Stock Analysis, IPO, Mutual Funds, Bonds & More

‘Innovation is the need of the hour’: Kiran Mazumdar-Shaw says businesses have to reinvent and repurpose in a post-Covid world

Shaw also gave her two cents on how street vendors can survive the pandemic.

ET Online|
Last Updated: Jun 02, 2020, 05.54 PM IST
Emphasising on the need to constantly change with time, Shaw said, ‘innovation is the need of the hour’.
Emphasising on the need to constantly change with time, Shaw said, ‘innovation is the need of the hour’.
The Covid-19 pandemic has triggered an economic slowdown of epic proportions. The dwindling economy, the falling Sensex and the plummeting stock market are giving India Inc sleepless nights, with the start-ups and MSMEs bracing themselves for a major impact.

The circumstances aren’t as ‘rosy’ as they used to be, with the Centre for Monitoring Indian Economy (CMIE) estimating that the unemployment rate in April this year climbed to 23.5%, up from 7.6% a year ago.

Layoffs and furloughs have become the order of the day. The Chairperson and managing director of Biocon Limited, Kiran Mazumdar-Shaw, took to Twitter to share her two cents on the economic slowdown with her 1.5 million followers. The Indian billionaire entrepreneur opined that businesses in India need to ‘reinvent and repurpose’ in the new norm.

Emphasising on the need to constantly change with time, Shaw said, ‘innovation is the need of the hour’.

The shepreneur quote-tweeted a story from a news portal about a pani puri vendor struggling to make ends meet. Shaw said that the pani puri vendors will find enough customers if they come up with contactless and clean methods which many food vendors have done.

Several netizens agreed with Miss Shaw’s thoughts.

This netizen, for instance, echoed Shaw’s thoughts and said ‘change is the only constant’. ‘Post COVID19, Millennial mindset won’t work,’ he added.

Twitterati felt that adapting to Covid is a reality all businesses and service providers must accept.

This netizen felt that the paucity of funds is an important factor that must be addressed while innovating.

Twitter user @indian_ordinary opined that making the consumer/customer feel safe is the key. “Does he feel comfortable walking into your office/Showroom to buy whatever it is you’re selling?” asked the netizen.

Will businesses be able to survive the Covid-impact? Only time will tell.

Resolution 2020: Sachin Bansal, Kiran Mazumdar-Shaw & Amazon India Boss Want To Explore AI,...

of 6
Play Slideshow

Bright 2020 Ahead

25 Dec, 2019
’Tis the season to be planning a climb up Kilimanjaro, prepping to read 200 books or charting a long road-trip with friends. At a time of gift-filled stockings, these business leaders take stock of their year ahead:

Also Read

Lockdown has to end: Kiran Mazumdar-Shaw

Several Covid vaccines likely by the end of this year: Kiran Mazumdar Shaw

COVID-19 will reboot world into virtual reality: Kiran Mazumdar-Shaw

With DNA data, biotech cos can build diagnostics: Kiran Mazumdar-Shaw

WHO, Lancet have shot themselves in the foot over Covid: Kiran Mazumdar-Shaw

Kiran Mazumdar-Shaw named EY World Entrepreneur Of The Year 2020, Biocon boss says she won it for her colleagues

Add Your Comments
Commenting feature is disabled in your country/region.

Popular Categories

Other useful Links

Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service