In the era of Slack and Zoom, is there really any place for a company intranet? After all, your employees can chat, plan, and trade emojis well enough in Slack, and Zoom lets them get face time with colleagues — even when working from home. Do you really want to saddle them with yet another platform to manage?

I would argue yes — and that the intranet can actually replace some of your Slack chats and Zoom meetings, rather than operate in addition to them.

Before you jump ship, hear me out: with so many people working remotely these days, leaders run a real risk of burning out their employees with too many forms of communication: messaging, email, virtual conferencing, and so forth. A modern intranet can streamline those functions into one digital space, making it easier to connect and allowing you to recreate the water cooler effect that everyone’s been missing.

But be aware that this kind of solution might not work for everyone. In certain roles at technology companies — retail- and manufacturing-related ones, for instance — employees don’t work exclusively at a desk or in front of a computer. (In fact, some don’t have much computer access at all.)

Admittedly, an intranet might not be as useful in these roles, but that doesn’t mean it can’t have profound effects on companies needing to connect their remote desk workers.

No, the intranet isn’t all for naught

With so much uncertainty about when it will actually be safe to return to the office and how the economy will fare over the next few months, transparency is paramount. You need a means of easily sharing company news, quickly updating protocols, and creating an ongoing dialogue with your team. A well-maintained company intranet is paramount for that kind of top-down communication.

But they often get a bad rap today — and for good reason. Neglected intranets function more like the corporate junk drawer than a dynamic communication tool.

Businesses tend to use their intranets as dumping grounds for content, with no plan for organizing information or making the site user-friendly. It’s no surprise that employees don’t want to navigate a clunky web space when they can easily Slack their teammates or supervisors for information.

The beauty of a company intranet, though, is that when it’s used well, it streamlines communication and gets everyone on the same page at the same time. It also reduces the mental overhead associated with messaging multiple people on various platforms.

More importantly, the intranet is native to your company, while other messaging and collaboration services are not. It’s all well and good to share a file in a quick message, but that’s not an efficient way to exchange documents over time. Having a centralized hub where employees can find all the documents they need reduces confusion and time spent hunting down files from last week’s Slack exchange — if you can even access it.

An intranet also cuts down on the noise that floods workers every day from all of these messaging platforms. (In a given week, for instance, team members could send 200 messages on Slack alone .) It’s hard to find a signal when you’re bombarded with both trivial and essential information all day long.

I’m not arguing against Slack or email or any other platform. They all have their uses. But I think intranets are underutilized, and the COVID-19 crisis is a perfect opportunity to reconsider their role in internal communications.

So who should build the intranet?

One of the biggest challenges in rallying people to a company intranet is making it relevant and persuading them that there’s value to be found there. Contrary to what you might think, those tasks fall on the shoulders of managers — not HR or your communications shop.

When my company polled more than 400 professionals involved in overseeing their companies’ intranets, we discovered that just 4% considered themselves in-house communications leaders. Likewise, a little under half believed their company’s management even understood internal communications.

Lack of executive management is a driving factor in failed intranets. (If the leadership doesn’t use it, how can you expect employees to check it regularly?) But this is good news because it indicates a massive opportunity for improvement. When managers and executives get involved with the intranet, the strategy and quality of content increase — making it a true communications hub.

I see department heads as integral to successful company intranets because they know what’s happening, the types of information their teams want to see, and how their people think. They can strategize around which articles, posts, videos, and virtual events will engage employees in a way that a siloed communications team cannot.

The ability to tap into those soft skills and an understanding of employees’ preferences will be crucial going forward. As the pandemic continues, people are going longer and longer without connecting with their colleagues in meaningful ways. The breakroom chats, the company lunches, and impromptu happy hours — those were opportunities where people bonded and could really feel like they were part of a team.

Without those opportunities, morale will fade, meaning people will also burn out and grow disengaged. Virtual events and messages certainly can’t replace in-person contact. But in the COVID-19 era, we have to make do.

Your company’s intranet offers a unique opportunity to not only create a centralized communication space, but also to reengage people who feel marooned as they work remotely. Though department heads and other leaders should run point on an intranet revamp, you can’t do this alone. You’ll need employees to help you write and update content as well as moderate the site.

Luckily, I’ve found those tasks can reignite people’s sense of purpose and belonging to the company.

How do you get employee buy-in?

At its best, the company intranet can inform, connect, and inspire. But first, people must want to use it. Don’t expect this to happen overnight — it’ll take a while for the intranet to become top of mind.

Start by meeting employees where they are. Share reminders and links to new information that’s been posted on the intranet to get them in the habit of going there to view the latest announcements. You want people to think of this as the company newsroom, so make sure your content is relevant. Include local updates on COVID-19 cases, and share both company news as well as leadership insights on broader issues.

