StartupTalky

Tag: Coronavirus

  • 11 Founders Shared how they are Dealing with Biggest Issue of CoronaVirus

    Covid-19, which has shaken the whole world has brought everyone’s life at halt. This highly contagious disease is spreading so fast that Indian Government has ordered 1.3 billion residents to stay home for 21 days. In this lockdown period, all malls, theaters, companies, shops, restaurants, manufacturing units are shut. This will affect businesses and economy badly. Many companies have told their employees to work from home. But, its not possible for all companies like manufacturing units, theaters, malls to let their employees work from home.

    People are also scared of going out. This coronavirus has made people’s lifestyle slow and it will take time for everyone including companies to come back on track after this long period of lock down. COVID-19 has put slowdown to a business everywhere. Travel, Hotel, Events, and Entertainment are the sectors that are suffering.

    We have asked few companies how they are dealing with this current biggest issue.

    How Companies are dealing with Covid-19

    Also Read:

    AppViewX

    AppViewX is a modular, low-code software application that enables Certificate Management as well as Network Infrastructure Automation and Orchestration using an intuitive, context-aware, visual workflow. We talked with Anand Purusothaman, Founder, about how they are dealing with biggest issue.

    I wouldn’t say issue. But our biggest priority right now is figuring out the way forward once the lockdown is removed. The health of our growing team and community is priority. So, ensuring that all measures are taken to ensure their safety is what is running in my mind right now.

    LegalWiz.in

    LegalWiz.in provide services to early-stage startups and small businesses to help them stay compliant and maintain legal hygiene while maintaining the highest transparency on deliverables. We talked with Shrijay Sheth, Founder, about how they are dealing with biggest issue.

    Uncertainty is the biggest issue that not only we, but the whole business world is facing as of now. Disruptions in schedule, looming crisis…all these are worrisome factors. We are dealing with it the way we know best – being there for our team and clients & offering the best possible service we can, as of now.

    Primus Co-Work

    We are a hyperlocal, proptech, consumer business which partners with restaurants, that open only during the night, to convert them into co-working places from Mon-Fri/10am-6pm, and have an mobile app using which the customers can look up a co-working place across multiple pincodes, make payment online and book a seat. We talked with Shardul Bayas, Founder, about how they are dealing with biggest issue.

    Our business is dependent on the restaurants and since they are closed, our business is also paused for now. Thus we are doing the only things that we can do – clean up our backend, speak to all the leads we had(especially those that were not interested) to generate a “prospect list” so that we can approach them when we open, create an action plan for when things normalize, plan, plan and plan so that we prepare to get into action when we are back.

    Mamaearth

    Mamaearth is Asia’s first Madesafe certified brand that offers 100% toxin free & natural baby and mama care products. We talked with Ghazal Alagh, C0-founder, about how they are dealing with biggest issue.

    Since we are an eCommerce company, we’re obviously dealing with the complete disruption of services — whether that’s delivery of the products or their manufacture. Instead of stressing about what we can’t control, we’re trying to use this downtime productively— focussing on some medium and long-term marketing goals that we want to achieve.

    Also Read:

    Metro and Metro

    Metro & Metro is one of the leading manufactures of shoes and allied product in india. We talked with Meenakshi Kalsi, Business Partner, about how they are dealing with biggest issue.

    There’s a lot of uncertainty at the global level because we are exporters. We don’t know how our buyers would react to the COVID crises. On the other hand, there is ambiguity on the labour future which is our major issue and our responsibility. The need of the hour is to work as a United factory where the workers and our staff are all in one spirit. We all have to fight the pandemic together!
    The best way to deal with the crisis is to stay calm and foresighted with the passion of forever moving forward.

    Simply Fresh India

    Simply fresh AI technology in farming for growing, nourishing, picking and processing. We talked with Sachin Darbarwar, Founder & CEO, about how they are dealing with biggest issue.

    Biggest issue we are facing right now is making sure our farms are operating at optimum capacity and we meet the demands of the orders we are receiving from our retail, corporate and HoReCa clients. We are working closely with our clients, vendors and logistic partners for a smooth operation. We have taken necessary steps for our staff at farm. We have sanitized their living quarters and are providing them their basic essential food requirement on daily basis. Also, making sure they are maintaining hygiene. We have arranged for doctors to visit our farm every alternate day to brief our staff and check for any symptoms of health issue.

    Cosmo Films

    Cosmo Films is a global leader in specialty films for packaging, lamination and labeling applications. We talked with Mr. Pankaj Poddar, CEO, about how they are dealing with biggest issue.

    • To run the operations with limited number of manpower is biggest issue as we are a continuous process plant. We are running with limited manpower and employees are stretching their work hours, exhausting them.
    • Getting vehicles i.e. trucks and containers is a big challenge. Employees, at times are unable to reach the factories due to certain travel restrictions imposed due to the lockdown.
    • We are approaching year end appraisals, and it is a challenge for us to help facilitate employee self assessment and managers review, so it is not affected.
    • There are various training programmes and Talent Management initiatives, which are getting cancelled due to the lockdown.
    • For employees working from home, it has become ironic as they have to put more hours of work time than normal.

    upGrad Education

    Founded in early 2015, upGrad offers online programs for working professionals. We talked with Mayank Kumar, Co-founder & MD, about how they are dealing with biggest issue.

    The remote working model for us has indeed brought certain advantages to the forefront. Things like a lesser distraction, more time to think and think innovatively, and the introduction of new practices, are taking over the system. We have increased the usage of online collaborative tools like Zoom, Google Hangouts, and Slack to communicate internally, and group video conferencing has proved out to be extremely useful for us.

    Ecolab Digital Centre

    Ecolab’ Digital Centre focuses on finding solutions to real-world problems around water safety, energy conservation, food security, and health & healthy environments. We talked with Malahar Pinnelli, MD, about how they are dealing with biggest issue.

    Power cuts, Band width issues and New laptops for the team being recruited. Given the situation there is not much we can do as Laptops, UPS or buying a new broadband connection at home, as are not an essential item.

    Excess2sell

    Excess2sell is India’s Premier and leading b2b excess inventory marketplace which covers multiple verticals. We talked with Mr Rajan Sharma, Founder & CEO, about how they are dealing with biggest issue.

    Uncertainty is always bad for business and right now we are in a major state of flux. So people are undecided on how soon things will be back to normal. Our team is constantly in touch with our partners assuring them of the safety of transactions even during these times. In absolute terms things don’t change much, although not many deals are happening since people are adopting the wait and watch mode.

    Fortunately, none of our buyers or sellers has backed out from the deals so far. However instead, we have witnessed a spurt in the E2S Premium Membership as more partners are looking to align with excess2sell in anticipation of inventory pile up. We have already tasked and equipped our customer support, logistics and tech teams to face any eventuality in the current scenario.

    ZingHR

    ZingHR is one of the oldest HRM providers. ZingHR is one of the few global ventures which offers almost all web/mobile-based modules from Hire to Retire Solutions with state of the art tech supporting those applications. We talked with Prasad Rajappan, Founder and CEO, about how they are dealing with biggest issue.

    One of the biggest issues which we are facing right now is Ensuring Employee Safety and Mental Agility.We started our BCP ( Business Continuity Planning ) very early even before the lockdown and ensured that the above mentioned are taken care off. Our products like Geo-Fencing, Timesheets,  Zero Touch Payroll, Learning Management Systems, Mobile Notifications and many more have come quite handy during BCP for self and clients.

    Also Read:

  • How Different Sectors will Resume their Operations after Lockdown?

    Since March 24, India is under a 21-day lockdown till April 14(which is likely to be extended till April 30) to contain the spread of Coronavirus. During this lockdown, only shops providing essentials and medicals are allowed to remain opened. Apart from these, all the businesses, firms and shops cannot remain opened. But once this lockdown is lifted, all the businesses can resume their operations. Yet, there is a plan rather directives to be followed by all while resuming the operations.

    Not surprising, this 21-day coronavirus lockdown has badly hurt India’s economy. Usually, India’s daily GDP stands at $8 billion. The 21-day lockdown will cause around $168 billion loss which is expected to increase if the lockdown continues for more days. A 30-day lockdown will cause around $250 billion loss which will be very tough to recover. Now everyone is looking at how the Modi government plans to normalise it after April 14.

