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COVID 19: An Opportunity for the Startups

Indian Startup Chamber

Admin
  • May 01, 2020
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Every Setback is a new Start to Comeback. Most of the great people have attained their greatest success just one step beyond their greatest failure. We all know that most of the Unicorn Startups like Instagram, Mailchip, Pinterest, Uber, Whats App, Airbnb, Slack, Goupon, Facebook etc. has been founded after the global economic slowdown of 2008-2009. Further the Microsoft and Apple were also founded during the recession of 1975.

In the true sense, the global economic slowdown of 2008-2009 is the father of Startups. The inspiration of Innovation and Technology came from the Economic Slowdown. Resource scarcity can be a source of creativity and pivoting which gives a birth to a Startup. For some courageous founders and investors, the worst of times were the best of times, and their decisions have proven to be some of the most lucrative in the history of business.

 

The novel Corona virus: COVID 19 has affected the entire world. The Indian economy has also effected and the GDP has been reassessed. International Monetary Fund (IMF) is projecting a 3% contraction of global GDP due to the COVID-19 pandemic. 

 

The entire country is being lock down. No commercial and Industrial activities are going on in the country except of those in essential supplies. This lockdown situation is called "Great Lockdown" because Government are putting their economies in a lockdown while dealing with the health crisis due to COVID 19.

 

The negativity is all around the country as well as in the world. The financial crash infected many businesses with fear and paralyzed their processes. However, there were also those who took a different approach, investing their time in innovation, finding creative solutions of the problems, business automation and started working harder, investing more, and launch new products or business models.

 

The hard time is the best teacher and the successful entrepreneurs believes in investing more during downturns. The recession or the phases of downturns are very important for the business as they provide the exit to the businesses who have obsolete models and products and frees up the market for the new entrants (Startups) with innovative and creative business ideas and product.

 

Since the entire country is being locked down, Founders can concentrate and spend their most of the productive time in Research, Innovation, Technology, Development, Sourcing, building team and business automation.

 

Situation are the teachers, they come to teach us the unlearnt lessons. COVID 19 and global economic crisis is a challenging time for each and every one. However, it may also be a perfect time for those who are ready to restructure their business models, incorporate technology and innovations in their processes and approaches. We at Chamber of Startups, Industries and Entrepreneurs (India) Council are sure that the economic lock down will be the boon of the Indian Startups. Many Unicorn Indian startups will take birth during this lockdown.

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