We live in an era of constant change. Though change fuels growth, it often comes with uncertainty which can pose tremendous challenges. This is why Leon C. Megginson, a Professor of business, said “It is not the strongest or the most intelligent who will survive but those who can best manage change.” COVID-19 brought a flood of change that affected just about everyone in some capacity. Be it shifting to working from home or being faced with a layoff, the impact was felt by many. This wave of uncertainty also hit businesses of all shapes and sizes who overnight found themselves needing to adapt to stay afloat. Unfortunately, many were unable to keep pace with the evolving situation and had to close down for good. In the United States alone this included over 200,000 permanent business closures. Yet some companies were able to leverage creative problem solving and innovation in order to respond to market change. Let’s look at three companies that seized the pandemic as an opportunity to innovate.
1. Tony Robbins
Tony Robbins is an entrepreneur known as the nation’s #1 life & business strategist. Much of his income is generated by offering in-person coaching events to thousands of people at a time. Unfortunately, lockdowns and restrictions were going to impact several of Tony’s scheduled events, and the technology available wasn’t going to be enough to have a significant impact on attendees. Tony needed virtual technology that could support meaningful immersive learning and intimate engagement on a massive scale - something that had never been done before. To bring his vision to life, he sought the support of Zoom Founder and CEO Eric Yuan, along with other group partners including Rival Theory, Immersive Design Studios, and my Applause App. In a matter of weeks, the companies were able to create a technology that allowed for more than 22,500 participants from 143 countries to take part in a virtual 360 interactive experience. Their commitment to open innovation allowed Tony to achieve the impossible while setting a new standard for large-scale global virtual events. As a result, Tony is now able to reach more people in more places through more events.
2. Cirka Distilleries
Cirka is a Montreal-based distillery known for its handcrafted spirits. Though liquor stores remained open throughout the pandemic, Cirka felt there was more they could be doing to help support the crisis beyond offering a fancy beverage. In considering the tools and equipment they had on hand and with a little bit of problem-solving, they started producing much needed hand-sanitizer. Using a recipe that was approved by the World Health Organization, Cirka began producing the antiseptic around the clock and was among several distilleries doing the same - one of the big names included Anheuser-Busch. Ultimately, embracing an innovation culture not only helped Cirka find new ways to stay afloat during the pandemic, but also meet a need and keep their employees working.
3. Netflix
Netflix saw record-breaking growth in new subscribers thanks to everyone staying at home - approximately 16 million new subscribers in the first three months of 2020 alone. However, the streaming giant wanted to offer its users the experience of togetherness while keeping distance. This is why they created and released Netflix Party - a service that allows users to watch movies with their family and friends from different screens and offer a group chat function so everyone can comment on what they’re watching. Unlike most businesses, Netflix didn’t have to innovate or create any additional features in order to stay in business - their online model had already set them up for success. But it does demonstrate the importance of seizing opportunities to be innovative in order to consistently offer the customer more value.
Ultimately, companies that thrive in uncertain times are the ones that innovate rapidly, frequently, and economically. Reinventing a business model isn’t easy, which is why open innovation and crowdsourcing are so important; it provides companies the opportunity to leverage ideas and strategies outside of their organization. If you want your business to succeed, it needs to avoid the predictable. HeroX can help your company access incredible solutions from minds all over the world by running a challenge. If your company is looking to overcome barriers and thrive, get in touch to learn about our custom challenge packages.