    To strategise a proper exit plan, Prime Minister Narendra Modi has formed Prime Minister’s 11 empowered committees. The committees are headed by the home secretary and continuously seeking feedback and assessments. The committee comprises officials from almost every department like railways, civil aviation, pharmaceutical, commerce, health, DEPT officials and representatives from businesses.

    Indicating a phased lifting of the lockdown, Prime Minister Narendra Modi has asked Union ministers to prepare a “graded plan” to slowly open departments in non-hotspots of the COVID-19. This means businesses in hotspots might have to wait more. He also asked the ministers to lift the restrictions sector-wise or district-wise.

    “It is important to formulate a common exit strategy to ensure a safe re-emergence of the population once the lockdown ends,” the PM said in a interaction with state chief ministers, asking them to send their suggestions for such an exit strategy.

    Besides, the central government has also sought feedback from states. Prime Minister Narendra Modi held a meeting with chief ministers via videoconferencing and asked them to submit suggestions as per the situation in their respective states for a staggered exit after lifting of lockdown.

    Resumption of Airlines

    Since India is under 21-day lockdown, all domestic and international commercial passenger flights have been suspended for this time period. However, cargo flights, medical evacuation flights, offshore helicopter operations and flights specially permitted by the aviation regulator DGCA can operate during this time period. Thus, startups in aviation sector have suffered a great loss.

    Civil Aviation Minister Hardeep Singh Puri said that resumption of international flights will be considered on a case-by-case basis after India’s lockdown ends. It also will depend on which countries they are coming from. There are some directives which all airlines need to follow after resumption.

    It will be mandatory to keep the middle seat empty to ensure social distancing inside the aircraft. Also the last three rows will have to be kept empty in order to isolate a passenger if he or she develops symptoms mid-air. Airlines will also be asked to minimise on-board services in order to prevent close contact between cabin crew and passengers. Pre-packaged dry foods will be kept in passenger seats prior to boarding, while airlines may also encourage flyers to carry their own food. Airports will have to ensure two-metre distancing during check-in and security check.

    Not all trains will be running

    Similarly, Railway Board has said that they are not looking in terms of revenue generation for now as these are sensitive times. The focus is on passenger safety and to ensure that the disease does not spread. Trains will run soon, once the government gives the green signal. The railways officials said they are also identifying trains and routes which can be resumed with the approval of the board.

    The trains on routes catering to migrant workers can be resumed initially and also those that are not travelling or that have halts at COVID-19 hotspots. But some rules will need to be followed by passengers. For instance, a measure will include that people need to maintain distance at ticket counters as well as boarding the train to maintain social distancing.

    Also Read: What will be the Scenario after Coronavirus Outbreak?

    Logistics will be Issue for Manufacturing Industry

    The domestic manufacturing industry is also preparing to resume operations when the nationwide lockdown to curb the spread of coronavirus disease ends. After the lockdown is over, firms will be focusing on bringing production back to the pre-lockdown levels, which is not going to be that easy. All leading electronics players like Samsung, LG, Xiaomi, Godrej, Panasonic, Blue Star, etc. are holding virtual meetings with stakeholders and government officials to chalk out a resumption plan, which is being monitored by an empowered group of ministers (EGM).

    Even after lockdown, availability of truckers for customers to unload material will be a big issue. Most electronic industry players also raised the issue of logistics since sourcing raw materials is no longer a concern as production units in China have already surpassed 70% capacity but fast-track shipping of goods will be an issue as there will be some restrictions on transport.

    Plans after Lockdown
    Proper plans will have to be devised after Lockdown

    Resumptions for Startups will not be Easy

    Startups in fast-growing consumer categories such as fashion, beauty and furniture, electronics are struggling with a very low demand because of the ongoing nationwide lockdown. With the lockdown being ordered throughout the country, production, delivery, sales, marketing and at the end earnings are highly affected as people are not allowed to move out of their houses.

    Similarly, the 21-day lockdown by the government to contain the outbreak of novel coronavirus has upset the supply chains of e-commerce and other startups that are slowly starting to resume normal business. Only essential products such as groceries and medicines are currently being sold on most platforms.

    As a result, even the two biggest online retailers Flipkart and Amazon India are likely to see a drop in sales this quarter because of weak demand for mobile phones, electronics and fashion, the three categories that make up a majority of their business. Both have temporarily halted sales of all consumer goods other than essential items as directed by government.

    Yet, the coronavirus pandemic could speed up a market in fintech sector. Some research indicates that more people are using online financial services, including banking apps and stock-trading apps during lockdowns. Even governments are also asking people to go for contactless payment. According to reports, fintech apps saw a 72% spike in usage in the final week of March. These included PayPal, UK neo-bank Monzo, and Barclays’ mobile app. Stock-trading apps Robinhood and Acorns also saw download spikes in the US.

    Once the lockdown is lifted and normalcy returns, many startups will have to examine how they will work. They will have to pay serious attention to renting an office in a coworking space because such an office is virtually immune to the impact of a pandemic causing lockdown and it helps save rent costs. Many governments are helping the startups in their countries with relief packages.

    The US Government recently announced a $2 trillion relief package for its citizens and businesses who have been impacted by the Covid-19 pandemic. This includes a $350 million in loans and other assistance for the small businesses of the country. The UK also announced a £3 billion per month package for Britain’s 3.8 million startups and SMEs. But Indian government hasn’t announced any plans yet but it is expected from government to render some financial help to startups once the lockdown ends.

    Also Read: What New Innovations will Come after COVID-19 Pandemic?

    Conclusion

    Every crisis brings with it some unseen opportunities. Every crisis also tests the limits of our resilience. The current lockdown is not the last; there might be others in the future. While India’s startups are still only a small yet important portion of the larger economy. Thus, many lessons can be learnt from this lockdown.

    In future, startups will have have to take into account the fact that their business may be adversely affected by such lockdowns. Importantly, COVID-19, in addition to this, will bring novel changes in businesses & lifestyle and create behavioural changes that will have a lasting effect on our lives.

  • 9 Founders Shared their tips on Surviving Coronavirus Outbreak?

    Apart from being a threat to public health, COVID-19 has also emerged as a threat to the global economy. Indian Government has put restrictions on regular movement, malls, public spaces, offices. Everything except essential things has been locked down. During this time of uncertainty and unrest, small businesses have been hit the hardest.

    Flight, hotel booking firms are the worst hit. Whereas, at the same time, video conferencing providers and online education companies, messaging platforms and of course healthcare & pharmaceutical companies are witnessing a boom in demand but the situation has become for worse for the startups & small scale businesses as they have limited sources and capital.

    Indian benchmark indices (BSE Sensex and NSE Nifty) have fallen over 20% this month with foreign investors pulling out around Rs. 38,000 crores fearing recession Analysts predict that the impact of coronavirus in India will shave off 0.5% of India’s GDP growth in FY21. The impact on Indian trade alone is estimated to be more than Rs 34.8 crores.

    These macroeconomic headwinds have already affected sale of white labelled goods which contribute half of the GMV of ecommerce companies. Retrenchments and downsizing in the startup ecosystem have started to accelerate as businesses take a hard look at steep operational costs and dipping demand in an uncertain environment made worse by the Covid-19 pandemic. Oyo, Bounce, Udaan and Drivezy have begun laying off staff.

    While India has taken early measures to contain the virus, there is still uncertainty around how long this pandemic might last. Governments in Europe and USA have already announced aid packages for small businesses and India might have to go down the same route to revive the economy.

    Also Read:

    How will small businesses survive during Coronavirus India outbreak
    How will small businesses survive during Corona Virus outbreak

    We have asked few companies how small companies can survive when Corona Virus has affected the economy and so many businesses around the globe.

    Rising Sun

    Inatur Ayurveda & Aromatherapy manufactures Organic and Natural skin, hair care and wellness products. These are safer, eco-friendly, and more effective skin care products. Lets get views of Ms Pooja Nagdev, Founder and CEO, on how will small business survive during Coronavirus outbreak.
    The Coronavirus crisis presents the economy and businesses with challenges but also with some opportunities. All of us have got time now to review and reflect. This is the time to plan new strategies, check all costs and overheads. Small businesses will have to cut down unnecessary costs and expenditures in order to be profitable.

    Indi Collage

    Indi Collage is a Fractional Retail platform. It helps brands expand into new markets without the overheads of expensive retail spaces. We talked to Anuradha Singh, on how will small business can survive during Coronavirus outbreak.
    We are focusing on building a base & giving flexible options to our customers to take later tentative dates for booking their popups at our spaces.

