COVID GIVES HOPE TO DO-IT-YOURSELF INNOVATIONS
By Kirti Singh
Pandemic has taught the world to ‘do it themselves’, remain optimistic and grow ahead. The Fjord Trends 2020 from Accenture Interactive notices it and lists Do-It-Yourself Innovation as one of the seven trends in the report. More than 3.2 million applications were filed for employer identification numbers (EINs) in 2020, showing that Americans are starting small businesses in record numbers during pandemic crises.
The unemployment and the need to feed their bellies during COVID 19, sparked the young minds to do something of their own, rediscovering their talents and the gathering courage to execute their ideas which they always feared to do earlier at the cost of their corporate jobs and thus becoming Entrepreneurs. The Do-It-Yourself which was earlier just a means of leisure or hobby, now has become a means of livelihood that is leading to Innovation which is the creative idea which upon implementation efficiently tackles the targeted challenge. Restrictions posed by COVID 19 forced individuals and Corporation to device innovative alternatives to carry on their work.
But at the end of the day it is true that innovations can’t be run of their own and require some sort of support, platforms and devices. Deborah Sweeney who is the CEO at MyCorporation, talks about raising the game of innovations through building Ecosystem approach among big corporations and small businesses. Technology gives both the platforms to market and devices to run their venture effectively.
Now their stands need for major organizations to come ahead and collaborate with such innovative ventures because it doesn’t only help an individual but market in whole. While DIY Innovation did a lot for an individual, it also did great for the market. They contribute to economy by spurring employment and competition. As Ahmad Fahim Didar, founder and Executive Director of Aghaez Professional Services puts it, “95% of all the companies in the US are businesses with less than 50 employees, and this makes them significantly important to the economic strength of the country”. And it was the jobs created by such small businesses that actually withdrew America from hits of Great Depression.
So while Do-It-Yourself Innovation helps out an individual, an economy is benefited simultaneously. It gives innovative solutions to the problems. So therefore the market needs to look ahead towards grabbing hold of these innovators and support their ventures.