The economic disruption caused by COVID-19 is the worst recession the world has seen in nearly a century. At the OurCrowd Pandemic Innovation Conference, Alec Ellison, Chairman of OurCrowd US, sat down with three world-class investors to discuss their perspective on the coronavirus recession, caused by the fallout of the COVID-19 pandemic. The three investors included founder and Chief Investment Officer of Key Square Group Scott Bessent; managing director at Insight Partners, Deven Parekh; and partner at Bessemer Venture Partners, Jeremy Levine.
When the coronavirus surfaced in China in December 2019, it set off a domino effect worldwide – with the number of active cases snowballing rapidly.
By February 2020, the daily increase in people falling ill with Covid-19 was in the thousands and -though international borders closed down and households went into lockdown – active cases skyrocketed in June to approximately 130,000 new cases a day, according to Worldometer.
Major global cities from New York, to London, and Mumbai found their healthcare systems direly overwhelmed by the tsunami of symptomatic citizens. Many countries tried to “flatten the curve” of the contagious infection to manage the unprecedented overload on public health systems, and to distribute the demand for medical care, intensive care unit beds, and ventilators over a longer period.
This large-scale global pandemic made healthcare – an industry traditionally slow to adopt innovation because of cumbersome regulatory and governmental pathways, low IT budgets, legacy systems, lack of trained personnel, and more – ripe for disruption. Technology entrepreneurs, unfettered by politics, bureaucracy and public financial constraint, entered the mainstream for the first time in order to triage the chaos raging in medical care in the face of Covid-19.
Traditionally, corporations that invest in innovation during a crisis outperform peers by up to 30% during recovery, a recent McKinsey report reveals. Ironically, the same report also reveals that current corporate commitment to innovation has been decreasing as CEOs prioritize their core business in the wake of Covid-19.
Did you watch it live? Last week’s OurCrowd Pandemic Innovation Conference brought together thousands of top investors, entrepreneurs, VCs, corporate executives, and government officials from over 90 countries to hear from experts and discuss how pandemic innovation will guide us to a better future. Watch what you missed from industry leaders presenting healthcare and investment insights, as well as recorded breakouts with startup CEOs and topic experts.
What comes next? At the conference we discussed the top 10 tech trends affecting society in light of the pandemic. See our predictions for what the future brings, and read further coverage on the trends in Forbes and ISRAEL21c. Read more about pandemic investment and conference takeaways in NoCamels’ coverage of the event.
On a similar note, I believe that tech startups are battling today’s biggest global challenges – and behind many of the world’s leading companies are their investors, supporting their leadership and innovation on the frontlines. Subscribe here to my new LinkedIn newsletter, “Investors on the Frontlines”, and catch up on the first article: Investing in the New Normal.
The latest issue of OurCrowd’s Innovation Insider discusses the effect of the COVID-19 pandemic on technology, medicine, and entrepreneurship. In this publication we theorize that these recent developments are not only designed to help adapt to life during the pandemic, but are the beginning of a new reality. The issue covers topics such as telehealth, travel, retail, and finance.
Download now or get a preview below.
For the past number of months, our global community has been focused on combating COVID-19. During this time of uncertainty, entrepreneurs have adapted to pandemic-focused innovation. To highlight the incredible efforts of those working to help society acclimate to our new environment and improve the current state of the pandemic, OurCrowd hosted its Pandemic Innovation Conference on June 22nd. The world is different now, and every new era comes with its own set of trends. In the segment “Top 10 Pandemic Tech Trends” Labs/02 Partner Stav Erez and OurCrowd Medical Advisory Board Member Dr. Jonathan Wiesen discussed the top 10 tech trends affecting society in light of the pandemic.
Speakers announced for the upcoming OurCrowd Pandemic Innovation Conference on Monday, June 22; to name a few:
- Dr. Paul Rothman, CEO, Johns Hopkins Medicine
- Professor Joseph M. Jacobson, Head, MIT Molecular Machines Research Group
- Dr. Ruth Atherton, Director, Bill & Melinda Gates Foundation
- Sigal Kremer-Tal, MD, Chief Clinical and Regulatory Officer, MigVax (leading vaccine startup)
See more featured speakers, plus agenda preview. The online conference will explore the latest technological solutions to the coronavirus crisis, including vaccination, treatment, diagnostics and prevention of the disease. The sessions will also cover non-healthcare innovations addressing the changing nature of work and life brought about by the ‘Pandemic Pivot’ occurring in the global economy.
Together, we must plan for future pandemics because this story is just beginning. That is why last week, we announced the launch of OurCrowd’s Pandemic Innovation Fund. Entrepreneurs are developing vaccines, treatments and other tech advancements in response to the virus but many lack the required funds. Listen to my interview with Trey Yingst of Fox News on how OurCrowd’s Pandemic Innovation Fund can support them. We plan to raise $100 million for investment in urgent technological solutions for the medical, business, educational and social needs triggered by global pandemics and other health emergencies. Read more in my latest article.
Join us online for the OurCrowd Pandemic Innovation Conference on June 22nd, as we take a deep dive into the challenges and opportunities created by the pandemic crisis, spotlighting breakthrough technologies addressing everything from prevention and cure to social distancing and food supply.
Meanwhile, if you’d like a taste of what the June 22nd conference will bring, join us this Thursday, June 11th, to hear from leading FoodTech companies on how we will be feeding the world after COVID-19. Register here.