“Startups in the time of COVID-19” certainly makes for a more passionate topic than “Love in the time of Cholera”, specially for startup enthusiasts who are eager to see how startups will respond to the sudden impact of an unexpected global pandemic.
As the world and the industries are adapting to the changing times, what can startups do to stay afloat, survive, thrive and stay ahead of the competition?
Firstly, Count Yourself Blessed
Thankfully, it is will not be as difficult for startups as it is for the restaurant, hospitality, tourism or the aviation industry, for whom operations have come to a standstill, and it will be a while before they can resume business. With remote working to the rescue, startups are not limited by the challenges that have gripped brick-and-mortar based industries dependent on footfalls and physical presence of customers in their shops.
Secondly, Respond Promptly
Startup success to a large extent will depend on your response to the changing needs, priorities and trends in the present world which is in a state of heavy flux. Be on the job, already!
Adapt and pivot in keeping with the changed/changing world. Pickup your startup brush and repaint the canvas in the backdrop of the current scene. Study the challenges, opportunities and threats in a coronavirus-defined world, in the context of your product, customers and market. Reassess your strengths and weaknesses.
Thirdly, Reposition Yourself
New normals will need new narratives. Redefine your key proposition, product/service, marketing, messaging, website content, social strategy, and so on. No, it is not repackaging old wine in new bottle. It is about really analyzing where you stand, understanding what you need to do to firstly adapt to, and then capitalize on the new world order.