Digital start-ups should embrace this unprecedented moment and go for it

We have heard much about the incredible boost given to the digitisation of the business world this year by the pandemic.

In fact, a new McKinsey global survey of executives found that responses to COVID-19 have speeded the adoption of digital technologies by several years – and that many of these changes could be here for the long-haul.

When surveyed, executives were asked about the impact of the crisis on a range of measures and they said that funding for digital initiatives had increased more than anything else. Even more than increases in costs, the number of people in tech roles, and the number of customers.

E-commerce platforms have been the big winners during the pandemic due to the sheer amount of time people spent at home browsing online. From online grocery shopping to tele-medicine, this digital segment allowed people to avoid in-person contact and reduce the risk of new infections.

For start-up entrepreneurs, online businesses offer a welcome level playing field too. Ubiquitous connectivity, the ease of building a website, matched with the availability of WFA (Work from Anywhere) means anyone with a great idea and the will to succeed can make it big.

If you need a further incentive, Nasdaq research indicates that by the year 2040, around 95% of all purchases will be online. There is no ignoring that statistic.

Obviously, no new venture is risk free and there were a couple of high-profile failures in this space.

But I believe that digital is a ‘safe’ bet for aspiring entrepreneurs, and in my opinion there is never a bad time to launch a company (controversial perhaps, but that’s my view).

And while the hospitality industry is still something of a traditional sector, we too are beginning to embrace digitisation. Optimising daily workflows, providing a memorable guest experience, and accommodating new market requirements are the main drivers. By gradually adopting digital technologies hotels can dramatically increase their brand visibility, which has truly never been more important.