Hybrid business models present new opportunities

IN ADDITION to its devastating human costs, the Covid-19 pandemic has been disastrous for many businesses and industries. In Singapore, it is predicted that the economy may shrink by up to 7 per cent as a result of the crisis, with forecasts that 200,000 people could lose their jobs by the end of 2020. Around 60,000 foreigners have already been laid off in this country.

Industries that rely on bringing people together have been particularly hard-hit by the critical need for social distancing - for instance, hotels, bars and restaurants; travel and airlines; conventions and events; live concerts and cinemas. With "circuit breaker" lockdowns, travel restrictions and hygiene regulations, it has become impossible for these industries to operate in their normal manner.

My own company - a networking platform for senior business leaders, leading entrepreneurs and top executives - faces similar challenges. However, over the past few months, in adjusting to the shifting boundaries, we have discovered that opportunities are arising for those willing to explore new ways of fostering human connection. Our membership numbers have, in fact, never been better.