SUMMARY
There’s no playbook for businesses to tackle the economic fallout from the quarantine
Founders will have plenty of questions about their business in the next month as the impact spreads
Inc42 is connecting startups with ecosystem experts and stakeholders through this initiative
These are uncertain times, and even the sharpest of minds need to hit pause and clearly think about the way forward. The coronavirus outbreak has affected the complete supply chain and promises to be the worst economic downturn in the past century. Small and medium businesses as well as startups are unprepared. As everyday life goes through some critical changes due to coronavirus pandemic, Indian tech startups have to redirect their energies and might even have to change their vision for this new world.
Naturally, founders have a range of concerns right from fundraising to winning back the lost business and cutting costs in the right areas to extend the runway — just a few among a huge list of questions. It would be safe to say that none of the 7 Bn people in the world today has experienced anything of this magnitude yet.
There’s no playbook that exists to tackle the coronavirus and the fallout from the quarantine and founders have plenty of questions about their business in the times to come as the impact spreads.
In these extraordinary times, to share knowledge with our readers on the right course of action, we believe it is our responsibility as a media house and an enabler of this ecosystem to spread the message, support the ecosystem, help startups and business leaders take the right decisions. We can get through these challenging times through shared knowledge in the form of content and available resources that we find valuable.
We are creating a #StartupsVsCovid19 platform through which founders and startup ecosystem stakeholders can reach out to experts to find answers or solutions to problems and questions thrown up by the coronavirus pandemic. We know founders have hundreds of questions to avoid potentially painful consequences. Questions like:
- How can I extend their runways, as revenues and possible fundraising discussions have taken a hit?
- How to ensure team motivation in such times, especially during WFH situations?
- Should I change my revenue strategy or is it a short-term impact? Should I change my acquisition strategy or is it a short-term impact?
- What to do if the earlier conversations for new rounds have stopped?
We will reach out to stakeholders with your questions and get responses from these experts as soon as possible, along with one-on-one feedback and help startups get support for their journey to financial stability in a crisis situation where the expenses will keep growing even as revenue falls.
VCs around the world are already reaching out to founders at growth-stage startups, but even then such founders may face issues in the market. Early-stage founders who have bootstrapped or those who don’t have the right pool of mentors don’t need to struggle to get out of any economic crisis that comes through the pandemic. Just write to us and reach the right stakeholders.
The coronavirus pandemic has led to massive disruptions in travel, healthcare, and supply chains that have wreaked havoc on global financial markets. Startups in these sectors have borne the biggest brunt, and startup financing is also taking a hit.
With this initiative, we will help you overcome these apprehensions and help you resolve your doubts through insights and recommendations from fellow entrepreneurs, investors and ecosystem stakeholders.
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