen years ago, the outbreak of SARS was spreading rapidly across China. The most popular destination for online shopping in the world’s fastest growing e-commerce market, Alibaba, with its workforce had gone into quarantine.

Amidst the crisis, the dilemma made a transformative moment for the company. During the outbreak, Alibaba launched Taobao, its first consumer-facing platform and now the world’s largest retail online marketplace. In times of crisis, the Alibaba workforce proved that the challenges can be turned into opportunities so long as there is optimism, determination, and a common purpose.

Today another novel coronavirus has struck the world and we are facing an unprecedented public health crisis. Along such crisis, the share of E-commerce has increased in total. The role of online platforms plays an important role in easing up essential services flow. As businesses and entrepreneurs from across the globe confront immense challenges, technopreneurship tags along.

A kind of entrepreneurship in the field of technology. The process of technopreneurship is a combination of technological advancements and entrepreneurial skills.

A technopreneur starts out with nothing but an ‘idea’. He defies existing practices and systems and thinks of doing things differently. He creates a product or solution that uses the heft and capability of technology to change the way something was traditionally done.

Technopreneurship Trilogy
What opportunities should entrepreneurs on a path to recovery have their antennae tuned into, to adapt to new consumer behaviors using digital tools?

First, it is clear the digital economy will play an increasingly important role in the recovery of the global economy post COVID-19. As reflected in the response in China, an ecosystem built upon the digital economy is resilient, nimble and able to rapidly adapt to change.

Secondly, the ability to build new systems from the ground up could accelerate the rise of entrepreneurs from emerging markets and put them in a more advantageous position in economic recovery post-COVID-19. This presents enormous opportunities for entrepreneurs across markets.

The benefits of the digital economy will also see mass entrepreneurship spur on social mobility, and there will be greater economic participation from marginalized populations.

Although it is hard to predict a recurrence of the virus and the lasting impact of this pandemic, the future we envision post-COVID is one where people and businesses are prepared and enabled through technology. Whether it is to continue business operations or maintain access to essential needs, the digital economy will play a crucial role in all aspects of our lives. This is the brave new world we will have to create together, and now is the time to empower and work with entrepreneurs to help build it.

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