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INTERNET: The ‘GOD OF QUARANTINE ECONOMY’ and the Future of All Businesses

Authored by Chintan Parikh

Internet-the-god-of-quarantine-economy

IT’S A LIE!

Yes, it’s a lie that you are comfortably ready to believe that the economy is falling and that startups aren’t viable anymore.

If the economy is falling here then it’s going somewhere else and nobody wants to focus on where it’s going because the transfer is rapid and we are all scared of making monetary decisions due to the fear of failure.

 

As humans, we have this habit of always making a safe bet. We tend to look for safety nets every time we are to take a leap. The once enthusiastic risk-takers are also crippled with the fear of inevitable without realising that inevitability has always been there; even before the pandemic.

Even the stocks are down to the bare minimum and investors say that now is the right time to invest in stocks because they will soon bounce back. Indeed the business models are going to change and people’s lifestyles, as well as life choices, are going to change drastically.

 

You must have heard of the news of countries who’ve now recovered from the pandemic are all making their move by investing or buying out crippled companies in these recovering countries. 

 

The news is true but what does it mean?

What it means that the world that wasn’t focused and clueless in defining what needs to be done with technology will gain a better perspective now. 

People, in their attempt to make healthier choices, will heavily resort to mobile devices for most things that they did physically once. The statement “It takes only 21 days to form a habit” is well-known and in these few months of lock-down and social distancing people have made it a habit to do most of their work via devices.

It is indeed true that even the IT sector has been adversely affected. Yes, most tech manufacturing giants have had to cut down on production due to the unavailability of parts and components from China due to export restrictions and the COVID scare. There are facts to back that as well, I agree. 

 

So, before anyone throws it at my face I’d myself tell you that major conferences that were to be held worldwide had to be called off and because of that a lot of technological advancements like the introduction of 5G technology on phones and various defining IoTs will all be delayed to meet the current demands. Here are a few conferences that industries, the entire silicon valley, and tech-startups were looking forward to: 

 

  • Apple WWDC: Apple’s Worldwide Developers Conference that connects millions of software developers will now be held online in June.
  • Facebook F8: Facebook has called off its conference for developers that was planned for May. They are yet to give an update on the conference. 
  • Microsoft Build: Developers’ most awaited Microsoft conference that would introduce them to the latest technologies will also take place online during May.
  • Adobe Summit: Adobe had to cancel its summit on new products and latest trends that would be transforming industries. They announced it live on March 31st.
  • Dell World: Stating that “nothing is more important than health”, Dell decided to host its conference online.

 

Not only this, but techies and IT workers from all over the world are also scared of losing their jobs in the coming months if not weeks. An email survey conducted by Blind stated that more than 53% of employees working at large tech-companies were scared of losing their jobs and these range from Amazon to Cisco including Google, Uber, Oracle, Apple, Expedia, etc. 

 

Sounds like a piece of bad news with no hope, right?

Well, that’s not the case though. Our earth is in itself is proof that when the sun goes down and darkness covers us to give us night, there’s someplace else on the very same planet where the sun rises and a new day begins.

In the USA and Canada alone, Google has asked more than 100,000 employees to work from home and the same can be said about other tech-companies as well.

 

You might ask, “Where’s the silver lining that you are talking about?”

 

Begin by asking yourself one simple question i.e. “How are so many people able to work from home and yet co-ordinate with each other under these company names?”. Now moving on to the next question, “How are teams working on the same project managing their work even after being so far from each other?”. There are many more questions as such that will all lead you to one single answer: THE CLOUD.

The recent pandemic has made local servers as irrelevant as a floppy disk. The cloud is a remote server that uses the internet as a storage space and hence is less susceptible to damages while being accessible from anywhere in the world.

 

This has shifted almost all the major industries on the cloud such as entertainment, communications, gaming, education, banking, and most other information-sharing or data-sharing sectors.

 

Popular media-streaming services provider, Netflix, has noted more than a 28% rise in its total income in this first quarter. Indian ed-tech startup, Byju’s, saw over 150% surge in new enrollments that translates to roughly 6 million new students within a month. Zoom, the most popular teleconferencing app right now has made so much profit that it is being called ‘The King of Quarantine Economy’. 

 

With so much time to explore their own devices that they had found to be complex, time-consuming, and useless, a lot of people who were not ready to change their old habits have now become mobile-friendly.

So, it is not at all right to blame the tools when one hasn’t been able to identify the problem.

 

In this case, my question to you is going to be simple and that is, 

“When the pandemic will be gone and people will change will you be the door that opens up to new possibilities for the people or will you be the wall?”

 

You are smart and I hope you make the right choice.







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