COVID-19 AND THE POWER OF "WILD CARDS"
“It is not the strongest or the most intelligent who will survive but those who can best manage change.” Charles Darwin
We grow with our challenges. This is usually what we tell ourselves, when we are facing an issue. Covid-19 is a bit more than an issue, right? So, is Darwin’s statement still valid? We say, yes, it definitely is. Let’s take on this major challenge and prove what we are capable of.
“Wild cards” are a very common method used in innovation management to test our ability to adapt to sudden changes arising in turbulent environments. They should trigger highly innovative ideas for new products, services and business models. We define them as unpredictable, sudden events with low probability and a high impact. Events like this force us to quickly explore completely new directions and stimulate our creative thinking. In workshop sessions, these events are hypothetical, just a tool to ultimately get to the next big idea.
But now the “real wild card” appeared: Covid-19 spreads around the world in no time and all of a sudden, nothing is the same anymore. In situations like this which we have experienced already in the past, thinking of 9/11, the 2004 Tsunami, Fukoshima in 2011 or even the big oil crisis of the 1970s, we need to act fast and come up with contingencies quickly. It definitely is not the time to sit still and wait. Companies who adjust rapidly to these new circumstances will be able to keep economic damage low, or even discover completely new opportunities and innovative sources of growth.
We would like to encourage you to proactively look for these new opportunities, to make the best out of the situation and hopefully even grow with it. That’s why we thought, it’s a good time to start a series of inspirational examples around the globe, how different companies and businesses are dealing with the corona-crisis. Stay tuned and follow us for an inspirational story every day.