A post by one of our Junior Consultants, Carmen Salvo, about the business opportunities which are presenting themselves in the COVID-19 era.
The COVID-19 pandemic has forced many companies to reinvent themselves and adapt to the new situation in order to continue to perform at their best. This effort has translated into product diversification and changes in processes and customer relations. The pharmaceutical industry, online education and entertainment streaming are just a few of the sectors that have benefitted the most during the pandemic, but, without a doubt, companies in the digital sector have the widest range of business opportunities moving forward.
The need for innovation has helped accelerate the digitization of many companies and has caused a growing interest in R&D – a first step in raising awareness of the need to promote investment in this area. Looking ahead, the main business opportunities will be concentrated in the digital sector, which is becoming increasingly diversified.
Education has been one of the hardest-hit sectors during the pandemic and has had to adapt in record time. The use of digital tools in the learning process is essential to continue with students’ education, which is why start-ups such as BeChallenge or Foxize are already working to improve online education. However, in some cases it has become clear that the digital divide is a problem still present in our society and that now, more than ever, it is necessary to solve the issue of digital exclusion.
Another great business opportunity in times of COVID is in FinTech, a subsector that seeks to provide financial services through the use of new technologies. FinTech is focused on areas such as mobile banking, crowdfunding or process automation and is currently one of the fastest growing sectors which presents the greatest business opportunities.
Closely related to FinTech is the cybersecurity sector. The coronavirus has created a world in which practically everything takes place digitally, so being protected while we conduct digital business has become a major concern. Spain is in place to become a leader in this field: it has the technological capacity and the necessary talent, although lack of funding is still an issue.
Online medical services are expanding. During the pandemic, 40% of start-ups developed projects in this sector, and investment in healthcare increased by 78%. Although there is still some reluctance to be remotely “seen” by a medical professional, telemedicine is the key to improving the efficiency of the healthcare system, which is extremely important in the current crisis.
Some of the other business opportunities that have arisen during the COVID-19 pandemic include acquiring competing companies or attracting new customers whose suppliers have gone out of business during the crisis.
Under these circumstances, the role of internationalization is more important than ever. Being connected internationally facilitates information exchange, collaboration, and the procurement of funding – and it is essential for business growth. It is therefore necessary to support entrepreneurship and access to financing to make Spain a benchmark for business opportunities in the post-COVID era.
Want to explore these business opportunities? We can help you. At Gedeth, we have experience with more than 1,000 expansion projects – many of them the digital sector. Contact us to learn more.