Council Post: How Entrepreneurs Can Spark Innovation And Digital Literacy

The economic and social impacts of the Covid-19 pandemic have hindered opportunities for countless individuals across the globe. The current state of the global economy suggests that today is not the time nor place to start a business or to pursue an entrepreneurial ambition. However, a group of young and innovative would-be entrepreneurs have found new opportunities to redefine success. Using the power of digitization and digital literacy, these new entrepreneurs are participating in the recovery of the global economy.

From losing their sources of income to not being able to leave their homes, these people have found themselves with an excess of time and a shortage of work. With fewer jobs available and more and more people competing for these jobs, there is a need for both creativity and innovation, not only as a means of income, but also to ensure the success of the next generation. Therefore, various individuals have turned their focus to finding new and innovative ways of making the world a better place through entrepreneurship.

Entrepreneurship, innovation and development through digitization are at the heart of today’s society. With a greater emphasis on remote work and collaboration, there has never been a greater time for innovation than today.

Individuals Innovating Through Economic Hardship

The United States is home to nearly 31 million small businesses, and as a result of these small businesses, nearly 1.5 million American jobs are created annually. According to a May 2020 State of Small Business Report commissioned by Facebook, 31% of small businesses in the United States closed as a result of the pandemic. Yet millennials and Generation Zers have become almost 200% more likely to want to start their own business. 

Small businesses are a necessary and driving factor in the United States economy. In order to overcome the harsh social and economic impacts of the ongoing pandemic, it is increasingly important to focus on innovation in order to save many of these smaller businesses. 

There are several small businesses across fashion, design and other sectors that turned to producing and selling masks and other goods that were facing shortages as a result of the pandemic. For example, Freedom Deodorant and Rush Order Tees both turned to providing masks and sanitizers during the harshest periods of the pandemic. These smaller businesses that were hurt as a result of the pandemic not only turned their focus to creating products that were both helpful and in great demand but also further aided in their survival. These business owners and other innovative thinkers turned a seemingly challenging period of economic downturn into a period of growth and prosperity for those in their community. 

Companies Innovating Through Economic Hardship

While the pandemic has adversely affected countless organizations, there are a number of global corporations that were started in a time similar to that of today. In the early 1900s, a very successful and well-known motor company made its name during a period of economic downturn. This company, General Motors, is now valued in the billions. Similarly, during the Great Recession, digital-first startups such as Uber, Venmo and Square began to find new solutions. 

Innovation Through Digitization And Digital Literacy

Though times of economic recession have greatly influenced the entirety of the world, innovation and digitization have prospered time and time again.

We cannot simply have digitization without first focusing on digital literacy. In the beginning of the pandemic, back in March, countless individuals had never used Zoom or Skype to meet with their co-workers. Many of them needed training to better understand the reality of remote work. Digital literacy, the understanding and proper utilization of digital technology, has come to the forefront of many businesses. Both small and large businesses have managed to adapt to modern technologies in order to continue their work online. 

Digital literacy has become increasingly important not only during the pandemic, but also for the foreseeable future. Once everyone has equal and appropriate access to necessary technologies, we can begin to work toward a better digital future.

Has Digital Literacy Increased Internationally?

Globally, all regions around the world are seeking to overcome the pandemic. The United Kingdom has responded with a greater emphasis on digitally driven work. While most small businesses throughout the U.K. were greatly hindered as a result of the ongoing pandemic, many managed to prosper as a result of their digital brand. Furthermore, entrepreneurs in the U.K. have greatly benefited from the sophisticated targeting technologies that online services offer in order to best advertise their products. 

In the United Arab Emirates, a recent expansion in the technology sector between the U.A.E. and India has led to the development of an economic relationship leveraging newly developed infrastructure. The U.A.E., specifically Abu Dhabi, has become an increasingly influential and recognized region of the world. In a society with increasingly digital portfolios, the U.A.E. has become a prime example of the successes of digitization and innovation for the future. 

In Africa, where there is a high number of individuals ages 25 and under, innovation and digitization have sparked new movements of development throughout the continent. Many entrepreneurs and activists throughout Africa are pushing for innovation and the development of the youth for the future of Africa after the pandemic. Currently, the youth hold the key to further connect Africa with the rest of the world. With an increasingly digital-savvy workforce, the African youth will be able to develop industries in technology and entrepreneurship. Innovation and entrepreneurship throughout Africa should not only focus on creating numerous job opportunities, but also on the development of education, technology and healthcare throughout Africa.

These regions embody the entrepreneurial spirit and drive for innovation, solving previously unheard-of challenges. Through the continued expansion of digital literacy and further investment in digitization, young, aspiring entrepreneurs can put plans into action today to create a better tomorrow.