Author name: startup_admin

In the Coronavirus lockdown, we see trends that will establish the next cycle of startup innovation. While already underway, there’s an accelerating shift to digital. Startups in this area will find investor interest if they can provide the following: Ability to work online, from anywhere Evergreen products that are always in demand Efficient delivery of products and services both online and offline, such as the internet or delivery to the customer’s doorstep Some examples of startups best suited to the shift include restaurants that can move from in-house dining to curbside delivery, businesses ready to sell online rather than in the store, and local gyms streaming live classes online. These trends were already underway; the Coronavirus is only accelerating that progress.

After the COVID-19 pandemic of 2020 is over, investors will look to see if you have made your business “COVID-proof”. Here are a few steps you can take to do just that: Ensure that your startup can continue day-to-day operations by working remotely, even when everyone is in lockdown in their own homes. Setup remote work tools such as Google Drive, Asana, Trello, and other systems. Update your cybersecurity measures as a remote workforce will bring new challenges. Create backup and redundancy plans to cover for those who fall ill or must step out to take care of others. Choose partners and suppliers who have COVID-proof businesses.  Secure the supply chain for your operations, as well as for product/service delivery. Most importantly, pursue customers who are also COVID-proof and whose operations will continue in the case of a lockdown. These companies will be able to: Run some portion of their business online Continue operating using existing workers in remote locations To deliver and support a product/service without the support of large numbers of people Have a flexible workforce and can shift duties from one team member to another seamlessly

The Coronavirus economy is accelerating changes already underway. Content and engagement is moving online. This impacts healthcare and education in particular, as well as general business. As a startup, you need to recognize this acceleration and move your business to be a part of it. Look for capturing your content and making it available online. Video, blogs, and other content can be digitized. You may need to take on consulting work in the short-term to help pay for this process. Customer engagement also needs to move online. If not all of your business, then some of it. While face-to-face interaction is important and in some business interactions critical, you’ll need to figure out how to use webinars, video conferencing, and other tools to close the gap. As you shift your business online, you’ll need to conserve cash and reduce staff.

The Coronavirus pandemic impacts many parts of the economy, including work. We’ll see changes in the following ways: Increased usage of remote-work software tools. Video conferencing, shared drives, Slack, and other tools make virtual work efficient and will grow in adoption. Remote work will become the norm rather than the exception. No one will miss the commute to work. Increasing use of virtual workers. With work moving online and companies moving to distributed models, the pool of available workers will expand. Employers will look for new tools to manage online employee productivity. With employees working remotely, new opportunities will arise for supporting workers with the delivery of physical goods. Workers will need to retrofit their home office to accommodate the new workspace with the associated teleconferencing calls. Corporate offices will be re-purposed for new uses. For example, office buildings could be reconfigured to host company employees once a quarter for all hands-on employee meetings and shared among several companies. As a startup, you may want to take note of these trends and plan your business strategy accordingly.