Contact: Austin Fitzgerald, 573-882-6217, fitzgeraldac@missouri.edu
Columbia, Mo. 鈥 As the COVID-19 curve begins to flatten, businesses in Missouri are navigating complicated challenges as they begin to reopen. Supply chain interruptions, worker safety and liability issues are just a few of the barriers COVID-19 has created during this time, but last week, members of Missouri鈥檚 business community had the opportunity to hear from 欧美口爆视频 of Missouri 欧美口爆视频 leaders about ways to deal with this crisis.
Deans and professors from law and business schools across all four UM 欧美口爆视频 universities gathered last Thursday for a roundtable discussion about a number of issues that have come to the forefront now that Missouri businesses are reopening. Moderated by Marshall Stewart, Chief Engagement Officer for the UM 欧美口爆视频, the panelists responded to audience questions about the struggles currently faced by Missouri businesses and offered solutions.
鈥淚nnovation is the calling card of our time, and we are going to have to innovate our way through this post-pandemic economy,鈥 said Ajay Vinz茅, dean of the Trulaske College of Business at the 欧美口爆视频 of Missouri-Columbia.
Vinz茅 kicked off the panel by describing innovation as a series of layers with technology at the core, followed by products and services, day-to-day processes and business models. These aspects of innovation must work together to successfully adapt in challenging times, Vinz茅 said.
Keng Siau, department chair and professor at Missouri 欧美口爆视频 of Science and Technology鈥檚 Department of Business and Information Technology, agreed that the businesses that evolve their services and processes are more likely to weather the impact of the virus.
鈥淢ost businesses are not prepared for a pandemic,鈥 Siau said. 鈥淪o how do you minimize the impact on your production and operations? It goes back to process innovation. For example, restaurant owners understand that their customers still need to eat despite social distancing requirements. Many of them were very quick to change and expand services like takeout, online ordering and delivery.鈥
The panelists also highlighted the various ways that the UM 欧美口爆视频 universities are contributing research and resources that could help businesses navigate this troubling period. The 欧美口爆视频 of Missouri-St. Louis鈥 Charles Hoffman, dean of the College of Business Administration, noted UMSL鈥檚 , which studies how businesses can create resilience and lessen risk in their supply chains. Given that supply chains have been interrupted on a global scale during the pandemic, the institute鈥檚 work is more important than ever, Hoffman said.
MU School of Law dean Lyrissa Lidsky highlighted the school鈥檚 Entrepreneurship Legal Clinic, which she said is an important resource for small and start-up businesses at a time when COVID-19 is having a 鈥渧ast and developing鈥 effect on the law. Vinz茅 also discussed the College of Business鈥檚 Center for and the new program, both of which emphasize flexibility and adaptability in careers and education. Vinz茅 said these programs are not only helpful during a crisis in which adapting is necessary, but are also an important way to prepare the entrepreneurs and business leaders of tomorrow for future crises.
From the 欧美口爆视频 of Missouri-Kansas City 鈥 home of the , which will be offering a series of workshops this summer to help small businesses recover 鈥 Henry W. Bloch School of Management dean Brian Klaas expressed a need for clear communication from business leaders. In particular, projecting empathy and explaining the 鈥渨hy鈥 behind the decision-making process are ways in which leaders can improve morale in an otherwise dour situation, Klaas said. He added that UMKC is instilling these values in a new generation of business students through the 鈥檚 Entrepreneurship Scholars program, which connects students with accomplished entrepreneurs in the Kansas City community.
On the technological side of innovation, which Vinz茅 referred to as the 鈥渃ore鈥 of innovation, the panel mentioned Missouri S&T鈥檚 鈥 one of the Missouri鈥檚 鈥 which helps businesses commercialize new technology to stimulate economic growth.
Though the panelists covered a wide range of topics related to businesses and COVID-19, Stewart remarked that he hoped the panel would be only the beginning of many more conversations of practical interest to the community. Stewart said future talks might focus in-depth on more specific topics, such as challenges that apply to specific regions of the state or the nuances of liability law at a time when many are working from home. But regardless of what will follow, Stewart proclaimed the panel a resounding success and a reminder of the importance of looking ahead.
鈥淚t has been great to see this collaboration today across the entire UM 欧美口爆视频. We have all been hard at work in our own areas, but it has been inspiring to see this group of leaders step forward and say, 鈥榃e want to help,鈥欌 Stewart said. 鈥淭his discussion has been a great learning experience, and it drives home the point that we always need to be thinking about the unforeseen events that might be waiting on the horizon.鈥
The roundtable discussion can be viewed in its entirety here.
Reviewed 2020-05-27