Why small businesses, why now?

⚠️ A critical inflection point for small business⚠️

Let’s face it, the pandemic has thrown many of us into an existential crisis. Small businesses have not been spared; in some markets, up to 15% are likely to close their doors for good. But the sudden shock of COVID-19 has brought into relief a more gradual and perhaps more fundamental shift: digitalization, which presents new opportunities but also significant challenges. Digital transformation changes what businesses can do, but also what they must do to survive.

These transitions — the sudden leap into a pandemic-induced “new normal” and the more gradual shift towards a digital economy — are interlinked. Many businesses that have survived the pandemic have ‘gone digital’ to do so, and the markets in which they participate will forever be more digital than those in the Before Times. The pandemic has accentuated small businesses’ need to digitize, as well as their handicaps; lower starting levels of digitization and a more limited resource base have left some unable to adapt.

And yet, the world needs small businesses now more than ever. At a time when the global economy is suffering, small businesses offer the best chance of a recovery that is good for all of us. They create better paid jobs, with more training, particularly for more marginalized groups. They serve vital products and services to the most underserved communities. And they push innovation in their sectors. There is urgency in this moment to not leave small businesses behind.

With Strive Community we will unite the best of international development, big business and tech to provide these catalysts of growth with the tools they need to weather the impacts of the pandemic and ease their transition to digital. Stay in touch here, on Twitter and LinkedIn to follow us on this journey.