Greater social mobility and shared value creation are among those factors that entrepreneurs can leverage using digital tools on the recovery path.

The digital economy represents a departure from the traditional zero-sum-game business model with its focus on shared value creation.

—Brian A Wong

Seventeen years ago, the outbreak of SARS was spreading rapidly across China, and the Alibaba workforce had gone into quarantine. At the time, Alibaba was only four years old and it was unclear whether the young start-up would survive. Suspending operations would have dealt a devastating blow to the company. But Alibaba employees packed up their desktop computers and telephones, carried piles of documents home, and began to work. Of course, Alibaba is now an e-commerce giant.

We need to help entrepreneurs better leverage the digital economy and create solutions to solve the problems of their communities so that they can have a chance to survive the crisis and even thrive in the long term. First, it is clear the digital economy will play an increasingly important role in the recovery of the global economy post-COVID-19. As reflected in the response in China, an ecosystem built upon the digital economy is resilient, nimble, and able to rapidly adapt to change.

The digital economy represents a departure from the traditional zero-sum-game business model with its focus on shared value creation. The digital services that people relied on during the outbreak like online marketplaces, cashless payment, contactless delivery, and live streaming will almost certainly become ubiquitous now. In building an ecosystem, entrepreneurs need to adopt a platform approach that can enable multiple players to solve issues together.

Source Credit: WeForum

To learn more about how to digitize your business: AMG Digital