How Startups Are Leading The Way During The Pandemic
This is an article “How Startups Are Leading The Way During The Pandemic” by Marc Primo
The pandemic made all of us realize that the right amount of creativity can save shrinking ships. Thousands of startups all over the country displayed the type of resourcefulness that has instigated a wave of innovation amid a global health crisis that led to economic recession. Today, startups are leading the way towards business in the new normal and the future.
With a torrent of big entrepreneurial ideas, many startups were able to take the vast blows that COVID-19 dealt. From changing how we work to fostering collaborative efforts for the consumer's benefit, these small to medium enterprises have opened the floodgates of opportunity for many.
Here are a few reasons why startups have taken the lead this year:
They were able to adapt to new work expectations
Technology plays a vital role in how people continue to deal with the effects of the pandemic. With a new generation of young entrepreneurs witnessing massive layoffs and the need for telecommuting, work environments have drastically changed over the past year. Innovative solutions such as teleconferencing tools, virtual workplaces, and eCommerce sprouted out of the woodwork to ensure business continuity.
As more startups learn to utilize better cloud desktop technologies, they can adapt to remote work quickly. User-friendly platforms and apps forced many employees to shun the usual workplace norms and adjust to working from home during lockdowns. This new work mode offered them flexibility in life and work schedules, better communication and monitoring, and lower operational costs.
How today's technology empowers individuals with big ideas is one reason behind the shift. One Nielsen study reported that 54% of young professionals are interested in venturing into startups. New cloud platforms enable them to take complete control and manage their projects wherever they are and whenever they need to log on.
Though there will always be a few challenges, especially for fresh startups considering the health crisis, startups in the country have played a critical role in the economy, accounting for 20% of the current employment figures and nearly half of all new jobs during the pandemic.
They were able to innovate towards improved productivity
Most startups rely on series funding rounds to gain capital. However, funds are not the only thing startups need to succeed. These days, infrastructure, human resources, and even emotional support are necessities for every rising startup – This is where more online innovations come in.
Google made everything possible for remote work to – well, work. From calendars, virtual meetings, marketing to file sharing, everything is centric to remote productivity.
Aside from communication channels, more platforms are also offering telehealth services to promote physical and mental health during these uncertain times for less. In other words, there is excellent support currently for startups when it comes to both their tangible and intangible needs. With encouragement from the European Commission to bring technologies at the forefront of addressing COVID-19 concerns among remote workers, most professionals have adjusted to more productive transformations while maintaining a healthy work-life balance.
They have established better connections with stakeholders
Even before the pandemic disrupted businesses, old startups had already taken advantage of the power of eCommerce. Multi-vendor platforms and social media provide branding and marketing channels that connect, engage, and retain customers. Since the implementation of global lockdowns during the height of the health crisis, startups continue to lead the way in getting products and services at the hands of customers in a contactless manner.
The decline of the brick-and-mortar store also paved the way for lesser interactions among brands and consumers. With today's variety of easy-to-use platforms, such as Etsy and Shopify, that allow customers to browse, buy, sell, Livestream, and give feedback, getting your word out online has never been so convenient. Best of all, it doesn't take much to launch a humble eCommerce startup or any other entrepreneurial sideline. With business pages from Instagram and Facebook that come with essential marketing tools already available, both established and new enterprises can somehow level the playing field in getting more customers to follow them.
Globally, startups have also elicited federal governments' support to address the challenges brought about by COVID-19. Small to medium enterprises started getting more relief or their short-term liquidity needs, loans, and subsidies.
In Europe, France has set up a €4 billion grant for startups in series funding rounds. Germany, on the other hand, established startup aid programs to help with capital. The same goes for the UK, which announced that it would give financial support to innovative startups that struggle with their operational budgets. This strong appeal towards consumers, governments, and investors is what makes startups today's business leaders.
They combine talent and technology to offer something better
With 2020 registering one of history's highest unemployment rates, younger talents who are well-versed in today's online technology can finally pursue their startup dreams. And there's no question that there's no lack of talent in today's Generation Z professionals.
With operational and logistical processes now made more accessible via tech solutions, startups began collaborating and learning the ropes to provide better consumer services. Whether offering freelance services, solopreneur ventures, or full-fledged industry authority, young accountants can now quickly become CFOs, and graphic designers become lead creatives for big brands just like that.
Of course, experience and mentorship will always be vital in the success of any venture. That's why startups still look up to traditional entrepreneurs to learn more about the market and their industries while capitalizing on what artificial intelligence and modern software can do for their business.
What's different today and probably why startups have become business leaders is the insight to combine technology with traditional forms of business. Automation and digitalization became more widespread in finance, marketing, and commerce, but the processes are practically the same. And with cloud technology being the reliable infrastructure for most startups, anyone can take advantage of how promising starting a business can be with some great minds and megabytes.
The integration of these factors results in the success of today's startups but what's highly essential is having the true entrepreneurial spirit – without it, businesses will flounder. The most important thing to remember when venturing into the world of startups is placing paramount importance on what people need and having that genuine desire to make a difference. Realizing this truth jumpstarts the journey to a successful business.