    Zamit

    Zamit is an information, engagement and interaction platform that networks schools, students, teachers, parents, and school service providers. We talked to Aarul Malaviya, Founder, on how will small business survive during Coronavirus outbreak.
    Coronavirus has created a deep global recession across the world. In case of the Indian market, all the small businesses will suffer a short, serious but not catastrophic recession. Consumers should help these small businesses in any possible way they can since they’re the driving force for these businesses.

    • Tax relief is something which will help in relieving a major amount of pressure from these small business owners.
    • All the business owners need to opt for extra cost cutting in their businesses which includes- minimized travel, cancelling any non-essential subscriptions, reduce online sponsored posts, reduce or eliminate meetings to reduce expenses, pause any large costs that could be undertaken at a later stage.
    • They also need to set clear and realistic business plan and at the same time, motivating the employees to pull this off together as a team and irrespective of mode of working, every employee should be there to help each other as in when it is needed to keep the boat floating peacefully.

    CASA EXOTIQUE

    Established with an urge to deliver incredible experiences, Casa Exotique has redefined a new benchmark for remarkable interiors and exquisite finishes. We talked to Ms. Bhawana Bhatnagar, Interior Stylist, Founder, on how will small business survive during Coronavirus outbreak.
    Needless to say, this outbreak is detrimental to the economy – especially the small business firms that do not have very deep pockets to support their staff without doing business in the time of this crisis.

    • To survive this pandemic, there is a need to have open communication with the staff. Everyone can pitch in their ideas on how to keep the business running in such a tough time. By starting the chain of dialogue, more innovative ideas would come to light and effective plans can subsequently be put into place.
    • Obviously, if the situation gets worse, work from home will probably be the only option. Businesses that are based on IT infrastructure would find it easier to manage work than the ones that require fieldwork. Alternate working hours can be one option for such firms.
    • The time is beckoning to the employers to put contingencies and crisis management plans in action. Those who have worked out such plans would be at an advantage in the coming months in terms of managing their business.

    121 Experiences

    121 Experiences is India’s first ever out of the Line agency. 121 Experiences specializes in experiential brand communicating solutions to drive behaviour changing consumer habits. We talked to Aniket Sharma, Co-founder & CEO, on how will small business survive during Coronavirus outbreak.

    • All small businesses will need to learn to optimise their resources.
    • Maintaining transparency with the internal employees and customers can help with innovate solutions.
    • The spirit of survival is going to be the key, staying positive will help think straight in these times of difficulty.
    • Collaborating with competition instead of cutting costs will be pivotal to sail through together instead of trying to on up the other.

    MyStarHub

    In their endeavor to create the most authentic and memorable fan experiences across the world, MyStarHub provides a platform where fans can book personalized video shoutouts from their favorite celebrities. We talked to Swapnil Mahajan, Founder, on how will small business survive during Coronavirus outbreak.

    • Even though the Coronavirus has a negative influence on the market worldwide, it has also opened up doors of opportunities for smaller and unconventional businesses in the longer run.
    • In situations like this, the reliance of overseas suppliers will decrease and demand for local products will increase. Also with limited resources in hand, these small scale businesses, in particular, will innovate ways to survive the uncertainties and bounce back.
    • Besides this, the government aid and relaxations will help a lot of small businesses manage funds to keep the business going.

    Also Read:

    Dineout

    Dineout is India’s largest Dining out and Restaurant tech platform, helping more than 17 million diners monthly discover new restaurants, reserve a table, pay for their bills and get offers and discounts combined with a SaaS product offering to its restaurant partners manage their operations. We talked to Ankit Mehrotra, Co-founder & CEO, on how will small business survive during Coronavirus outbreak.
    We work with more than 40,000 restaurants in India, and the common concern right now is that since no one knows when this will end, there is no way to evaluate the potential business impact. However, it is also severely impacting the bottom line of small businesses like restaurants since their dining operations are temporarily closed.

    • We are advising our partners to look for ways to stay connected with their customers by means of adding flexibility in their operations. By offering a discount on take-home orders, free delivery, using popular delivery services and special discounts for its existing members opting for home deliveries.
    • While, no one knows how much longer this situation is going to persist, the one thing that has emerged from this crisis is the absolute need of technology! We’re working closely with our restaurant partners to support them with our B2B technology products in effectively managing deliveries.
    • We are also preparing for when this pandemic subsides and it’s business as usual to help our restaurant partners get back up and running powered stronger by technology.

    Packman Packaging

    Packman Packaging is one of India’s largest manufacturers of corrugated boxes, corrugated rolls, bubble rolls, bubble pouches, courier bags, POD jackets, duct tapes, e-commerce shipping bags and more. We talked to Gaurav Jalan, Director and Founder, on how will small business survive during Coronavirus outbreak.

    No doubt coronavirus has impacted several businesses. But one needs to think about the bigger picture. Yes these are hard times particularly for small businesses. But with proper information and following certain guidelines they can survive it too.

    If you take an example some markets in Mumbai have decided to work on alternate days just like an odd even program. One day markets on right and on other day the shops on left will remain open. This is a good concept and also ensures time to time income is generated. But yes cannot rule out certain degree of financial losses.

    Bridged.co

    Bridged uses a combination of AI and a 13,000 strong highly skilled workforce to develop unique and vast data at scale significantly improving the quality of data models. We talked to Ashwin Chalam, CEO, on how will small business survive during Coronavirus outbreak.

    • Here’s an opportunity for businesses to reassess their spending and identify areas of unproductivity. After that, businesses should direct all their efforts into ensuring that their money-making product/service keeps them afloat. Or, they might need to pivot and update their gameplan with new offerings, offerings that a coronavirus-affected market will accept.
    • Businesses will also have to make difficult decisions such as laying off loyal employees and scaling down on certain perks. But, until the coronavirus phase passes, they will have no other choice but to exercise monetary caution.

    St. Angelo’s VNCT Ventures

    With a unique approach to real estate development, SAVV Global offers value deliveries, superior design, world class amenities and infrastructure, coupled with timely deliveries and after-sales service. We talked to Mr. Agnelorajesh Athaide, Co-founder, on how will small business survive during Coronavirus outbreak.
    The pandemic is supposedly estimated to hit the economic growth by up to 50bps in FY 21, with the first two quarters slowing down at 4.4.5%, as per government sources. Although these are tough times, entrepreneurs can actually use this to effectively reflect and strategize the way forward, with a resilient attitude and a winning mindset.

    • Instead of spending the time counting the losses or panicking over the situation, the slowdown could actually be a boon. It is an opportunity allowing start-up founders to take stock of the situation, envision the market needs and demands after the pandemic is over, and gear up for a fresh start.
    • From learning new skills, conducting employee reviews, collaborating with new vendors/ chalking out an innovative product, to diversifying the business, the current lockdown can be effectively used as an opportunity by visionary and resilient entrepreneurs.

    Skilfinity

    Skilfinity is full service Digital Marketing & Analytics Company, with operations in Singapore & India. We talked to Ujjal De, Co-founder, on how will small business survive during Coronavirus outbreak.
    Now is the time for longevity and surviving the crisis and not trying to use the situation and health scare as an opportunity.

    • Build community and trust for your brand by giving back in any way possible, to ensure, when this all is over, people invest in your brand.
    • Evaluate the offline marketing strategy and switch to bring as many online eyeballs as possible for all business, across industries.
    • Keep calm, be tenacious, support other businesses in any way possible and take the necessary steps so that you come out of this disruption stronger than ever.

    Grooming Naturals

    Groominh Naturals owns the brand RAWNATURE which is a line of conscious beauty products that is natural, vegan and designed to work within Indian weather conditions and suited to our people. It cover products across skin care, hair care and bath and shower and cater to both men and women. We talked to Mohit Saxena, on how will small business survive during Coronavirus outbreak.

    The key to survival will lie in managing what we can control. We will hopefully soon emerge from this crisis but even if we do, it will be far from over as the aftereffects of the COVID syndrome will stay for a while even after it is gone. Some of the areas we as a company need to be focussed on:

    PRODUCT LEVEL

    1. Look at our product portfolio and focus on what sells the most (say top 3 products). FOCUS ON OUR HERO PRODUCTS. This will help us reduce slow moving inventory risk and increase sales cycle. Also, the manufacturing will be easier as we will have only 20% of the SKUs that we will largely focus on.
    2. Relook at what people need in this time and if we can offer that as a solution. We make grooming essentials that are natural and clean. For us introducing a line of hygiene products that are plant based and effective will be more important and a natural extension than say a line of skin care. CREATE A MUST HAVE PRODUCT LINE from our portfolio.
    3. The consumers will be a bit wary for a while till the time the influence of COVID goes in the backburner. It will be prudent to GET MORE AFFORDABLE either by changing pack size or by offering more of the product at old price.

