The behavior shifts that will last long after COVID19 is over
It is still early days for the COVID19 pandemic and we don’t know how intense and lasting it will be. Our hearts go out to everyone during these challenging times.
One thing that gives us hope is the way this crisis is already fueling creativity. We see individuals and businesses rapidly re-inventing themselves and adopting new technologies to survive. And we see entrepreneurs rapidly rising to the occasion to build solutions for the new world in front of us.
We believe some of the behavior shifts and new technologies will last long after this crisis subsides and create new areas for innovation. Here are the trends we think will stick.
Face to face no longer means in the same room, socially or professionally
As we’ve all suddenly gone remote, we’ve replaced in-person interactions with virtual ones. Events have moved online, video conferences are the norm and even our parents are having virtual cocktail parties. Even though we are stuck at home, we’re realizing that we have the tools to be closer than ever thanks to video technology, collaboration platforms and high-speed bandwidth. Virtual interaction is a learned behavior — we’re starting by practicing it with people we know, but we’re seeing more virtual networking tools that enable us to build new relationships, without meeting in person. These will be increasingly relevant the longer we remain physically apart.
Startups to watch: Squad, Run the World, Hopin, Elpha
Collaboration can happen without sitting next to someone
Many of us believed this in theory, but now we are seeing it in practice: distributed teams can be just as productive — oftentimes more. Coworkers haven’t been in offices together for weeks, and the world hasn’t stopped. Companies that resisted remote work have been thrown into the deep end and are implementing permanent solutions to change how their teams work.
We’re not predicting that the days of in person work are over, but we believe companies will be more comfortable hiring remote employees and will view fully distributed teams as a viable and robust option. In addition, they will likely build contingency infrastructure for crises like this in the future. This exponential increase in remote work, particularly in industries doing it for the first time and with specific needs, creates vast opportunity for companies focused on the productivity, collaboration, virtual sales and management tools to make this transformation possible.
Startups to watch: Kapwing, Miro, Notion, Tandem, Cledara
Brick & mortar businesses are boldly moving online
Many traditional businesses are facing the decision of shutting down or going digital. Many will boldly move online. Even the Saturday vegetable stand around the corner from my house, which is a co-op staffed by volunteers, has moved to online delivery. We believe the threat of future waves of COVID19 and pandemics in general will linger and cause permanent shifts in these brick & mortar business models. We’re excited about technology to power this new wave of online commerce, including online ordering, logistics, payments and customer support.
Startups to watch: Purple Dot, Fast, LimeLoop
We’re talking to healthcare professionals via phone, chat and video
The tools for telemedicine are not new, but now, for the first time, both doctors and patients are incentivized to use them. In three weeks the medical industry came up the technology curve in a way that we previously expected to take years.
Reimbursement is broadening for telemedicine, licensing requirements by state are being relaxed and patient and physician comfort with technology is increasing as they realize that virtual care can be cheaper, more convenient and higher quality than in person visits. This creates the tipping point necessary for virtual medicine to become mainstream.
In the future, instead of going to see our doctor in person, technology like online assessments and chat bots will help to triage cases. Many issues will be addressed virtually, which will save cost and time. Patients not in medical hubs will have increased access to top specialists via virtual medicine.
In addition, as COVID19 puts an enormous strain on our healthcare system, consumers are taking charge of their health as they are encouraged and empowered to proactively monitor their health and treat minor ailments at home.
Startups to watch: Elektra Health, Grace Health, Steady Health, Eko Health, Oura Ring
Mental wellness is going mainstream
We don’t know what the impact of COVID19 will be, but our minds are already imagining it. And to add fuel to the fire, most of us are isolated from friends and family. This is causing increased anxiety, depression and loneliness.
Meditation apps and therapists are becoming this season’s hot accessories, as many of us are paying more attention to our mental health. As mental wellness goes mainstream, there will be less stigma around it. People will begin to view mental wellness similar to physical wellness. Just like we invest time and money in going to the gym, we’ll do the same for our mental health.
Startups to watch: Real, Shine, Waking Up App, Octave
The way people learn is going virtual
It isn’t just healthcare that has rapidly adopted technology, but traditional industries as a whole. Take education, for example, which in three weeks went to a fully virtual system. Universities are hacking solutions together with a mix of classroom management tools and Zoom, but the door has opened for remote learning and there is a real opportunity for native solutions that are tailored to the specific needs of teachers and students. As the data mounts about just how long this health crisis will last, we become more convinced that remote learning is here to stay. And we may question the value of a $50,000 per year university when much of this learning can be done online.
Beyond traditional education, employers and trade associations are scrambling to find solutions to facilitate remote training and development. Even when employees come back to the office, large in-person training sessions are likely to lag. Furthermore, a staggering 10M Americans have filed for unemployment, underscoring the need for virtual vocational training and up-skilling platforms that work in a virtual world.
Startups to watch: Outskool, Erase All Kittens, SkillJar, Lambda School, Sown to Grow
Digital security is paramount
In a world where everyone is virtual, technology is now the enabler of all professional interactions. But what about when that technology is hacked or otherwise compromised? Reports have soared of Zoom-bombing and of sophisticated hackers creating faux portals to gather employee credentials to hack into technology stacks and more. Suddenly email phishing and data security are top concerns. Solutions that can enable secure environments for remote workforces at scale will see large market opportunities.
