Kick-Starting the Economies After COVID-19 Pandemic: Assessing the Role of Gig Players in Boosting Entrepreneurial Ventures and Suggesting Policy Interventions

The COVID-19 pandemic has presented unprecedented challenges to global economies, necessitating innovative solutions to reshape devastated financial landscapes. This chapter investigates the intricate and critical nature of these challenges and the pivotal role of entrepreneurship in mitigating their impact. The pandemic particularly threatened the survival of small-scale businesses, underscoring their vulnerability compared to larger firms. However, amidst adversity, it also spurred opportunities, especially in developing economies, where the focus shifted towards small ventures, start-ups, and harnessing local resources. Large enterprises grappled with supply chain disruptions, exacerbating the plight of entrepreneurs who faced cancelled or postponed orders, challenging their ability to meet operational costs and fulfil obligations to suppliers. Consequently, many were compelled to lay off skilled and semi-skilled employees, further fuelling entrepreneurial motivations. This led to the emergence of gig players, as businesses sought strategies to reduce costs. This chapter explores the symbiotic relationship between big and small entrepreneurs in revitalizing economies. Collaboration between these entities, along with gig players—freelancers, start-ups, supply chain actors, and local material providers—can partly fulfil the needs of larger enterprises. Moreover, shifting consumer preferences towards local, organic products are driving the evolution of local entrepreneurial ventures, particularly in rural areas, bolstering digital entrepreneurship. Employing a qualitative approach, this chapter synthesizes existing literature to elucidate the role of gig players in fostering entrepreneurial activity. It addresses key questions such as the identity and significance of gig players in economies, the disruptions precipitating their emergence, and their contributions to entrepreneurial ventures. Through comprehensive analysis, this chapter offers insights into navigating the challenges posed by the pandemic and leveraging opportunities for economic revitalization.