    ORGANISATIONAL LEVEL

    1. We will need to stay lean – Morally the last option is a lay off in these times. As entrepreneurs, we are responsible to our people and their families. Having said that, even the employees will agree that in these tough times, all hands need to be on the deck. Looking at salaries and minimising it basis seniority will be the need of the hour. Reducing manpower cost v/s the manpower itself should be the 1st priority
    2. A complete freeze on hiring for a substantial period going ahead will also be needed. Multi-tasking, multi skilling and figuring more efficient ways of managing day to day operations using technology or even outsourcing of certain operations will become key.

    PROFITABILITY and CASH FLOWS

    1. Post COVID, the need to be profitable will be ‘urgent’. This immediately will become the new buzz word. Not growth rate, not GMV sales, not multiple markets but positive cash flows and profitability.
    2. Plugging leaks in marketing and acquisitions drives, strategic alliances to reduce cost of sales, CRM and customer management, new markets and better GM’s on new products will be areas of focus till this financial winter thaws out.
    3. Reduce all additional costs and go back to being a bootstrapped venture. Shut every single cost head that can be closed and rationalise/minimise the others.

    FUNDRAISE

    1. While it may sound contrary to the market sentiment, if your product and business model is solid, fundraise will happen. However, 9-12 months from now this sentiment may change in case the after effect of COVID does not subside. So, we need to get what we can and brace for a longer runway. Since our focus now will be on profitability, this runway can will be substantially longer with the same money than we expect and must be the way ahead till we see the summer again.

    Emerging from this crisis will be a gradual process. It’s important to plan appropriately and find various alternate ways of sales and financing.  

    Also read:

    Hipcouch

    Hipcouch is an end to end interior design + build solutions startup based in Lower Parel, Mumbai. We talked to Pankaj Poddar, Founder, on how will small business survive when Coronavirus has affected the economy and so many businesses around the globe.
    Small businesses, as a first measure, have to look really hard at their expenses and trim out anything that might constitute as fat. Secondly, and equally importantly, you have to put in place a business continuity plan coupled with scenario analyses. We have never collectively faced so much disruption and uncertainty on a global level and preserving capital should be the topmost priority.

    IoTfy

    IoTfy is a #MakeinIndia IoT & AI cloud suite that superpowers consumer durable brands to add IoT capabilities to their device categories. We talked to Arpit Chhabra, Founder, on how will small business survive when Coronavirus has affected the economy and so many businesses around the globe.

    At IoTfy we are deploying a futuristic approach to mitigate the impact of the 21 days lockdown, on the business. Given we are a products’ company, we have already started focussing on the next set of features/products that are in the pipeline. The idea is to utilise this time well and invest in future product conception and planning during this period, where most businesses are trying to focus on the recovery aspect. To that end, we have already started planning two quarters ahead and are gearing for the spike in demand IoTfy is expected to witness from the brand partners, who have suffered huge losses on account of the global supply chains being disrupted due to Covid19 outbreak.

  • How Startups are Building Products to fight COVID-19?

    The number of coronavirus cases has been rising steadily every day not only in India but whole worldwide. The state governments across the country are taking important measures to control the spread of the virus. With the globalized world going into partial or complete lock down over the Covid-19 pandemic, startups in the various sectors are facing a huge stress test and immediate disruption to business as people are encouraged or even forced not to travel. Now much of Indian startup ecosystem has just started to realise the gravity of the coronavirus pandemic as the country goes into lockdown.

    Starting as a group of nearly 70 entrepreneurs and investors who had written to the government last week, the “Founders vs Covid-19” group has now become a 600-member crew which includes stakeholders from the healthcare sector, technology industry, the social sector and government. The collective has now transitioned into “Startups vs Covid-19” and is now fighting the coronavirus battle across multiple fronts. Even Prime Minister Narendra Modi also announced the “COVID-19 Solution Challenge” to encourage the startups in India to find solution to fight the virus by proposing ideas.

    Many entrepreneurs and startups across the world have focused on developing solution to contain the spread of virus. Designers, engineers and programmers are also trying to scale testing through telemedicine, building multistage testing procedures, scaling the manufacturing of test kits and the healthcare infrastructure. It has also built various applications, such as a portal for citizens to report symptoms and a heatmap of the infection based on symptoms reported by doctors.

    Startups are helping fight Covid-19 by building Products
    Many startups are being encouraged to build Products to fight COVID-19

    So here are some products developed across the world to cope with novel coronavirus-

    Fever-finding Smart Helmet

    The Shenzhen-based Chinese tech firm KC Wearable is also trying to increase testing through telemedicine, building multistage testing procedures, scaling the manufacturing of test kits and the healthcare infrastructure. Further, the group also planning for the path ahead which includes planning for Stage 3 of the pandemic or community transmission. The company has developed a smart helmet that can detect people with a fever up to five metres away and indicates with sounding an alarm when anyone with a high temperature comes close.

    The headset, which is already used by police in many cities of China including Shenzhen, Shanghai, etc. It also features an infrared temperature detector, an augmented-reality visor, a camera that can read QR codes, plus wifi, Bluetooth and 5G so it can beam data to the nearest hospital. Equipped with facial recognition technology, the helmet can also display the subject’s name on the AR visor, as well as their medical history. According to the developer, it would only take officers two minutes to scan a queue of more than 100 people with the help of the helmets, while one big hospital would only need 10 such helmets to cover every corner of its site.

    3D-printed Ventilator Valves

    An Italian startup came to the rescue after a hospital ran out of crucial valves that connect oxygen masks to respirators for its ventilators. The hospital in Chiari, in northern Italy hit hard by the virus, had 250 coronavirus patients in intensive care, and was short of venturi valves – which connect the ventilator to a patient’s face mask, and need to be replaced for each patient.

    After the original supplier was unable to provide new valves quickly enough, the hospital put out a call for help. Isinnova contacted the manufacturer, Intersurgical, but was unable to obtain a digital model of the part, so its team decided to reverse-engineer its structure themselves. The first prototype was ready within six hours, with 100 working valves printed and supplied to the hospital within a day.

    Also Read: How Entrepreneurs are Helping to Fight COVID-19?

    Hands-free Door Opener

    Door handles are said to be among the most contagious places in a building or house. Thus, it is advised to refrain from touching the door handles. Belgian 3D printing company Materialise has designed a hands-free door handle attachment under the slogan “Do less harm, use your arm!”. The design, which has been made available to download for free, consists of two simple parts that can be screwed either side of a handle, allowing you to use your arm or elbow to turn the handle.

    UV-sanitising Robots

    A Danish company developed a sterilising robot looking like a cluster of light swords on wheels. It can kill virus cells and sanitise hospital wards without the need for chemicals. The eight bulbs on each roaming robot emit concentrated UV-C ultraviolet light which destroys bacteria, viruses and other harmful microbes by damaging their DNA and RNA so they can’t multiply.

    The robot was launched in early 2019, following six years of collaboration between parent firm, Blue Ocean Robotics and Odense University Hospital. But recent demand has seen boom in production. A similar device has been developed by Chinese firm YouiBot, which took its existing robot base and added thermal camera and UV-C bulbs for disinfection. It has supplied factories, offices and an airport, and a hospital in Wuhan. This helps reduce dependency on chemical-based disinfectants which require rooms to be left empty for several hours during sterilisation,

    3D-printed isolation wards

    Chinese company Winsun has deployed its rapid 3D-printing technology for manufacturing 15 coronavirus isolation wards in a single day. Those little cabins were originally designed to be used as holiday homes but seeing the demand from overcrowded Chinese hospitals to cope with Covid-19 pandemic, the company increased production the wards.

    The company says it uses recycled construction material in the process and claims its structures are twice as strong as a conventional concrete construction. The buildings, which have showers and eco-toilets, were printed with a robotic arm mounted on rails, gradually depositing layers of concrete to build the walls.

    Corona 100m App

    Coders have joined the battle against coronavirus, racing to develop apps. In South Korea, virus-tracking apps make up six of the most popular 15 downloaded apps, by far the most popular being Corona 100m. Using the wealth of data collected by the government’s testing programme, the app alerts users when they come within 100 metres of a location visited by an infected person. This app is one of the most crucial things developed to fight Covid-19. It needs to be used in India also.

