In 2008, the NYT published an article written by Warren Buffett in which he declared he was buying US stocks. In this article, he said “be fearful when others are greedy, and be greedy when others are fearful.” In other words, look for opportunity during crises.

These are uncertain times. The stock market has never fallen faster. The economic landscape will be changed forever by this crisis. Some industries will suffer significantly.

Businesses relying on or even promoting the congregation of people in one location face a real challenge in a world where large congregations of people are discouraged or even illegal. That includes restaurants, bars, sports venues, live music, casinos, and so many more. The airline and travel industry face an entirely different challenge – not only is congregation discouraged, but so is travel itself. Besides these industries, there are entire economies built on serving all of the businesses so severely impacted by the measures we have collectively taken to save lives during the covid-19 pandemic.

But just as there were businesses and businesspeople who came out on the other end of the sub-prime mortgage crisis stronger than ever, there are new opportunities during the current crisis as well.

People around the world have completely changed their consumption habits overnight. People are no longer spending money on NBA games. Instead, they’re using those dollars on that Disney+ subscription they put off paying for previously. Likewise, businesses are cutting their memberships in coworking spaces. Instead, they’re opting for new Zoom subscriptions to facilitate work from home policies.

Now more than ever, businesses that have been shut down by the requirements of social distancing have a massive opportunity to shift their business models to focus on how to serve the brand-new needs of their customers. During this period of health crisis mitigation, businesses can no longer strategize how to attract customers to brick and mortar locations. Instead, they have to focus on how to deliver value to socially responsible customers who are abiding by recommendations to stay at home.

Technology will play a pivotal role in the transformation of the modern economy. In a world where physical channels pose a very serious health risk, we are forced to rely on digital channels of communication and value delivery. The digital revolution has been accelerated exponentially and the digital real estate delivered to every consumer is expanding daily.

The businesses that will thrive in this crisis are the businesses that are prepared to go digital. That includes any business that can deliver value through at-home technology: screens, game consoles, virtual assistants (think Alexa), Peloton bikes, etc.

The pandemic we are living through is tragic. The economic and human costs should not be diminished. It’s important for us to face the challenge head on and use our creativity and ingenuity to transform it into an opportunity to succeed.