“Now is the Time to Explore Big New Ideas:” Iowa Business Leaders Encourage Innovation, Resilience, in a Time of Uncertainty

May 14, 2020
Post by Sarah M. Luth

The COVID-19 pandemic created and continues to create unprecedented levels of economic disruption in local and international communities. With so much uncertainty, business owners and entrepreneurs may feel the safest course of action is to minimize operations and delay expansion plans. In fact, they should do precisely the opposite, says Debi Durham, Director of the Iowa Economic Development Authority. At the May 14 “Power Breakfast” hosted by the Business Record, Durham noted that the pressures of economic downturn often spark innovation, creative solutions, and rapid growth. She urged Iowa businesses to capitalize on market disruption and the rapidly-changing consumer landscape, asserting “now is the time to explore big new ideas” and innovate.

Other speakers hosted at the “Power Breakfast” echoed Durham’s call to action. Adam Gregg, the Lieutenant Governor of Iowa discussed the state’s efforts to achieve a digital transformation through vastly expanded broadband and connectivity. Public and private sector efforts will help businesses, schools, and hospitals, and other industries develop the infrastructure and systems needed to engage with their users digitally. The Iowa Economic Development Authority Board (IEDA) will place particular emphasis on helping small retailers navigate into the digital world.

Optimism regarding economic recovery is not unique to Iowa. Others have predicted the coronavirus will ultimately stimulate innovation and increase demand. All businesses, regardless of size or location, should be developing not just a recovery plan but also a plan for innovation regarding new products, new consumer interactions, new branding, etc. to respond to need created by the pandemic.

As your business plans for expansion and evolution in this “new normal,” make sure you are doing so in tandem with legal consultation. The attorneys at McKee, Voorhees & Sease have decades of experience in helping businesses grow. Whether you need to secure rights in your invention through a patent, desire brand protection through copyrights and trademarks, or require assistance in data security and privacy policy development as your business digitizes, MVS is ready to help you make this “new normal” a “better normal.”

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