Skip to navigationSkip to content
Close

How should startups navigate the pandemic? Covid-19 has introduced a new reason why many startups are suddenly at risk of failing: the prospect of a sharp, protracted global recession. Quartz reviewed advice from venture capital firms about how to survive the emerging economic climate, and drew on lessons of past crises to find some answers. ✦

Read more on Quartz

Featured contributions

  • Startups with a dozen employees or fewer are often used to coordinating in person and just "doing whatever needs to get done." The shift to remote work will require them to formalize roles and responsibilities sooner than they otherwise might have needed to.

  • As a start-up, cash flow is a concern. Dropping bills such as office space is a real concern. Will you find space after things return? Could you use that money to create a professional office in your home since people are learning to work from home?

    I would recommend adding to marketing and IT budgets

    As a start-up, cash flow is a concern. Dropping bills such as office space is a real concern. Will you find space after things return? Could you use that money to create a professional office in your home since people are learning to work from home?

    I would recommend adding to marketing and IT budgets right now. The challenge becomes how to find new customers as they will have modified their needs and wants. The other challenge is how to confirm your new home office has the appropriate security and IT support many assumed in their office setting, but maybe not in their home or personal lives.

    Pivot, pivot, pivot! It’s what we do best! But we have an opportunity to jump ahead to navigate new business ideas because we can move faster and be nimble.

    The final challenge is our economy has been built on service and IP. We need to get back to the basics.... we need to make and grow our own stuff. Manufacturing. Vo-tech. Gardening.

More contributions

  • Recently contributed to this article by the Entrepreneur on tips to run your business during a lockdown: https://www.entrepreneur.com/article/348184

    Video & Zoom Calls: Transactions, university lectures, job interviews, and all business activities have already moved online via video conferencing/Zoom

    Recently contributed to this article by the Entrepreneur on tips to run your business during a lockdown: https://www.entrepreneur.com/article/348184

    Video & Zoom Calls: Transactions, university lectures, job interviews, and all business activities have already moved online via video conferencing/Zoom calls. Managing customer relations through video-conferencing maintaining the personal touch will earn brownie points.

    Communication Chain- While following efficient work from home policy, it is important to develop a robust communication chain in your organization to avoid loopholes to ensure an integrated response both internally and externally.

    Data Theft- In the race for being digitally equipped amidst the global change in the way, businesses will function, make sure to have a system in place to combat internal threats such as data leaks and external ones such as cyber hacks and re-architect the infrastructure to make technology and processes more resilient.

    Inform- Ensure your company regularly updates the anti-virus software, keep a 24-hour IT helpline so that no work is disrupted, educate all your stakeholders about potential phishing emails.