    3D-printed face shield

    Czech company Prusa, which claims to have the largest 3D printing farm in the world, with more than 500 printers, has started mass-producing protective face shields used by medics. It is manufacturing over 800 a day and has donated 10,000 to the Czech ministry of health. Another firm, Stratasys, has also developed a 3D-printed face shield and masks. According to its CEO, Yoav Zeif: “The strengths of 3D printing, be anywhere, print virtually anything, adapt on the fly, make it capable for helping address shortages of parts related to shields, masks, and ventilators, among other things.”

    Virus-fighting Drones

    No one needs to mention the need of drones from preventing people from stepping out of their houses. Many governments have started using drones to keep watch but these drones have been modified with more features to fight the coronavirus. The world leader in drone manufacturing, China has used the mini choppers(drones) for everything from fever detection in crowds to disinfecting public spaces, to delivering supplies to remote locations. Drones have also been used to deliver test samples, dramatically cutting journey times.

    In France, the police have started using drones to help enforce its lockdown, monitoring parks and public spaces to make sure people are not leaving their homes for non-essential trips, while, in the UK, Northamptonshire police are planning to increase the use of drones, which will be equipped with speakers to transmit public information messages and tell people to get back indoors. In India too, a Tamil Nadu startup is helping government to disinfect roads & hospitals with drones.

    Also Read: What will be the Scenario after Coronavirus Outbreak?

    Robots at Kerala’s Airports

    Kerala Health Minister Shailaja KK has proved to be a strong pillar of strength and support in the time of COVID-19 crisis. Kerala’s Asimov Robotics has developed two robots that are to be stationed in the airports. While one robot distributes sanitisers, masks, and napkins to the people, the other robot streams World Health Organisation’s (WHO) campaign videos and also briefs people about social distancing and other steps to be taken to prevent the spread of the virus.

  • Impact of Coronavirus outbreak on Dropshippers

    The coronavirus outbreak has reached almost every corner of the world, with cases only continuing to soar day by day. In the months since the virus has emerged in Wuhan, China, there have already been signs of a shift in consumer behaviour all over the world. With the outbreak still in its early stages in India, sales of groceries, household goods and healthcare items have seen a boost as consumers look for ways to protect themselves. But analysis shows that it has had a reverse impact on other sectors. The government is taking various precautionary steps to contain the spread of coronavirus such as Janta curfew and 21 days lockdown during which only shops or businesses selling essentials are allowed to remain open. While, the other businesses are strictly closed.

    At the same time, the impact of the coronavirus on ecommerce and online store is great. It’s a fact that a lot of things have been and will still be affected by coronairus. Unfortunately, one of them (what will be affected) is dropshipping! But what is Dropshipping? It is a retail fulfillment method where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product using the dropshipping model, it purchases the item from a third party and has it shipped directly to the customer. As a result, the seller doesn’t have to handle the product directly. In other words, it is more of online store. One of the biggest concerns these store owners may have is that consumers will stop making online purchases over fears that they might get the virus from overseas shipments.

    With many manufacturing and logistics facilities restricted or shut temporarily, experts have recommended them prepare for delays and take that into account before continuing to run paid ads and take orders. It is a good idea to check with your supplier, but assume that your items will not be shipped promptly. Or, if they are shipping things on time, disruptions to domestic shipping in the destination country could still cause delays. As a result of the continuous widespread of this virus, transportations all around the country are shut down partially or completely. This has caused the inability of all workers and employees to go back to factories and companies to work, which has affected operations in most companies.

    Also Read: How Dropshipping Works? Should you Start Dropshipping in 2020

    The Effect of Coronavirus on Drop-shipping

    The impact of COVID-19 has been massive on dropshipping.
    First, it means significant delays. Since the priority of the government is public safety, the authorities set prevention and control measures such as lockdown in place that disrupt the free movement of goods and people. These policies have left logistics companies in difficult situation, incapable to navigate the new restrictions, and without the government’s guidance, many are forced to freeze operations as they can’t provide a concrete answer. Moreover, Western sellers are confused about their action plan because most of them don’t know how to lower the possible financial risks. The forecast is not too encouraging if we consider the roadblocks and temporary closing of airports, highways, railways stations, and ports.

    In the same way, this uncertainty will disrupt the business of startups & smaller vendors who very often depend on the products they sell; smaller retail traffic could push them into bankruptcy. Their ability to survive depends not only on the quality of goods but also on a speedy delivery process since customers want to have access to products as fast as possible. So, these circumstances obviously unfavourable for them to survive. Stocks have been said to fall on fears that the Coronavirus could take a more significant economic toll than initially expected.

    In addition to this, the directive, orders from government during this lockdown have asked people to avoid travel and going out by working from home. These directives, orders from government which excluded emergency service workers and people who work for essential public services, urged the private sector to enforce similar arrangements. This means almost all the workers involved in the dropshipping process won’t have the chance to go work.

    The fact is, most suppliers of dropshipping business depend on factories. As a result of COVID-19 and the compulsory -stay indoor- thing, factories will not be able to produce products at the expected date. Because of Coronavirus, the majority of workers will not be able to come back to suppliers’ factories to start producing. However, according to the current situation, the return date of workers may be delayed, which means dropshipping will suffer.

    Drop-shipping is likely to be affected more due to Lockdown

    If in case, supplier or suppliers have product stocks available, what about logistics? Logistics companies are also affected due to coronavirus outbreak as most of their workers are at home because government has allowed transportation of essential goods only. With the Government announcement of borders closing and all cities’ transportation systems closed, there’s no way logistics companies could work. If logistics companies don’t work, then there’s no way parcels and other dropshipping fulfillment products will be shipped out to their various destination. Most of the suppliers’ facility has been temporarily shut down by the government. So, it has left businesses with dropshipping with no option but to wait for the situation to get better.

    Also Read: 10 ways Startups should be Prepared for the Coronavirus Crisis

    How to manage Dropshipping during Coronavirus

    • As mentioned above the reduction in logistics and suspension of flights is disrupting the supply chain that is causing delays in shipping, reduced transport capacity, and inflation in shipping costs. As a dropshipper, it is your duty to inform your customers about the delay. The delays should not be affecting for a long time. However, you still need to put confidence in your customers and ask them to wait a little longer. One also needs to be prepared to refund them and wait for the situation to become normal.
    • The capacity for carrying couriers has been compromised after the lockdown. However, services will be resuming at a slow pace and should return to its normal operations in the upcoming weeks. It is in the best interest of dropshippers to avoid standard shipping.
    • One must try removing fear from the customer’s mind by letting them know that coronavirus does not survive for long on a surface. The postal services are already using disinfectants and taking extra precautionary measures to ensure the safety of their staff and packaging.
    • Remove fear from the customer’s mind by letting them know that coronavirus does not survive for long on a surface. The postal services are using disinfectants and taking extra precautionary measures to ensure the safety of their staff and packaging.
    • Avoid selecting standard shipping and choose a faster shipping method until the outbreak is controlled. It is recommended that you use only the express shipping method during this time.

  • Coronavirus Impact on Digital Payments Startups

    Coronavirus is here, and it’s making a big impact on every aspect of business. From trade market swings to airline collapses, the economy of many industries is taking its toll and having major constraints. Whole worldwide especially in Europe, those living in Italy, Spain, Germany and France have been the most impacted so far and the situation is set to worsen. The indirect effects for startups have also been huge, but some businesses are faring better than others. While many struggle to operate amid travel turmoil, others are cashing in on the health crisis by supplying much-needed medical solutions. Some London founders even launched an entirely new startup (called Epiderm) this year to help track employee and visitor contact through check-ins and calendar analysis. Similarly, there are clearly dozens of sectors that will likely be impacted such as dating apps, concert booking apps, edtech, will-writing startups, fitness apps, remote working tools and recruiting startups and so on.Here we discussed about impact of Coronavirus on Fintech Startups.

    What about the sector of fintech?

    Like everything else, it’s also likely to be under threat. There’s more to come from COVID-19 in the coming weeks where large and small fintech companies take a hit. Some could even benefit. Fintech firms globally also have already benefited from more flexible regulations in both emerging and mature countries as many efforts are being made to improve financial inclusion and serve a broader digital economy. According to a report from Ecosystem, there were five key trends that were expected to shape the Fintech market during 2020. The coronavirus pandemic could be devastating for many companies, but it’s also shining a spotlight on the power of fintechs across the world. They seem to be responding to the sudden challenge effectively, though uncertainties lie ahead.

