It's time to reassess. Photo by Hinterhaus Productions/Getty

The continuing COVID-19 crisis is creating enormous uncertainty and change — and questions with no obvious answers: Which changes will persist? What will the new world look like? How will people and organizations adapt?

Even as U.S. technology, media, and telecommunications companies focus on responding to the global pandemic and its immediate repercussions, they will hopefully soon need to pivot toward recovering from the crisis and setting themselves up to thrive in the next era.

Sudden change can loosen old foundations, creating opportunities for greater progress. Companies should reassess what and how they sell, how they operate, and how they can forge stronger and more direct relationships with customers.

This series from Deloitte will frame a discussion and explore what's changing, what strategic issues to consider, their impacts, key actions to take, and questions to ask.

There are many different scenarios, and we may not have all the answers yet, but we can act with foresight to better position ourselves for a stronger and more resilient future.

Continue reading this article on Deloitte's website to explore the three key strategic issues that technology companies should consider if they want to recover from the crisis while making a bold play for a thriving future.

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This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.

About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms. Copyright ©2020 Deloitte Development LLC. All rights reserved.

Bolster liquidity by managing short-term credit, cash, and performance needs. Photo by Busakorn Pongparnit/Getty

Managing through COVID-19: Six imperatives for CFOs

CFO Insights

Slightly more than a decade after the Great Recession, COVID-19 has brought back the dreaded "R" word to haunt executives in the global economy.

The practice of social distancing to slow the contagion has abruptly and sharply curtailed economic activity around the world. Moreover, it is becoming clear that a worldwide recession of significant depth emerged in the first quarter of 2020 and may continue for an uncertain period.

Downturns and recessions are challenging, but some businesses are not only able to come out intact, they are also able to seize on opportunities to outdistance their competition and position themselves for future growth.

Still, the speed at which the COVID-19 crisis is unfolding may likely require CFOs to use new tools — virtualization and scenario-based forecasting, for example — in addition to the traditional levers they have used to act swiftly and reasonably.

In this period of rapid economic deceleration and uncertainty, Deloitte has identified six distinct imperatives that it believes can help CFOs protect their companies and workforces:

  • Prepare for talent disruption and virtualize your organization by providing resources for your talent and making clear how people should support one another, and by virtualizing the finance function and other parts of the organization to operate effectively amid social distancing
  • Bolster liquidity by managing short-term credit, cash, and performance needs
  • Communicate frequently with critical stakeholders to keep them informed
  • Drive operational improvements necessary to navigate the sharp downturn
  • Manage risks and serve as stewards of company assets during this vulnerable time
  • Plan for recovery post-COVID-19 crisis by strategically positioning and utilizing assets

Continue reading the latest edition of CFO Insights on Deloitte's website to explore six distinct imperatives that will assist CFOs in protecting their companies and workforces.

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This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.

About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
Copyright ©2020 Deloitte Development LLC. All rights reserved.

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Annual student startup competition in Houston names teams for 2023

getting pitch perfect

Rice Alliance for Technology and Entrepreneurship has named the 42 student startup teams that were extended invitations to compete in the 23rd annual Rice Business Plan Competition

The 2023 startup competition will take place on Rice University campus May 11 to 13, and the teams representing 37 universities from six countries will pitch to investors, mentors, and other industry leaders for the chance to win funding and prizes. Last year's RBPC doled out nearly $2 million in investment prizes.

This year, Rice saw its largest number of student startups applying for the RBPC internal qualifier from within campus. The university selected three to move on to compete at RBPC in May — Sygne Solutions, Neurnano Therapeutics, and Tierra Climate, which also received a total of $5,000 in cash prizes to these top three teams.

The 2023 RBPC will focus on five categories: energy, cleantech and sustainability; life science and health care solutions; consumer products and services; hard tech; and digital enterprise.

This invited companies, if they attend, will join the ranks of the 784 teams that previously competed in RBPC and have raised more than $4.6 billion in capital, as well as seen more than 50 successful exits including five IPOs.