At the same time, you don’t want to overwhelm employees. Remember what I said about noise? The intranet shouldn’t add to it. Publish consistently, but don’t post top-down updates more than a couple of items a day. When all is said and done, your intranet should be well-governed (instead of an “everything hub”). If people feel overloaded with information, they’ll stop checking the site.

Ultimately, you want the intranet to be a resource for employees — a place where they can refresh themselves on the company’s mission and where it’s headed. When you can’t be together in person, you have to find other ways to maintain a cohesive organization. With a little bit of teamwork and practice, your intranet could be the best way to achieve that.

So you’re interested in the future of work? Then join our online event, TNW2020 , to hear how successful companies are adapting to a new way of working.

VCs spent a record €8.2B in Europe in Q1 2020 — but coronavirus dampens future expectations

Venture capital investors poured €8.2 billion into European companies during the first quarter of 2020.

According to PitchBook’s European Venture Report Q1 2020 , the first three months of 2020 constituted the fourth-strongest quarter ever in terms of total deal value in Europe.

Although 2020 got off to a good start, the coronavirus pandemic is expected to have a significant impact on deals in the ecosystem. It also threatens the flow of US capital into European tech companies .

“We expect dealmaking to slow considerably in the next two quarters, however, as the repercussions of COVID-19 sweep across the globe . We believe the bull run sustained over the last decade may finally be coming to an end as wider economic outlooks considerably weaken,” the report reads.

As gloomy as the prediction is, the report notes that dealmaking will not collapse but warns “this is the toughest economic challenge facing the venture ecosystem since the global financial crisis.”

The data also shows a particularly good quarter for European late-stage companies , as venture capital investors pumped €4.8 billion in Q1 — the third-highest quarterly figure on record.

Given the current climate , it’s plausible that VCs will not want to see their flagship portfolio companies fail . With this in mind , the report says there could be a shift in focus.

“We expect late-stage investments in existing portfolio companies to take priority over early-stage investments in the next year,” it reads.

As such, no sector appears completely immune from the pandemic.

The report goes on to specify that software startups have accounted for 42.6% of capital YTD and it’s likely this trend will continue.

As expected, there are also opportunities for startups that can facilitate remote collaboration and centralize essential business functions online .

Similarly, opportunities will also emerge for software startups focusing on personal cybersecurity , as scams and phishing attempts have reportedly increased and as companies look to improve their resilience against bad actors.

A spotlight on Europe’s healthcare ecosystem

The report says that healthcare startups received €1.7 billion from investors in Q1 2020.

If the current pace were to continue throughout 2020, the annual total would get close to the record €7.2 billion achieved last year.

“However, we believe healthcare VC deal activity is expected to slow as recessions bite into economies,” reads the report.

“The impact on healthcare investment could be less noticeable than in other sectors, as funding will be critical in combating the devastating pandemic,” it adds.

Startups focusing on technology-integrated solutions to assist with service provision, logistics, efficiency , and drug research have made popular investment strategies.

VC exit activity

The first quarter of 2020 was not good for exits with these totalling €727.1 million and missing the €1 billion mark for the first quarter since Q4 2012.

“This represents a cautious exit market , which is likely to persist for the next few quarters . The impact of COVID-19 on exits is likely to be extensive, especially on IPOs and other types of liquidity that directly correlate to investor appetite and public equity performance,” says the report.

Acquisitions of Europe -based startups could attract a less expensive premium than US counterparts.

They could also be far more appealing to startups looking to penetrate the lucrative US tech sector, rather than partner with a less experienced Europe -based corporate

Europe’s fundraising progress

During the last five years, European fund sizes have grown to compete internationally as commitments from limited partners have also increased.

While funds closed in Q1 2020 present optimism, new and active fundraising efforts will be suspended in the short term as coronavirus preads across Europe .

Those funds that did close in Q1 2020 are likely to have started and finished the capital raising process in the months before disruption descended upon Europe and the US.

“We expect fundraising levels to dip during the rest of 2020 as newly closed funds reduce in frequency,” the report estimates.

Corporate VCs

Elsewhere, corporate venture capital reached €3.4 billion during Q1 2020.

The report points out that the figure was lower than the quarterly average across 2019 and highlights that, unsurprisingly, it looks set to fall further throughout the rest of 2020.

“As we enter the new decade and confront a global recession, the pressure on corporates will intensify. Volatile share prices , trimmed earnings and a lack of demand have already had an impact on growth targets and forced corporates to slash or remove dividend payments to save capital. Global economic downturns are felt faster in more liquid public equities , and as focus quickly shifts to protection of core assets and revenue streams, CVC investment is likely to fall consequently,” it says.

Startups in the home entertainment sector could see opportunities arise as people are advised to spend more time indoors.

For example, Berlin-based music streaming service SoundCloud closed a €67.9 million round from US-based radio broadcaster Sirius XM ( NASDAQ : SIRI ) in Q1 2020.

“The pandemic will no doubt shape future spending habits, and this could be an opportunity for CVCs to invest in services targeting online spending,” the report adds.

