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COVID-19: What will change about the way we run our businesses?

“CDC Director Robert Redfield told The Washington Post that the coronavirus will likely become a seasonal illness, like the flu. What have you learned on how would you would run your business if another quarantine has to be put in place again later this year or next year?” 

Mike Morello

With the duration of the pandemic and lacking a vaccine, paradigm shifts are to be expected. I prognosticate what those new trends for clients might be based on my analysis and expertise in disruptive innovation. You see, we are nearing the threshold of time where new paradigms take hold versus where they are a blip and soon forgotten. 

Many social forces must be factored in and I use my training as a certified behaviors analyst along with certifications in driving forces and emotional intelligence (EQ) to develop insights into upcoming trends and ways to manage disruptions. The goal is to come out stronger on the other side. - Adriana Vela, Founder, MarketTecNexus


Mike Morello

We will focus on learning how to operate our labs in a safe way, minimizing exposure and making sure our employees remain healthy. I imagine social distancing practices will be in place in the laboratory until a vaccine is developed. - David Mackanic, Founder, Anthro Energy


Mike Morello

The executives in Evonik are preparing all contingency plans. - Eric Breese, Investment Manager, Evonik Venture Capital


Carolyn Ribes
Al Ribes

 

 

 

We would get critical testing done in the summer months and have back-up plans in place in case labs shut down again. - Kristin Taylor, CEO and Yelena Kann, CTO, Radical Plastics 


Mike Morello

I disagree with Redfield. I would direct more funds to research and economize on the hiring of management consultants. - Mukund Chorghade, President and Chief Scientific Officer, THINQ Pharma, Serial Entrepreneur


Mike Morello

This is tough, we have learned a lot about how to run but there is also learning from each of our clients that must be factored. We have an extensive playbook for shutdown and ramp up that we will continue to modify. I do worry about the longevity of some start-ups and the complexity with PPP money, etc. - Tim Mueller, VP of Science and Technology, Director - Research Institute, Delaware Innovation Space


"How has COVID-19 impacted the way you serve your customers or approach your market, has it altered your strategic plan moving forward?”

Mike Morello

Absolutely. I’ve had to pivot my focus from helping to address the ‘war for talent’ to helping to address leadership and professional mental-health strain and PTSD-like symptoms. I recently hosted a workshop “Is Coronavirus PTSD the New Normal? As a result of the strong international response, I’m developing new workshops and training programs to improve leadership confidence amid a crisis. Other training includes team effectiveness and talent management with neuroscience-based EQ tools and protocols. This is the urgent need now as we try to make our way back to some semblance of normalcy. - Adriana Vela, Founder, MarketTecNexus


Mike Morello

COVID-19 has brought public health to the forefront of everyone's mind. As such, wearable devices that can do real-time monitoring of human health have never received as much attention. Our first product is aimed at providing longer battery life for these wearable devices. We hope that our flexible battery can help improve the capabilities of wearable devices that will be essential for effective track-and-trace programs. - David Mackanic, Founder, Anthro Energy


Mike Morello

We are more selective when looking at the deals and their commercialization risks. - Eric Breese, Investment Manager, Evonik Venture Capital


Carolyn Ribes
Al Ribes

 

 

 

COVID-19 has not really impacted the way we approach our market, but we have seen an increased awareness among the general public about the many benefits of plastics. - Kristin Taylor, CEO and Yelena Kann, CTO, Radical Plastics 


Mike Morello

No, we will continue to dual-purpose some things where appropriate to add virtual components. We have evaluated individual priorities for the year and refocused where necessary and doubled down on social and collaborative efforts where possible. - Tim Mueller, VP of Science and Technology, Director - Research Institute, Delaware Innovation Space


"What are some questions you’ve gotten during this time?”

Mike Morello

Most of the questions that I get from entrepreneurs and leaders have to do with managing during a crisis and how this is uncharted territory. The duration and intensity of this disruption are pushing leaders well beyond their understanding of the established vocabulary of VUCA (Volatility, Uncertainty, Complexity, Ambiguity) which is par for the course for entrepreneurs. 

Questions in general fall in the category of ‘when will this be over?’ and ‘what will the ‘new normal’ look like?’ From that, it has more to do with questions that help in doing scenario -planning. Our nature as leaders is to not show fear but uncertainty fuels anxiety and anxiety fuels fear. The key is to know how to manage it. - Adriana Vela, Founder, MarketTecNexus


Carolyn Ribes
Al Ribes

 

 

 

“Will the virus affect the use of reusable bags (or increase the use of plastic bags) now that bag bans have been put on hold and everyone is sensitive to contamination issues?” - Kristin Taylor, CEO and Yelena Kann, CTO, Radical Plastics 


Mike Morello

Mostly operational. Our plan is to engage each client and work with them to best position their work in a safe environment and be both proactive and reactive where necessary. - Tim Mueller, VP of Science and Technology, Director - Research Institute, Delaware Innovation Space


This article has been edited for length and clarity. The opinions expressed in this article are the author's own and do not necessarily reflect the view of their employer or the American Chemical Society.

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