Startups After COVID-19 – What is their Future Scenario?
While living amid COVID-19, all engrossed by chaos, stumbling economies, and torn social threads, we can predict that our lives are not going to be the same. Now we are not only facing the question that when will things get better? We are also dealing with the question: What will be the face of our future?
Will social distancing be forever part of our public life? Are we going to live with hand sanitizers in our pockets? What about education, entertainment, and the business sector? Currently, no one can give promising answers to these questions, but amid this chaotic scenario, we also need to think about the future of another sector: startups.
Is COVID-19 a Goldmine of Ideas for Startups?
Imagine how our lives would have been during this suffocating lockdown if there were no Whatsapp, Facebook, home delivery apps, and YouTube. It is even hard to imagine how we would have survived this lockdown without these applications of communication, entertainment, and home delivery.
But have you given a thought that what helped us to keep our sanity intact during this time? Startup industry. Whatsapp and Facebook were once startups before turning into multi-million dollar businesses, and if they hadn’t been initiated, we might have died of boredom or anxiety.
These are just a few examples that show how startups can become a savior in such times of crisis. So, what new startups can learn from this situation? What kinds of ideas are going to work better in the future? And what kind of challenges emerging startups might face?
Here is what might be coming forth in the world of startups:
New Fields, New Ideas:
One thing we know for sure is that COVID-19 has tossed a plethora of ideas for startups. Starting from the healthcare sector, cybersecurity, home entertainment, and virtual reality to education, startups now have many areas to explore. After such turbulent times, it’s more important than ever to properly set up your business for success, and in order to do that, you need top notch cybersecurity measures in place. Take a look at HackEDU.com to see how to get your development team trained to protect your company from cybersecurity breaches.
The good thing is that people are going to pay attention to these ideas because, honestly, we are now willingly seeking to make our lives more livable while staying at home.
However, things might not be so good for startups without solid digital infrastructure or operation.
Funding Options:
COVID-19 has alarmed investors all around the world because some of them have lost their money, while others are in a state of shilly-shally because they don’t know what will happen with their investment. So, in this condition, if you ever think: Where can I borrow money ASAP?
You can get a loan at lenient terms of buy now pay later guaranteed approval. Things might not work for you in the best possible way, significantly if you are thinking of going to a private investor or angel investor.
Banks will only aggravate the situation with higher interest rates. In this situation, funding businesses might be a bit more helpful because funding is their business. So, they are not going anywhere.
The requirement of New Skill Set:
This doesn’t stand true only for startups; in fact, every business is going to face this issue. Now companies need to incorporate advanced training in their up-gradation programs to equip their workforce with modern skills and advanced learning to survive through the unpredictable times without hitting rock-bottom.