    Negative Impacts of Consumer Spending

    Fear, panic, and quarantine measure heavily impact consumer spending. Canceled flights, closed stores, and social distancing have resulted into a drop in transaction volume at all levels of the economy. This means FinTech firms in the payments sector like Paypal, PhonePe, Google Pay, Stripe, or Chime will collect fewer fees, negatively impacting their profitability and valuations. Hardware shortages could also impact firms like Square, that rely on digital devices to support transaction processing. It’s evident that large businesses are already feeling the heat with the coronavirus outbreak. Companies such as Mastercard and Visa have cut their predictions for revenue due to the scare. This is because many users of credit cards are unlikely to use it to purchase flights, which is one of the more common transactions for credit card use.

    The impact of the coronavirus outbreak is impacting both financial markets and consumer behavior as never before. At least in the short term, there has been a significant flight to safer investments by consumers, which could negatively impact venture capital funding of existing and new fintech firms. Combined with investors concerned with higher funding costs, the volatile market could be a catalyst for lower valuations. This potential drying up of financing to non-traditional financial services firms could force many firms to find collaboration or investment partners from traditional banking organizations. Some early-stage fintech firms may need to shut down.

    Chinese fintechs will likely face the worst negative impact from the virus. Funding for Chinese fintechs was already down in 2019, likely due in part to trade tensions between the US and China. In 2019, fintechs only secured $298 million, down from $1.8 billion during the same time the year before. Having originated in Wuhan, China, the coronavirus is making the country’s economic outlook particularly uncertain, and more investors may shy away from the market as a result. That means Chinese fintechs might need to prepare for an even less funding-friendly environment in 2020 and shift their focus to a sustainable business model.

    Positive Impacts

    Whilst we’ve seen many negative impacts recorded in the fintech sector, there is a bright side in which some companies benefiting from. It’s encouraged many companies to adopt fintech for the purpose of their business. For example, the Banking and Insurance Regulatory Commissions company Ye Yanfei explained that blockchain is being utilised for medical data verification. Similarly, consumers desire for digital banking services will most likely increase, forcing many traditional financial institutions to fast-track digital innovation efforts. As a result, many legacy banks and credit unions may look to fintech firms or startups for assistance in bringing better digital banking solutions to the marketplace during this crisis. This increase in demand for digital solutions could provide a lifeline to fintech firms at a time when VC funding may not be an option.

    In addition, weakening economies may force government organizations and regulators to stimulate the expansion of fintech solutions. For instance, South Korea is planning to temporarily ease regulations on fintech and ten other industries in March, in an attempt to jumpstart its economy amid the coronavirus outbreak. The World Health Organization has also encouraged contactless payments to contain the spread of COVID-19. Moreover, Google Trends shows a significant spike in the search requests regarding online loans which is a good news for many fintech firms.

    Governments are appealing for Cashless Payment

    Many countries are also encouraging the use of contactless payment to prevent the spreading of the virus any further from the exchanging of money. To ensure safety of citizens amid the coronavirus outbreak, the Reserve Bank of India (RBI) governor, Shaktikanta Das, asked customers to use digital banking facilities as far as possible. Das added, “In the context of COVID 19, RBI and the government together are giving emphasis on encouraging digital payments. And over a period of time, various measures have already been taken to establish safe, secure, stable and affordable retail payment system such as the National Electronic Fund Transfer (NEFT) and the Immediate Payment Service (IMPS).” In South Korea, where regulations were once considered rather strict in the fintech domain, they’re now willing to ease the regulations that they have. This is to lessen the impact of the virus spreading and having a larger impact on the economy.

    Reserve Bank of India(RBI) has appealed people to use Contactless Payment 

    It could boost demand for certain insurance types. The virus’ dominance in headlines may increase awareness of insurance and boost demand for health and life coverage, as well as business interruption and event cancellation coverage. For instance, the outbreak has led to many conferences and events being cancelled at the last minute. At the same time, insurers are not supposed to pay over claims of this outbreak. Most travel insurers, for example, exclude pandemic, epidemic disease or infectious diseases from their coverages, meaning that likely only few will be affected by the virus. A report has revealed India has shown a moderate increase of 7 % when it comes to availing online financial services during this period of social distancing.

    21-day Lockdown to promote Digital Payment

    India is currently going through a 21-day lockdown that was imposed by Narendra Modi-led central government, as part of its plan to battle the novel coronavirus COVID-19. Several prominent names in the Indian startup ecosystem have also been promoting digital payments. There are various digital payment channels people can use instead of transacting via cash. Digital payments channels include NEFT, IMPS, UPI, etc. Razorpay’s report highlighted that UPI, internet banking and wallet payments have all grown in India because of quarantine and social distancing. Surprisingly, Delhi and Bengaluru have noted a decline in digital payment but this is just a matter of time. Soon, digital payment will see a boom across all cities due to lockdown. So, this is a good opportunity for all fintech firms and startups to flourish.

  • 10 ways Startups should be Prepared for the Coronavirus Crisis

    The COVID-19 or Coronavirus outbreak has turned into a global emergency. It has no left no choice to entire nations but go into lockdown mode and economies prepare for impact. Many businesses across the world have already paused their operations as the pandemic requires social distancing, the closing down of services, offices and cancellation of events. Emergency preparedness plans have never been more in focus than this situation which has devasted many businesses.

    It’s true, we can’t neglect the fact that the Coronavirus hasn’t spared the startup communities. Just the opposite, many startup founders are worried about the consequences of sweeping lockdowns and restrictions and difficulty in managing to stay afloat and keep their staff onboard. In such situations, startups are more vulnerable than established corporations because of limited access to services & capital. So startups are understandably more worried. Many startups are calling for hiring slowdowns as well as spending curbs, cutting out travel and preparing for a very tough time ahead. For startups, funding seems to be the first casualty and those that are in the middle of a fund-raise or have small reserves of cash are looking for solutions. Those that have already raised funds and have at least six months of operating capital should be fine too. According to reports, though overall funding has slowed down, the best companies will still get funded with delays.

    However, pre-seed and seed-stage startups might find the going tough as burn rates rise and sales fall. It will be tougher for these startups to gain customers, find potential new business and scale-up. This, in turn, would make it more difficult to raise the next round of funding. Although we don’t know how the pandemic will play out over the rest of the year, it has many lessons on crisis preparation and management.

    This includes taking care of and preparing for impacts upstream and downstream as well as for potential impacts within the organization. Don’t forget that many of these ideas could also help lead generation and getting people to know about your company and your expertise, so the effort you invest in these good deeds will your company and help you too. Here are ten steps to keep top of mind while dealing with this crisis.

    Employees’ Safety first

    Your staff should always be your first priority. Make sure they are safe. That may mean rethinking some work practices – you may need to restrict travel and switch to meetings via video or audio conference calls. Some offices may need to temporarily shut and employees be asked to work from home; most companies have already implemented this for desk workers.

    Offer products and services free of cost

    During this coronavirus crisis, many messaging platforms,video conferencing companies, online learning platforms are free offering services and removing the limits on their services to help the students and employees working from home. Some startups have been wholeheartedly offering free or substantially discounted services and products to help. If your brand offers anything that can support either people hugely affected by the pandemic or those who are staying at home in a need of a boost to keep up with their lives, this is the right time to give a hand. This will leave a long lasting impression on people’s minds which will surely help in future.

    Also Read: Coronavirus Impact on Digital Payments Startups

    Work on innovative tech solutions to fight the Coronavirus

    What else could be better solution than finding the tool or technology that helps in containing the spread of Corona virus. If you have an idea for developing a tool that could in any way be of help in the fight of the COVID-19 virus, then start working on it right away. Even Government of India has also arranged COVID-19 Solution Challenge to encourage entrepreneurs to find a technology that helps find the coronavirus. The entrepreneur or startup providing the best solution will receive the money prize. So startups can see this as a good opportunity to earn funding during this crisis. Just act quickly and remember that even a simple app that would encourage the citizens to adapt more easily to the changed conditions can take your organization ahead.
    To know more about this challenge, visit the Official Website –
    https://innovate.mygov.in/covid19/

    Connect with the startup community

    Coronavirus outbreak has just started affecting the Indian market but it has affected Chinese and American market many weeks ago. So their experiences & mistakes in dealing the crisis can be used as guidelines on how to survive in the crisis. So it is advisable start connecting with the startup community not just in India but communities worldwide.  Some ways and solutions can definitely hey be found be found by interacting with these tech and start up communities. Just take Estonia, for example, whose tech community has already been tackling the coronavirus through various activities. Portugal has also put together a page for collaboration. There are many ways to help in the quick and smart development and implementation of the necessary measures. So, get as involved as you can and encourage others in your community to do so as well.

