Innovation gives us good reason for optimism

摘要

With experts predicting a 25-30% drop in economic output and British tech firms posting their worst performance since the financial crash of 2008,it's easy to see why the future might appear particularly gloomy.There are however reasons for optimism.Recessions create both challenges and opportunities.They necessitate innovation and often act as a filter mechanism for fast growing start-ups.The 2008 financial crisis for example was followed by a decade of annual growth in the number of new tech-based businesses created.Not all parts of the tech sector will be impacted equally.Far-sighted investment means that well-capitalised lab-based companies,for example,are prepared to weather a six-month downturn.Many have kept working through lockdown and some have pivoted activity to address the challenge of COVTD-19.