Innovative leaders must practice ‘radical empathy’ — especially in times of isolation

Now that millions are at home to help stop the spread of COVID-19, every organization, from the scrappiest basement startup to the most sprawling enterprise, is suddenly adapting to working on distributed teams, with remote clients and customers — a great many either alone or with family and housemates in total isolation for an indefinite amount of time.

It’s no doubt been overwhelming. Every one of us is having to manage the anxieties and confusion triggered by living through a global pandemic. If ever a time called for radical empathy on a massive scale, this is it.

At frog, my colleagues and I practice human-centered design approach built on deep empathy for user needs and aspirations. But this empathy can’t extend to customers alone. Now more than ever, from wherever we are, we need to be there for our colleagues and partners, too. Perhaps the following framework can be a useful starting point as your business ecosystem transitions to remote work:

HELP : How can your organization be responding to the crisis? Now is the time to take swift action in solving short-term challenges for employees and customers. This might even mean a bold, dramatic shift in (at least temporary) business focus, as in the many fashion brands switching production capabilities to make face masks .

GUIDE : How can teams understand what’s happening now and what to expect next? This involves gauging the current systems in place to support teams and maintaining operational, cultural, and mental wellness during this difficult time. It means asking: What can be done to lessen the burden of rapidly onboarding collaborators onto new tools and techniques?

LEAD : How can leaders take their organizations securely forward? Right now is all about saying the right thing and taking the right actions at the right time. For example, with use of the video conferencing app Zoom at an all-time high, so too are its related privacy, and security concerns. To establish trust, Zoom co-founder Eric Yuan has issued public apologies , addressed bugs and questionable features, and has promised to hold weekly webinar updates.

GROW : What can be done now to allow for a better future? Things are changing at a rapid pace, which doesn’t look likely to stop. Even amid the crisis, it’s time to think about adaptation in terms of developing a new normal. Now is the time to proactively articulate: What specifically is gained or lost from a purely analog, purely digital, or hybrid approach?

For those new to remote work, it can rightfully cause concern. After all, design teams are used to getting in a room to sketch concepts, refine product features, and craft quick and dirty prototypes. This approach has been invaluable for decades, proving the creative potential of collaborative problem solving. It may be hard to believe this process could translate into a fully digital environment. Yet, at frog we’ve seen great results come from reimagining traditional methods.

I’ve found with the right communication, it’s possible to manage expectations and overcome any issues that may arise. This could mean being flexible when deciding what tools to use or in defining new digital channels for convening at necessary checkpoints. Surprisingly, remote collaboration does not always require the flashiest software — at least not all at once.

In fact, my team and I have had great success building together with clients via cloud-based tools like Microsoft Excel that many are already cozy with. When leveling up to the more robust virtual whiteboarding platforms, a simple two-minute demo in the beginning of a meeting can save a lot of time in the long run.

While we never want to fully lose face-to-face interviews and field research, we do want to use this time of social distance to understand how we might better connect with research participants during times when mobility is restricted. With travel out of the picture, connecting with participants in their settings can still be possible.

Between increasingly sophisticated collaboration software and video conferencing, there are more tools than ever for being together when you’re far apart. Another option may be to find a research team on the ground who can gather and share insights safely on your behalf, or who can help facilitate virtual stakeholder and user interviews with local communities.

It all comes down to trust

Even more than the right tools, remote work requires trust. My team has seen first-hand how necessary it is to build trust with those who might not be accustomed to working across the barriers of time zones and digital interfaces.

For instance, we recently partnered with Médecins Sans Frontières (MSF; AKA ‘Doctors without Borders’ in English-speaking countries) on an effort to improve experiences for humanitarian fieldworkers. While the initial project scope involved working side-by-side in Japan for several weeks, as COVID-19 began to take hold, we soon saw that sort of in-person time together was out of the question.

To push forward, we had to assure MSF that nothing would be lost in reshaping design methods for a remote context. This meant taking seriously their concerns and addressing them head-on. Ironically, overcoming the forced distance also meant getting together more regularly. We found daily stand-up sessions went a long way. Starting these sessions with the simple question ‘How are you feeling?’ gave all stakeholders a voice and demonstrated active compassion.

“To be honest, I personally was a bit worried about this remote setting, especially how effectively we could communicate. Three weeks of work later, I know that it was just my imagination,” said Nobuhisa Kobayashi, Project Manager of the Japan Innovation Unit involved in the MSF project.

We’re all just in the beginning stages of understanding how COVID-19 will change the way we work. Now, looking into the future, both short and long-term, there’s a lot we just can’t know. What we do know, however, is that we’ll need each other to get through this.

To lead effectively today, it’s not possible to overlook the emotional stages employees and customers are battling. Now it’s time to develop next-level empathy for the real humans that comprise and support your organization — meeting them where they are, wherever they may be.