How incumbents can build new businesses in response to the COVID-19 crisis

The COVID-19 crisis has forced companies not only to shore up their core operations but also to increase the pace of innovation. Since many of the trends resulting from the pandemic could persist long after it has abated, companies that can be more flexible, resilient, and entrepreneurial now will be better positioned for the long term. In this webinar, McKinsey experts discuss the six archetypes of new businesses that incumbent companies might consider building during the pandemic and in its aftermath. These archetypes consist of the following:

• Remote service provider. Organizations are harnessing digital technologies and artificial intelligence to deliver a wide array of services remotely.
• Collaboration platform. Companies are tailoring collaboration to the types of employee and customer interactions that will increasingly fuel business growth.
• Dynamic talent deployer. Because reskilling and agile talent deployment will be critical, companies are using digital technologies and analytics to develop their workers at scale and place them where they can be most valuable.
• High-touch digital retailer. Companies are creating personalized, immersive experiences using digital technologies in ways that attract new customers and strengthen ties with existing ones.
• Data visionary. By using data sets that may have been overlooked or deprioritized, companies across industries can gain valuable insights that lead to new products and services.
• Resilient and flexible operator. The strength of these organizations is their ability to be more agile and responsive—for example, in their operating models, supply chains, or markets.

For more on business building and the six archetypes described above, please read “Innovating from necessity: The business-building imperative in the current crisis.”