    Companies are organizing Hackathons for others to Participate remotely

    Organise or attend hackathons

    Many companies & startups have organised hackathon. This has paved the way and many innovative solutions that arose as a result of the to-date organised hackathons aimed against the Coronavirus are now on their way to be developed and implemented. So this can be done in India too. Many revolutionary products emerged exactly at these events and we now desperately need more of them to combat not only the emergency circumstances but effectively manage the post-crisis period and prevent further isolation and loneliness.

    Host free online webinars, podcasts or Q&A sessions

    In light of the latest developments, many event organisers are shifting their conferences online. It’s uncertain until when we’ll all be at home. So, people have enough time. This is the right time to stay connected. This can be done in many ways. One can go live – whether it’s alone, with your team or maybe with professionals from other startups. Online event, webinar, podcast, YouTube video, Q&A and what not available to keep in touch & increase the network. These platforms  can be used to give advice based on your expertise and help people to stay motivated.

    Offer your advice on remote working

    Majority of the companies have asked their employees to work from home. As a member of a startup, you are probably very well acquainted with the ‘working from home’ concept. But, bear in mind that millions of people have just had their first day working remotely. The newly-created situation has given thousands of managers no other choice but to lead their teams online, completely unprepared. This situation can be used to help them with tips in a blog, LinkedIn post, webinar to encourage people to get in touch by recommending them video conference tools & software.

    Also Read: 8 Tips to Stay Productive while Working Remotely

    Just Keep Marketing even in Crisis

    One of the biggest mistakes companies make in times like these is to cut back on marketing. It will be the end of you. At best, a slow death. Although, it is difficult to sell products & services in this time but it is a good opportunity to market your services & products. Do demand a better ROI on your marketing. This may be the right moment to expand and pick up the slack from your competitors and seized their market share.

    Check your coverage

    Business interruption coverage covers income lost when you close down your business due to a disaster. However, it typically doesn’t pay out unless there is physical damage to the business. Talk to your insurance agent to see what, if any, coverage you would have if coronavirus forces temporary closure. If got, this can be used to keep the money flow going.

    Have Patience

    This is the time wherein many entrepreneurs can lose their hope due to things not going well. It is hard to predict how long this is going to last. However, it is the most important to not give up. Though it may look difficult to put the things back on track, it is essential to have patience because like any other time, “ This too shall Pass.” Have faith.

  • How is Narendra Modi helping Startups Fight against the Coronavirus Outbreak?

    Due to Coronavirus outbreak, every aspect of business is suffering through many problems and challenges. Flight, hotel booking firms are the worst hit. There is stupendous drop in demand of gig economy. Whereas, at the same time, video conferencing providers and online education companies, messaging platforms and of course healthcare & pharmaceutical companies are witnessing a boom in demand but the situation has become for worse for the startups & small scale businesses as they have limited sources and capital.

    Effect of COVID-19 on Startups

    With reduced revenue and uncertainty caused by the COVID-19 outbreak, various tech startups not just in India but across the globe are temporarily letting go of workers to help keep their businesses survive during this collapsing economic period. In the past couple of weeks, the situation has become more extreme with a ‘State of Emergency’ being called in some countries, leaving other regions unsure of what’s to come next. Social distancing mandates are forcing businesses to shut down and heavily reduce staff during COVID-19 outbreak. The labour department is facing a rush of unemployment insurance claims which is likely to increase in the next few weeks.

    Coronavirus crisis is also affecting many aspects related to startups. For instance, postponing the EU-Startups Summit to April 2021. The EU-Startups Summit gathers over 1,500 founders, startup enthusiasts, corporates, angel investors, VCs, and media from across Europe. The two-day event is a great opportunity for networking, and a meeting point for aspiring entrepreneurs and investors who are aiming to build international tech companies. This summit was planned to take place on May 28-29 this year but now it is postponed to April 2021.

    Government’s Aid to Startups

    Today, the world is collectively dealing with the spread of Covid-19 and taking emergency measures to contain and eventually eliminate the virus. One such measure was taken by Indian government. Prime Minister Narendra Modi saw the power of the digital medium that can be utilised to serve the country and encouraged many of us to go all out to build a nationwide digital infrastructure. Modi’s ‘Digital India’ mission enabled India to build a robust mobile broadband infrastructure which accelerated the rise of technology startups in a short span of time. This is now coming to play a very vital role in supporting the PM’s call on social distancing while keeping the country moving during coronavirus pandemic.

    According to reports, a mega exercise to increase Indian startups’ visibility globally is in the works. For this, the government planning to hire a consulting firm to evaluate the progress of the Startup India programme to chalk out an action plan to attract investment and identify bottlenecks which prevent businesses and high-net-worth individuals from investing in them. The consultant will identify challenges in\ regulatory approvals, taxation, ease of doing business, global expansion and facilitate startups in getting access to markets such as in private and public procurement, both in India and abroad.

    COVID-19 Solution Challenge

    The government of India has realised the need to open up the search for solutions to the startup ecosystem with the ‘Covid-19 Solution Challenge’. On March 16,2020, Prime Minister Narendra Modi announced the launch of the challenge on the Twitter and urged startups and entrepreneurs to come up with their technology-backed solution to curb the coronavirus outbreak. Prime Minister Narendra Modi has appealed to public to share any technology-driven solutions for strengthening the fight against COVID-19, saying such efforts can help the government and make public join the mission against the virus.

    PM Narendra Modi announced the Challenge on Twitter on March 16

    PM Modi said, “Harnessing innovation for a healthier planet. A lot of people have been sharing technology-driven solutions for Covid-19. I would urge them to share them on the government-citizen engagement platform MyGov.in.”

    According to the MyGov platform, startups and individuals can send their ideas to help the government in fighting the coronavirus outbreak. Suggestions sent in will be evaluated by the government and some of the ideas will be adopted. The last date of submission of ideas for the Covid-19 Solution Challenge is on March 31. Participants can either send a document or a YouTube video of the idea using the MyGov Platform. The solutions that are deployed by the government will also receive rewards. INR 1 Lakh, INR 50K and INR 25K have been promised to the top three ideas respectively. This amount can be used as funding in startups. So it’s a good opportunity to earn funding just by pitching the idea.

    The government said that it has already started to get inputs from individuals and startups that have developed technologies and innovative solutions in areas such as bioinformatics, datasets, applications for diagnostics and more. These technologies are expected to soon become part of the government’s efforts in the fight against the coronavirus.

    Also Read: These Brands will Generate Massive Revenue During the Coronavirus Outbreak

    With increasing cases of people getting infected by the novel coronavirus, a group of entrepreneurs and venture capitalists had written to Prime Minister Narendra Modi suggesting a lockdown starting as early as March 20 across the impacted cities for two to three weeks; to which PM Modi has taken action by implementing Section 144 on account of which only allowed shops can remain open till March 31. So, it has become almost ceased all the operations for startup till March 31.

    According to experts, there are still ways to keep the operations going during lockdown too. According to top venture capitalists and entrepreneurs from India and China, overcommunication, keeping a cash runway and having a fixed routine despite working from home are some of the keys for startups to deal with the fallout from the novel coronavirus. While China is returning to normalcy and business as usual, the experiences of Chinese firms and entrepreneurs can serve as a reference point for Indian founders, where cases of the virus are still rising rapidly.

  • 8 Tips to Stay Productive while Working Remotely

    Due to the drastic spread of novel coronavirus or COVID-19, companies are making several efforts to keep their employees safe and maintain the productivity at the same time. Most of companies have asked their employees to work from home. As majority of the people don’t have experience in working remotely, it is difficult for them to stay productive as much as they would be in their offices. Here are the tips for employees to maintain the productivity while working remotely.