The 2023 Rice Business Plan Competition invitees, according to Rice University's news release:

  • Active Surfaces, Massachusetts Institute of Technology
  • Adrigo Insights, Saint Mary’s University (Canada)
  • AirSeal, Washington University in St. Louis
  • Algbio, Yeditepe University (Turkey)
  • Arch Pet Food, University of Chicago
  • Astria Biosciences, University of Pittsburgh
  • Atma Leather, Yale University
  • Atop, UCLA
  • Biome Future, University of Florida
  • BioSens8, Boston University
  • BlueVerse, Texas Tech University
  • Boardible, Northwestern University
  • Boston Quantum, Massachusetts Institute of Technology
  • ceres plant protein cereal, Tulane University
  • Citrimer, University of Michigan
  • Dart Bioscience, University of Oxford (United Kingdom)
  • DetoXyFi, Harvard University
  • E-Sentience, Duke University
  • Edulis Therapeutics, Carnegie Mellon University
  • FluxWorks, Texas A&M University
  • Integrated Molecular Innovations, Michigan Technological University
  • Inzipio, RWTH Aachen University (Germany)
  • LoopX AI, University of Waterloo (Canada)
  • Magnify Biosciences, Carnegie Mellon University
  • MiraHeart, Johns Hopkins University
  • MyLÚA, Cornell University
  • Outmore Living, University of Texas
  • Pathways, Harvard University
  • Pediatrica Therapeutics, University of Arkansas
  • Perseus Materials, Stanford University
  • Pike Robotics, University of Texas
  • Quantanx, Arizona State University
  • Sheza, San Diego State University
  • Skali, Northwestern University
  • Sundial Solar Components, University of Utah
  • Thryft Ship, University of Georgia
  • Tierra Climate, Rice University
  • TrashTrap Sustainability Solutions, Visvesvaraya Technological University (India)
  • Unchained, North Carolina A&T State University
  • Unsmudgeable, Babson College
  • Vivicaly, University of Pennsylvania
  • Zaymo, Brigham Young University

Houston space health institute to launch more experiments into space on upcoming mission

ready for takeoff

Houston's Translational Research Institute for Space Health, or TRISH, will launch six more experiments into space this spring aboard Axiom Space's Ax-2 mission, the organization announced this week.

The biomedical research conducted through TRISH, in consortium with CalTeach and MIT, will look into how space travel impacts everything from motion sickness to memory over the course of the mission's 10-day stint on the International Space Station.

The crew will consist of four astronauts: Commander Peggy Whitson (previously with NASA), Pilot John Shoffner and Mission Specialists Ali AlQarni and Rayyanah Barnawi. It's a historic team, bringing the first female private space crew commander and the first Saudi astronauts to the ISS.

“Insights gathered from this work improve our understanding of how the human body and mind respond to spaceflight, helping us to prepare future astronauts to remain safe and healthy during longer-duration missions," Dr. Dorit Donoviel, TRISH executive director and professor in the Center for Space Medicine at Baylor College of Medicine, says in a statement.

The six projects onboard the mission have been developed by researchers within TRISH as well as the University of Pennsylvania Perelman School of Medicine, Johns Hopkins University and Baylor College of Medicine. They aim to assess the following:

  • Spaceflight participants’ performance in memory, abstraction, spatial orientation, emotion recognition, risk decision making and sustained attention before and after the mission -Astronauts’ inner ears and eyes' response to motion before and after space travel and how this relates to motion sickness and nausea during launch and landing
  • The effects of spaceflight on the human body at the genomic level
  • Changes to the eyes and brain during spaceflight
  • Astronaut's sleep, personality, health history, team dynamics and immune-related symptoms
  • Sensorimotor abilities and changes in space and how this can impact astronauts' ability to stand, balance and have full body control on the moon

Some of this information will become part of TRISH’s Enhancing eXploration Platforms and ANalog Definition, or EXPAND, program, which aims to boost human health on commercial space flights through its database. The program launched in 2021.

Ax-2 is Axiom's second all-private astronaut mission to the ISS and will launch out of NASA’s Kennedy Space Center in Florida aboard a SpaceX's Dragon spacecraft. Axiom was first established in 2016 with the goal of building the world's first commercial space station.

TRISH is also slated to launch nine experiments on board SpaceX's Polaris Dawn mission, which is now expected to launch this summer. The research aboard Polaris Dawn is intended to complement research supported by TRISH on the Inspiration4 all-civilian mission to orbit, which was also operated by SpaceX in 2021.

