Rising to a grand challenge
As COVID-19 began its march around the globe, the seriousness of the crisis quickly became clear. As healthcare needs intensified, innovators around the world began ramping up efforts to develop vaccines and treatments. At the same time, the economic impact of the virus brought swift and intense changes in supply and demand patterns, creating significant challenges, but also providing new opportunities for innovation and entrepreneurship.
The economic impact of the virus has brought swift and intense changes in supply and demand patterns, creating significant challenges, but also providing new opportunities for innovation and entrepreneurship.
“In response to COVID-19, several public entities defined mission-oriented grand challenges aimed at finding treatments and creating a vaccine for prevention,” says Mahka Moeen of Kenan-Flagler Business School at the University of North Carolina-Chapel Hill. A long period of research and experimentation often precedes the first commercialization of new products to the mass market. Moeen’s research offers insights on how to quicken the pace of innovation during the pre-commercial stage of new industries.