Potential Opportunities in a Post-COVID-19 World
I trust you had a pleasant Memorial Day weekend.
As a valued agency partner in the AAR family, I appreciate the trust you place in AAR Partners and our program to help you with your agency growth and new business efforts.
In the wake of COVID-19, this is a time of near-universal uncertainty. Nobody can authoritatively declare what the coming years, months, or even days have in store. As we know, society, culture, and business are in a state of flux.
But here are a few takeaways based on their rigorous analyses and research conducted by futurists:
A hitch in global trade could inspire a localism movement in various sectors like tourism, shipping, and production.
We might see an uptick in 3-D printing and other self-sufficiency tools.
The crisis could accelerate the intersection of AI and biology.
Educational content on immersive platforms (VR, MR, XR) is poised for growth.
Which industries might struggle in the coming years?
We’re going to see consolidation across a lot of industries. Hospitality and airlines are particularly problematic.
Entertainment — especially studios and production — is in a bad spot. The current US business model for entertainment is predicated on live, unscripted entertainment [i.e., reality shows]. They are significantly less expensive to produce. These shows require bringing people together in close spaces. Without the unscripted shows, the financial models for some of our entertainment companies won’t make sense in the near term.
What should entrepreneurs be focusing on right now to make the world a better place in the coming months/years?
Focus on areas of distress — people or businesses that need something, or places where there is existential risk. Then, figure out what the next-order implications of that risk are. Figure out how to mitigate that risk and solve a future problem today.
Just as an example, it’s highly unlikely that anybody is going to go back to a movie theater and have a great experience any time soon. The reason for that is liability. If you’re a movie theater chain and allow people to sit next to each other without signing waivers and someone gets sick, you’re going to get sued.
Instead, it is time to relaunch a modern drive-in theater that takes advantage of digital tools and services and meets the needs of consumers today. There are distressed drive-in theaters all over the country. That’s the kind of thing where you’re able to make a future market.
Are there industries that don’t exist today that you think might emerge from this? Where are the opportunities for growth?
The whole production side of VR is about to take off. Most attention has been focused on the hardware. Second, we’ll see a major push forward in the private space industry.
Where are the unseen opportunities, post-COVID-19?
Virtual reality will get a boost from online platforms. Creative thinking around hybrid opportunities for meeting, and anything that starts with “tele” — telemedicine and the like.
There is an opportunity for tourism to revive itself in a local sense.
The legal industry has an opportunity for a refresh. Courts and law might be pushed into innovations that they were not ready to consider but may not have a choice.
Life, as we know it, has changed forever. But catastrophe is a catalyst for change. And change brings new and improved. So… we’re not heading for new norms, but rather better beginnings.
Stay well and remember to pitch with passion!
