Startups Can Diversify to Stay Relevant

by on Jun 9, 2020
startups can diversify in post-pandemic world

A startup is essentially about solving problems. If the problem that the startup started out to solve is not relevant in the current bugged world, then the startup can use its technology and human resources to solve those problems that are relevant.

Manufacturing cos were quick to diversify

Soon after the world started shutting down, industries like automotive, alcohol, aerospace quickly realized that their offerings are not relevant, and immediately started using their facilities to manufacture products that are relevant.

  • Automotive, aerospace companies like General Motors Ford, Tesla started making ventilators.
  • The Indian government actually asked Indian auto companies and public sector undertakings to make ventilators.
  • Alcohol/chemical giants like Ineos and BrewDog started making hand sanitizers.
  • Fashion brands like Gucci, Zara, H&M started making facemasks and surgical masks.
  • Aviation companies started doing cargo.

Tech startups that are diversifying

  • Early on in the lockup crisis, food apps like Zomato and Swiggy started lending their logistics to grocery companies.
  • Indian startup Staqu, a security-based service has started using its video analytics platform Jarvis to analyze CCTV data to check if people are wearing masks and maintaining social distance.
  • California-based firm GOQUii, a fitness band and mobile coaching service has introduced wristbands to monitor body temperature, heart rate and blood pressure. GOQUii is also partnering with German healthtech Thryve on early detection of COVID-19 symptoms.
  • Another Indian startup Park+ is tying up with malls to offer a “mall pass” on phones to customers entering malls, after checking their temperatures.
  • Niramai, a breast cancer screening solution is using its Thermalytx solution to not only check fever, but also respiratory abnormalities.

Basically, these companies are using their core technologies/strengths to solve current burning problems.

If your offerings are not relevant, then probably your technology and other core strengths are capable of solving other problems that the world is gripped with.

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