Daily Business Report-April 20, 2020
Today, an estimated 5 million Americans make up the remote workforce.
Remote Working is the Future of Work
by Kelly Festa
The concept of remote working or telecommuting is no passing trend. In fact, it’s been around for decades.
Physicist Jack Niles coined the term “telecommuting” in the 1970s when he was remotely developing a complex communications system for NASA. Niles went on to write the book on “The Telecommunications-Transportation Tradeoff,” a timely read at a time when the ‘70s oil crisis was coming to a head —with obvious parallels to the crises of today.
Later in the 1980s, IBM started experimenting with remote terminals in some of their employees’ homes. This decision laid the foundations for IBM’s seminal role in developing the remote work model, as by 2009, 40 percent of the company’s 386,000-strong staff had the option to work from home. A year later, the Telework Enhancement Act was passed by the government, realizing the value of making remote work a secure and viable option for federal workers as well.
Today, an estimated 5 million Americans make up the remote workforce. This represents a growth of around 91 percent over the last decade. Much of this is due to the fact that whatever your job is or whichever industry you come from, there are a number of remote working options that can fit your needs and requirements. This access to greater work flexibility is a big part of why remote work is becoming more popular around the world.
A Thriving Work Model
During the last decade, remote work has evolved to the point where people no longer just work at home, but also travel to different places like cafés, coworking spaces, and even different countries. Right here at home, San Diego County saw a 25 percent increase in the number of coworking spaces that sprang up in the area just last year. From 1.2 million square feet of dedicated coworking spaces in 2018, to 1.5 million square feet in June of 2019, this new and remote workspace model is becoming part and parcel of the county’s business ecosystem.
This comes as no surprise, as Industrious notes that coworking spaces are equipped with premium amenities along with flexible memberships that suit remote workers. These include private offices, fully equipped meeting rooms, and special member-only events for networking. Not to mention, coworking spaces are often thoughtfully designed for anyone ranging from business owners and coffee shop frequenters, to entrepreneurs.
The Bright Future of Remote Working
If you can do your job on a laptop with an Internet connection, there’s bound to be a remote working option that can cater to your needs, especially considering the rapid innovation in the industry today.
One company called Selina is subverting the coworking space model and attracting digital nomads who want to combine travel and work. Through contracts with companies looking to tap the increasing pool of skilled digital nomads, Selina provides flexible global travel opportunities alongside traditional office work, all while ensuring that their coworking spaces in hip locations around the world are supplied with everything working nomads need to thrive.
Similarly, We Heart Magazine details how an emerging Asian trend combines coworking spaces with coliving residences. In this case, dedicated coworking spaces cater to digital nomads to encourage collaboration and business-to-business partnerships. As these remote working models continue to innovate and develop, it will become easier for everyone from solo freelancers to big companies to reap the benefits of tech-based flexibility, an increasingly crucial factor in the ever-changing global business landscape.
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These Charts Put the Historic
U.S. Job Losses in Perspective
In the last four weeks, 22 million Americans filed initial jobless claims. Here’s how that staggering number compares to the peak periods occurring in previous downturns. View the charts.
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Inovio Pharmaceuticals gets $6.9 million for
clinical trial of COVID-19 vaccine in South Korea
Inovio Pharmaceuticals received $6.9 million from the Coalition for Epidemic Preparedness Innovations to launch a clinical trial of its COVID-19 vaccine candidate in South Korea. The company developed the vaccine in San Diego, where it operates a roughly 100-employee research facility.
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San Diego biotech company launches
drug trials to treat COVID-19 pneumonia
San Diego biotech company CalciMedica has partnered with two hospitals in the Midwest to test a drug designed to help COVID-19 patients who are battling severe pneumonia. If the ongoing Phase 2 trials are successful, the anti-inflammatory drug could help COVID-19 patients stay off ventilators and return home from the hospital sooner.
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San Diego Water Authority launches virtual
drive to support San Diego Food Bank
The San Diego County Water Authority and its member agencies are supporting a virtual food drive in partnership with the Jacobs & Cushman San Diego Food Bank. The campaign allows donors to select and purchase items such as canned meats, vegetables, fruits, peanut butter and oatmeal for distribution to needy residents. To donate, go to www.bit.ly/SDWaterAgencyFoodDrive.
The Water Authority Board leadership launched the effort for staff and board members about two weeks ago, then expanded it by inviting 24 retail member agencies countywide to join the effort. So far, nearly $6,000 has been contributed through that portal, and some member agencies are setting up their own portals for their service areas.
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La Jolla’s Aspen Neuroscience raises
$70 million led by OrbiMed
La Jolla-based Aspen Neuroscience, a biotechnology company developing the first autologous neuron replacement therapy for treating Parkinson’s disease, announced it raised $70 million in Series A funding. OrbiMed led the investment round with participation from ARCH Venture Partners, Frazier Healthcare Partners, Domain Associates, Section 32, and Sam Altman.
The company’s first product ANPD001 is currently undergoing investigational new drug (IND)-enabling studies for the treatment of sporadic forms of Parkinson’s disease. And Aspen’s second product ANPD002 combines gene correction and autologous neuron therapy for the treatment of genetic forms of Parkinson’s disease.
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ACI Medical, based in San Marcos,
pivots to manufacture portable ventilators
San Marcos-based ACI Medical, which builds proprietary medical products focused on vascular diseases, has pivoted operations to help combat the shortage of portable ventilators. The company applied for certification with the Department of Health and Human Services and the Food and Drug Administration to produce and distribute the ventilators to emergency medical vehicles, ambulances, and fire trucks.
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Cox Communications extends remote
service for K-2 students at home
Recognizing that students will remain home to finish out the school year, Cox Communications has extended free Connect2Compete service, the company’s low-cost Internet offer for families with a K-12 student at home until July 15. Remote service support is also extended to ensure ease of implementation while students continue to learn at home during the Coronavirus pandemic.
Customers that sign up through May 15 are eligible for this offer and will receive free service until July 15.
Cox temporarily doubled download speeds for its Connect2Compete customers from 25 to 50 Mbps in mid-March. This increase will also continue through July 15.
Families can qualify for Connect2Compete by visiting www.cox.com/c2c.
