Globally the world has been shaken to its core and the normal that we once knew is gone. The new normal of 6 feet gap and masks is what people have become used to in the last six months. Given how the world has changed, it is impossible that it would not impact the business; and the consequences can be seen across. Startups were especially vulnerable to the rapid changes that were seen in the business world due to the recession since the Great Depression era.
When big startups or unicorns like Ola, Uber, Oyo, and Airbnb scrambled to reduce business costs and save themselves, other than healthcare startups, most of them saw similar fate without the liquidity of Ola and Uber. Moksh Popli believes that even the healthcare brands that pivoted during the Coronavirus time to the manufacturing of masks, PPE kits, ventilators, and other stuff know that only momentary change will not be enough.
This pandemic has shown the world and especially India, the shortcomings in the public health sector, and where new startups can come in and fulfill those. Moksh Popli says that as the consumer behavior is changing to adopt the new normal, the startups too will have to re-establish themselves to stay connected. It will be the survival of the fittest, as the venture capitalist from India and aboard re-look at the economy and their investments and try to calculate which horse is deserving reinforcement.
Given the changeable nature of the investment in the upcoming months, the already established startups would have to tighten their belts and work with the resources they already have. They have to cut down on expansions and run towards bearing and advancing the business and workforce with strategies. Though the government has initiated revival plans through easy loans, schemes, and other benefits. We all need to be in this together and make things work with patience.
According to Moksh Popli, the impact has been geographical, tough choices will have to be made that will also affect their long term plans. The COVID 19 pandemic has given the startups to think of the flaws in their business model and strengthen them for the future. The new ones may have more luck as they will develop and clarify their business model during this time, and investment capitalists might be more willing to support them.
It will all come down to if startups can evolve themselves to the times. Thrifty innovation will be the game changer and the ones who are willing to adopt it. Reform in rural areas has always been about conservation and time is now for startups to learn these lessons and build a valuable balance that tsshe customers need. Moksh Popli details that the new ventures will be centered around how to bring power to an economical change?
There is no time like now to get into the playing field or take the opportunity as the priorities are not the same as before. Nowadays, startups from sectors like technology, energy, fashion, academics, etc. are growing. All they need to do is adapt to the new normal and go with the flow to strengthen their business.