COVID-19 is a catalyst for business innovation

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Psychological Safety and Emotional Intelligence are hot topics these days in the corporate world that feels the pain of COVID-19 and has chosen to call it a `Black Swan`. This post today is inspired by Duena Blomstrom, CEO of PeopleNotTech and EmotionalBanking.

The company has developed software that aims to increase team productivity by monitoring people and interactions and coaching them. Think of an app that increases each person`s EQ – – the Emotional Intelligence Trainer – using data and AI and helps managers in leading teams.

Just yesterday Duena shared her thoughts on Why COVID-19 Is Good For The Future Of Work challenging our ingrained beliefs of the necessity of meeting in-person, shaking hands and all the rest of the rituals, to do business.

Duena is suggesting the rise of a new soft skill that entails a different EQ to be able to do business online. The possibility that this becomes the new normal, is becoming real.

We all agree that Culture eats software. COVID-19 is a virus that is triggering a cultural change at work.

Every shock is an opportunity to re-think.

Efi Pylarinou is the founder of Efi Pylarinou Advisory and a Fintech/Blockchain influencer – No.3 influencer in the finance sector by Refinitiv Global Social Media 2019.

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The Global financial crisis led to re-thinking payments, money, and broadening the scope of value that can be transferred.

COVID-19 may lead to re-thinking Work and business.

I don’t see this `External shock` as one that will take the Gig economy to another level.

I see it as a factor that may well pop the bubble of the growth of co-Working spaces.

It may also shift the focus of innovation suddenly, to finally create the communication standard that replaces e-mail which in our times falls short of conveying rich information.

I am not thinking about the improvement of the existing tools – for example, video conferencing tools or project management tools.

I am suggesting a combination of Virtual Reality and Artificial intelligence that finally conveys on the web even richer information than what our limited perception can capture with in-person meetings.

We are actually building such tools (they are currently scattered and not yet scalable).

We have enterprise VR meeting tools – like Atom from the NuSpace platform (compatible with Oculus and Hololens) or MeetingVR, The Wild.

We have neuroscience startups focused on brain-computer interfacing – for example, Neurolink, Emotiv, Kernel-.

We have VR and AR startups working on 3D holographic images – for example, Spatial that transforms your space through Teleporting.

The future of Work is here and it is COVID-19 will accelerate the convergence of digital and physical.

This disruption in the way we work will soon affect real estate as there will be a significant drop in the demand of office space.

By the end of this year, there will be a significant increase in businesses that are piloting projects with select business groups testing by working remotely with these technologies. Sales teams will be trained to start acquiring the new soft skills that Duena talks about as we will be in transition.

Businesses will suddenly recognize the huge savings of this cultural shift and will jump start the transition as such practices are accepted as professional and become slowly the new standard. This will have a disruptive ripple effect on many sectors of the economy.

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