Conference Insight: Converting Risk into Opportunity

This conference insight brings in inputs on how can we convert risk and slowdowns into an opportunity based on couple of conferences held during June-July 2020 in India. Stimulating MSMEs, How MSMEs can gain Competitive Advantage, Converting Downturn into Opportunity, New Innovations made in the market and some of the example organizations succeeded during slowdown are discussed in this conference insight.

Stimulating MSMEs: MSMEs across the world need to refresh and identify the opportunities. Reviewing the opportunity and innovating to commercialize can contribute to organizational growth. There is potential for growth in sectors such as healthcare, life sciences, logistics and supply chain domains. To handle the challenges across the world, countries are reducing trade barriers and entering into partnerships. During the economic slowdown in 2020, several services were effected. After sometime, organizations shifted the priorities and entered into associations on need basis.  One of the challenges to governments across the world is the shifting of positions of economies. Organizations learned to experiment, review and improve upon. The stimulus packages made a mark in economies; the organizations mostly focused on corporate finance, capital markets, ownership, mergers and acquisitions, takeovers, and corporate social responsibility. Several tax reforms entered into different countries, demand and supply of goods was impacted; overall business organizations learned the Jugaad (business continuity with minimal resources in challenging times).

How MSMEs can Gain Competitive Advantage?: for example, during economic slowdown in 2020, Malaysia could see 4,000 trademark applications, and 200 industrial design applications for registration. For example, if one would like to have a trademark valid across the world there is no direct way to do it. Using Mandate Protocol, one can apply for trademark in around 150 countries with single application; however certain limitations persist in this approach. Under Paris convention, Indian registered trademarks can be applied within 6 months to selected countries under Paris agreement. Organizations including MSMEs will have first mover advantage with IP (Intellectual Property) registrations.

Convert Downturn into Opportunity: Creativity in thinking, exploring inward and outward, distribution of resources including natural and manmade resources, organizational culture, organizational civilization (origin of culture and cultivation of organizational tasks), economic transactions, opening up of the markets can revert the situation in different countries. Diversifying economies, entering into sectors such as oil and gas, water resources management, space science, healthcare, artificial intelligence based technologies, and stem cell research can contribute to emerging economies.

New Innovations in Market: New technologies for teaching, employee monitoring systems, virtual workplaces, educational institutions management systems, payment and delivery systems,  are being developed rapidly in 2020.  Modern payment apps such as Gpay, Paytm, and PhonePe gained traction in 2020.

Examples: Best example, is the Byjus app, which converted the risk into an organization worth $12 billion. Also e-commerce players such as Amazon, Flipkart, Jiomart and e-tailers such as bigbasket.com, Grofers, Spar could convert the risk into opportunity.

To convert the risk into opportunity, individuals should look for getting productivity, have attitude of gratitude, continuous learning, stay away from negative influences, act on important things, do selective ignorance, having reading habit; eat, sleep, relax, reflect, and act; and have “do it now” attitude, particularly in case of investment decisions.

Hope you enjoyed reading. Best wishes,

Dr.Goparaju Purna Sudhakar

References:

1. International MSME day Virtual Seminar on “Rebooting MSMEs in the Post Covid World”, Confederation of Indian Industry, Telangana, India, June 27, 2020.
2. “Jolted Economy and Stimulus Packages”, ILS, Hyderabad, India, July 04, 2020.
3. “Conferences on IP during Covid-19 Pandemic”, ILS, Hyderabad, India, July 10, 2020; July 20, 2020.
4. Murthy, R., “Turning Breakdowns in to Breakthroughs”, ILS, Hyderabad, India, July 20, 2020.