Can COVID-19 Bring New Entrepreneurial Innovations?

The MSME sector in India greatly contributes to the nation’s economy. It creates employment opportunities for about 70 million people and accounts for 45% of Indian exports. The current COVID-19 pandemic could play a key role in shaping the future of small businesses, through innovation.

Keeping in mind the new normal, start-ups are resetting their strategies and tapping into new audiences. The business ecosystem is opening pockets of growth and improving productivity too.

What Fuels Innovation?

MSME loans are extended by banks, depending on the customer profile. The best banks offer numerous credit products for businesses, such as cash overdraft, term loan, bill discounting, drop line overdraft, letter of credit, bank guarantee and import and export finance. Most MSME loan for new business have been designed, keeping in mind the most common requirements, with loans offered up to ₹5 crore.

A sustainable business structure and the right documents can help you receive the loan, without any hiccups. For seamless handling of the application, the best banks have incorporated advanced technologies. They can also provide banking services to various segments of the society.

COVID-19 Spurs a New Wave of Innovations

In order to cover for the deficits, different sectors are catering to the shift in consumer behaviour. Take a look at how fresh ideas are scaling businesses to new heights.

  • Along with offering health and safety, masks have become a fashion accessory now. Be it tie and dye, sequins, floral and basic prints, they are now available on every website. Be it a stationery brand, lifestyle stores or clothing line, businesses have left no stones unturned to up their mask game. In fact, a jeweller in Surat recently manufactured a diamond studded mask for a special customer. An IIT Delhi start-up has launched reusable antimicrobial mask, while another has come up with transparent ones for easy communication.
  • Hygiene Walkway is a low-cost safety tunnel, which has already been installed at top locations in Bangalore. It sanitizes people at the entry points of offices, residential communities and industries. In one hour, around 240 people can pass through this innovative space.
  • Health solutions are rapidly developing to detect positive coronavirus cases. Machine learning and AI capabilities can present a perfect report on the geographic spread of the virus. Medical wearables are being rapidly tested with the help of solutions, like biometric data, which are powered by cutting-edge technology.
  • The shortage of PPE kits in the country has also pushed start-ups to leverage fabrication, machining and 3D printing. Various gown and mask machines are being deployed, along with other tools, to produce connectors and parts for ventilators.
  • Established food delivery brands like Zomato and Swiggy have also unleashed their business strategies to battle the coronavirus scare. They are actively serving groceries and even alcohol. This entirely new category has been of great help for those living alone.

Moving beyond despair, there is a ray of hope, since the crisis is opening up unique avenues.
If you wish to capitalize on the new normal, consider an MSME loan scheme. It will ensure a smooth business venture, while helping you serve humanity during these unsettling times.

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