    Set Up a Routine

    The remote work obviously often allows you to set your own hours, a lack of structure or routine can be damaging to your workflow. When you engage in remote work, it’s easy for your colleagues in regular offices to think that you’re always there to “take calls.” It is better to use a digital calendar tool to let co-workers know what your working hours are so that they can know when it’s appropriate to ask you questions or when you should be left alone. One must schedule their hours around appointments, lunch, and other activities just as you would at an office job but it’s also important to pencil those into your calendar as well. Make sure to discuss your remote work hours with your manager before you begin and once those hours are established, make a point of sticking to them. Within that “block” of time, divide out your subroutines. It is essential to make sure that you clearly establish which times you’re receptive to emails, phone calls, etc. and when you’re officially off the work.

    Keep Your Workspace Clean

    At the end of every day, or at least every week, it’s worth cleaning your office(your workspace). Make sure that you have dedicated space that’s “yours” to work in. It can help you effectively if that space is solely devoted to work only. After a few weeks, you’ll instinctively know it’s time to lock down as soon as you sit down. Throw away what’s unnecessary. It will help clear your mind too. Psychologically, it is proven way to boost efficiency. It is important to keep things at right places. You can start by creating a dedicated and welcoming workspace. Next, invest in the equipment you’ll need. For example – an office chair and desk, a speedy internet connection, a hands-free headset, a good quality webcam for your video conference calls, etc. Creating a cozy and inspiring environment is important too. This is a space where you’ll be spending a lot of time. Give it some love.

    Communicate Frequently

    When we work in a team, communication becomes extremely important. When in doubt, communicate with colleagues and managers. This will make sure you remain in touch with them. When working remotely, it’s better to over-communicate than it is to under-communicate. After all, your employer won’t necessarily know you’re working, so you’ll need to make sure everyone is aware of what you’re doing. It is advised to keep records or updates on any messaging platform to let other Teammates know what you’ve been up to today. It encourages us to get things done every day and lets others know what we’ve been working on.

    Be transparent

    When you’re out of sight and people can’t reach you as easily, small doubts can begin to arise. Therefore, it is a must to build trust from the start by agreeing with your employer and colleagues by keeping them updated on your progress and activities. You could propose quick but regular status calls to teammates or a simple progress report that you can send out at regular intervals to your manager. If in case you aren’t going to be reachable for a period of time, provide advance notice to the colleagues who might miss you.

    Communication becomes essential while Working Remotely

    Use the right tools

    The right kind of tools can be game changers when it comes to remote teamwork. Tools like Slack, SmartSheet, Skype, Hangout, Zoom and Google Drive are just a few to name. These tools are really essential because they can help you collaborate on projects and share documents. Now, many of these softwares & tools have cut down their charges. Moreover, they are also providing the additional features. Thus, by using the right video conferencing software like FaceTime, Zoom or Skype, etc., one can stay connected with their team to increase the productivity.

    Set goals & meet them

    As mentioned above, it is important to create the routine but it is equally important to stick to the plans. Distractions are an issue when you work from home. At the start of the week, determine what hours you plan to work and stick to them. That’s why it’s a good idea to set concrete work goals to keep you focused and moving forward. And while setting goals is important, one must make sure to hold themselves accountable to them too. Use your smartphone for information and not distractions even though you have got liberty use it whenever you want to. When one works with focus & discipline, after completing those goals, it inspires them more to follow the same attitude towards their goals.

    Take Breaks

    It is the best to mimic from home the same habits you would have if you were working in a physical office such as taking a moment to chat with coworkers or grabbing a cup of coffee at your local cafe. It’s also vitally important to move your body. Don’t sit still for the entire day. Get creative with your breaks and run out for lunch with a friend or take a walk around to get some fresh air. Ideally, try to work out once a day, or at least go for a daily walk. One can rock out at home with a rich playlist to get into the zone. Essentially, anything you can do to give your brain and body a break will be beneficial to your overall experience and productivity. Mentally, too, it’s good to occasionally stop working and move around.

    Separate Work from Life

    Now that you work from home, the boundaries between work and life will seem thinner. But it’s important to keep those boundaries as interference of either of these would land you in troubles. So, avoid working where you sleep or where you eat. Find a space where you work and only work.

    Conclusion :

    A remote team can be just as effective, if not more effective, than a local, in-house team. Although it requires some coordination, it allows everyone more flexibility, which can help your team maintain a healthy work-life balance. When done the right way, a remote job can provide both workers and their companies with a healthy balance of freedom, flexibility, and production. Using the tips above can serve as a guide for how to make remote work as effective as possible.

  • What will be the Scenario after Coronavirus Outbreak?

    Humankind is now facing a global crisis due to Coronavirus outbreak. Perhaps the biggest crisis of our generation. If the growing novel coronavirus outbreak becomes a long lasting pandemic, it could result into fundamental changes in the economy, politics and the workplace. With the increasing number of COVID-19 cases growing worldwide, business leaders are scrambling to deal with a wide variety of problems, from depressing sales and supply chains to keeping employees healthy and making sure they can continue working. Many companies are taking precautions to contain the spread by asking their employees to work from home. But down the line, the impact on future might be more severe as the impacts of such major pandemics can be felt well beyond the sheer death toll. A truly global infectious disease event like COVID-19 can be every bit as transformative for the future as a global war or economic depression.

    The decisions & steps people and governments take in the next few weeks will probably shape the world for years to come. They will shape not just our healthcare systems but also our economy, politics and culture and every other aspect of human life. We must act quickly and effectively. We should also take into account the long-term consequences of our actions. We can already see the companies laying employees off resulting into growth in unemployment. When choosing between alternatives, we should ask ourselves not only how to overcome the immediate threat, but also what kind of world we will inhabit once the storm passes. After getting past this storm, we will inhabit a totally different world.

    Recession is likely to Occur

    Many economists suggest that recession is bound to happen considering the ongoing threats and situation in which businesses are shutting down. After the pandemic, the recession is certain to follow, which is going to threaten the efforts or way to shape the future of work. This will certainly lead to many questions like how to create good jobs, reduce poverty and redefine relationships and structures to narrow the enormous income inequality that overshadows the state’s wealth and success. Economists say it is harder to predict the bottom and how long it will take to climb back.

    The coronavirus will have a silver lining if it serves as the effective for constructive changes such as way that the sudden forced reliance on telecommunication is already having an impact. There are two sides to the globalization coin. On the positive side, the cross-border flow of people, goods, money and information creates new wealth and opportunity. On the negative side, it can worsen global relations, enable international terrorism and cross-border crime and allow for the rapid spread of disease. If we see, in spite of having both positive & negative outcomes, there are more negative & worse outcomes than positive ones arising due to Coronavirus outbreak.

    The Unemployment rate is increasing fast due to Lay-offs

    Impact on Future

    Considering a long term impact of novel coronavirus, smaller businesses, companies or startups will be hit harder than large ones because of their limited access to credit and less cash in the bank. The chief U.S. economist at Morgan Stanley, Ms. Zentner quoted, “There will be a swath of small businesses that simply won’t be able to survive this crisis.” Similarly, Gabriel Mathy, an assistant professor at American University, has said, “We can see employment falling much faster than G.D.P. This will probably be the world’s first recession that starts in the service sector.” The chief U.S. economist at TS Lombard, Steven Blitz expects that the unemployment rate will rise from 3.5% in February to 10.6% by April.

    Also Read: These Brands will Generate Massive Revenue During the Coronavirus Outbreak

    As of March 6, 2020, Amazon, Facebook, Google and Microsoft have all encouraged employees to work remotely where the virus has been identified. Offering remote work is an easy option for these large corporations since they have built the infrastructure to support it. Considering reports given in today’s job market, 85% of employees report a desire to work remote. Also, providing employees with the opportunity to work remotely will also allow companies to attract top talent. Due to communication platforms like Zoom, Slack, Zoho, etc., it has become really convenient to work from home. Due to this fact, some experts are predicting that remote work will increase in future also. Business travel has become crucial part of any business. When you take into account travel’s impact on global health, the workforce may not rely on travel as heavily in the future. Crisis like this has inspired innovators to create new technology for businesses. So, in future, instead of spending money on travel & stay at hotels, companies would consider alternatives such as artificial intelligence and advanced machinery to solve issues before sending employees abroad. So, it is predicted that that there will be increased reliance on technology and less on travel in future.

    At the same time, we will need to work towards eliminating problems such as social and economic differences caused by globalization. If failed to do so, we might see countries turning increasingly inward with a mindset of narrow-minded nationalism. We must hope that this recession due to Coronavirus outbreak will not be as big as Great Depression of 1929.