Houston research: It matters how we talk about social, economic disparities

houston voices

Look closely at any news article about inequality and you will quickly notice that there is more than one way to describe what is happening.

For example:

“In 2022, men earned $1.18 for every dollar women earned.”

“In 2022, women earned 82 cents for every dollar men earned.”

“In 2022, the gender wage gap was 18 cents per dollar.”

When pointing out differences in access to resources and opportunities among groups of people, we tend to use three types of language:

  1. Advantaged — Describes an issue in terms of advantages the more dominant group enjoys.
  2. Disadvantaged — Describes an issue in terms of disadvantages the less dominant group experiences.
  3. Neutrality — Stays general enough to avoid direct comparisons between groups of people.

The difference between these three lenses, referred to as “frames” in academic literature, may be subtle. We may miss it completely when skimming a news article or listening to a friend share an opinion. But frames are more significant than we may realize.

“Frames of inequality matter because they shape our view of what is wrong and what should be fixed,” says Rice Business Professor Sora Jun.

Jun led a research team that conducted multiple studies to understand which of the three frames people typically use to describe social and economic inequality. In total, they analyzed more than 19,000 mainstream media articles and surveyed more than 600 U.S.-based participants.

In Chronic frames of social inequality: How mainstream media frame race, gender, and wealth inequality, the team published two major findings.

First, people tend to describe gender and racial inequality using the language of disadvantage. For example, “The data showed that officers pulled over Black drivers at a rate far out of proportion to their share of the driving-age population.”

Jun’s team encountered the same rhetorical tendency with gender inequality. In most cases, people describe instances of gender inequality (e.g., the gender pay gap) in terms of a disadvantage for women. We are far more likely to use the statement “Women earned 82 cents for every dollar men earned” than “Men earned $1.18 cents for every dollar women earned.”

"We expected that people would use the disadvantage framework to describe racial and gender inequalities, and it turned out to be true,” says Jun. “We think that the reason for this stems from how legitimate we perceive different hierarchies to be.” Because demographic categories like gender and race are unrelated to talent or effort, most people find it unfair that resources are distributed unevenly along these lines.

On the other hand, Jun expected people to describe wealth inequality in terms of advantage rather than disadvantage. The public typically considers this form of inequality to be more fair than racial or gender inequality. “In the U.S., there is still a widespread belief in economic mobility — that if you work hard enough, you can change the socioeconomic group you are in,” she says.

But in their second major finding, she and fellow researchers discovered that the most common frame used to describe wealth inequality was no frame at all. We find this neutrality in statements like “Disparities in education, health care and social services remain stark.”

Jun is not sure why people take a neutral approach more frequently when describing wealth inequality (speaking specifically of economic classes outside of gender and race). She suspects it has something to do with the fact that we view wealth as a fluid and continuous spectrum.

The merits of the three frames are up for debate. Using the frame of disadvantage might seem to portray issues more sympathetically, but some scholars point to potential downsides. The language of disadvantage installs the dominant group as the measuring stick for everyone else. It may also put the onus of change on the disadvantaged group while making the problem seem less relevant to the dominant group.

“When we speak about the gender gap in terms of disadvantage, and helping women earn more compared to men, we automatically assume that men are making the correct amount,” says Jun. “But maybe we should be looking at both sides of the equation.”

On the other hand, Jun cautions against using a one-size-fits-all approach to describing inequality. “We have to be careful not to jump to an easy conclusion, because the causes of inequality are so vast,” she says.

For example, men tend to interrupt conversations in team meetings at higher rates than women. “Should we frame this behavior in terms of advantage or disadvantage, which naturally leads us to prompt men to interrupt less and women to interrupt more?” asks Jun. “We really don’t know until we understand the ideal number of interruptions and why this deviation is happening. Ultimately, how we talk about inequality depends on what we want to accomplish. I hope that through this research, people will think more carefully about how they describe inequality so that they capture the full story before they act.”

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This article originally ran on Rice Business Wisdom and was based on research fromSora Jun, Rosalind M. Chow, A. Maurits van der Veen and Erik Bleich.