Why Are Tech Advancements More Critical During Crisis?

Why Are Tech Advancements More Critical During Crisis?

It is often said that necessity is the birthplace of innovation and creativity. Businesses certainly witnessed that in the age of the COVID-19 pandemic. Clothing companies manufactured protective gowns for healthcare providers, and auto manufacturers retooled themselves to make hospital ventilators. Market slowdowns spurred businesses to improve productivity, innovate new products and services, and rapidly lower costs. Does a struggling economy drive tech advancements? In this article at InformationWeek, John Edwards explains why hard times spur technology innovation.

Tech Advancements: What Leads to the Radical Shift?

A major factor accelerating innovation in today’s challenging business environment is the growing maturity of cloud services, which allows innovators to tap into development resources at far lower costs than in earlier years,” says Edwards. As cloud services are affordable, tech advancements happen at a faster rate and more frequently, regardless of market conditions. Additionally, it enables development teams to make decisions about allowing technology to persist as is, implementing an updated idea, or ending an idea due to its failure to match the market’s needs.

Tech advancements also played a critical role during the COVID-19 pandemic. Organizations radically shifted to accommodate new needs, remote operating models to comply with social distancing mandates, and created opportunities that never existed before. This helped businesses adapt to new market realities and contributed to a safer working environment while maintaining business continuity.

Are Innovations Backed With Funding?

Unsurprisingly, investments in tech innovation often suffer. Experts believe that venture capitalists must fund new ideas and technologies that promise only long-term strategic value. This empowers innovators and entrepreneurs to ideate, experiment, and create new businesses. However, many professionals believe that venture capital enterprises contribute significantly to fundamental economic values including job creation. They also create a sustained catalyst for innovation by hosting forums that allow innovators and researchers to meet their potential business partners.

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