With more than two million COVID-19 cases worldwide and more than 100,000 deaths, the world is facing a strange war.COVID-19 attacks regardless of nationality, race, religion or national border. These disasters have a huge impact on the business world. In Malaysia, according to the Malaysian Institute of Economic Research (MIER), more than 2.4 million Malaysians will lose their jobs due to employers’ inability to pay wages and many companies have to quit their businesses.

The government’s proactive measures against the impact of COVID-19 through its global economic stimulus package. In addition to focusing on the B40 in order to continue its basic survival, the government has taken initiatives to help businesses reduce the financial burdens that could lead to more job losses. The COVID-19 ‘hit’ the tsunami-like enterprise. Crush all the years of effort that has been put into building this business.

Nowadays, the biggest issue is how to pay workers’ salaries, rent and utilities. No more discussion on how to boost innovation or grow your business. However, it is not all bitter for technoprenurs (techno-entrepreneurs), ie entrepreneurs to run technology-based businesses. In fact, technocrats are much needed today and post-COVID-19. Based on technology and research results, technologically advanced services or products are essential to assist governments in various sectors to combat and combat the effects of COVID-19.

When a single business is at risk of termination, this is when technologists can stand out, further strengthening the business. Technopreneurs have many advantages over non-technology based competitors. This advantage is the greatest asset in maintaining and stabilizing the business. It was once said that any product will be able to be sold with proper marketing and branding, but at this critical moment the product has an element of innovation and technology will be more accessible and more user-friendly. As such, COVID-19 will provide the technological advancement in three areas, namely raising public awareness of the importance of science-based products and technologies, using Internet of Things (IoT) and implementing frugal innovation.

First, the world community is more concerned with products based on science and technology. The world focuses on the development of technologies that can help create the vaccine for COVID-19. The need for self-defense equipment (PPE) has made it possible for all education and technology institutions to mobilize their energy for the frontliners. This opens the eyes of the public to the role of science and technology that is greatly needed. In the future, the public will value science and technology products. The government through the agency will also open up more opportunities for technicians to provide grants and various incentives. The opportunity is certainly focused on companies with technology in various fields that can help the entire community.

The second element is that productivity of the company will increase with the use of IoT technology. Technoprenur is a technology-friendly entrepreneur who is not in awe of the technological changes that need to be adapted to every aspect of the business. Through the IoT, company management will be enhanced with the ability to perform multiple tasks or make decisions online anywhere and anytime. Meetings, marketing work and transactions carried out online will benefit especially from cost savings and productivity improvements. Technopreneurs are typically IoT-friendly and have the advantage of rapidly strengthening current business strategies.

The third element is that companies are driven more innovative by using a frugal innovation approach. Innovative engineering-based innovation approaches allow technology companies to offer low-cost, easy-to-use technology to help solve problems in limited geographical conditions and limited facilities. For example, reverse micelle technology is expected to help provide environmentally friendly hand cleaners and not require high alcohol content. Researchers from University College London and Mercedes Formula 1 engineers have come up with a mini-ventilator that can be used for COVID-19 patients who need respiratory assistance based on car engine technology and have successfully solved the problem of ventilator deficiency in hospitals and health centers. Companies that can adapt to the changes in the world will be more resilient. Most tech companies are technology-friendly and it doesn’t take long to learn something new. Companies are adopting the latest technology that enables them to communicate well with their customers, work with the environment, serve the employees well and lead management will be more successfully. As Harvard Business School points out, COVID-19 is not a one-off challenge that entrepreneurs face. Entrepreneurs need to be prepared to deal with any scale of crisis.

However, this period is a great lesson for all entrepreneurs. What we have today can be a very valuable experience for companies to plan more efficiently and effectively. All entrepreneurs need to be prepared to go through a phase of global change that has a huge impact on business. Technopreneurs will be leaders for the better world.

The author is Deputy Dean of Research & Innovation, Malaysia-Japan International Institute of Technology, University of Technology Malaysia (UTM)

 

 

Credit to bharian.com.my

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