Five Winning Strategies to Help Startups Weather the COVID-19 Storm [Hub71 Webinar Video]
On April 6, Hub71 hosted and moderated its first virtual panel discussing the access to Capital in Our New 2020, with VC veterans Chris Rogers, Partner at Lumia Capital, and Basil Moftah, Partner of Hub71-based VC, Global Ventures.
If you missed it, watch the entire webinar
Or, if you’re short on time, read on to download our top five winning strategies to help startups weather the COVID-19 storm.
- A good entrepreneur knows their customers well. You should have a deep understanding of your customers and their ability and preferences for how they’d like to pay for the products or services you provide. Similarly, you should assess which of your customers are going to stay with you through this challenging time and consider offering them discounts to instill loyalty and trust. Being customer-focused and listening to your customers’ needs will help you quickly rebuild your business during challenging times.
- Use your inner resilience and natural born problem-solving skills, especially during darker times. Now is the time to find new opportunities. Uber was born in 2008 on the back of an economic crisis because it made sense for people to start sharing cars. Remote working tools will have an opportunity to flourish. It’s important to build on and look for the silver lining in these situations.
- Keep planning for the future. Because this too shall pass. The future will demand more of your technology and you’ll need to grow today; in order to meet tomorrow’s demand. According to the Spoon, it was reported that popular grocery apps have grown 2000% – an indication of an acceleration in e-commerce across all sectors, globally. And, before you know it, it will be ‘business as usual’, but this time, with many more digital-savvy consumers to sell to!
- When seeking your next round of funding make sure to be conscious of the type of VC you’re approaching. Most VC’s are doing portfolio management above other things as portfolios are struggling to survive, so may be less willing to write cheques, however, rest assured, deals are still happening. Total capital typically dries up during crises, as family offices and angel investors may be less willing to part with their money. VCs, however, are in the long-term game – so in the grand scheme of things, keep calm and carry on.
- Find your local community. Now more than ever, people are more willing to work remotely, but will support local businesses, and source locally – use that advantage within Abu Dhabi. It also means that it’s important more than ever to find a support network of like-minded tech companies – large and small – who understand your needs. Does your community provide support from its wider network? Having a strong community will be the key to survival during COVID-19. Hub71 has become integral partner to its global community during these challenging times as it welcomes global startups from across all sectors, to be a part of its thriving vibrant community today.
Apply to be a part of the Hub71 community and for the Hub71 Incentive Program which includes generous subsidizes on housing, office space and health insurance. Click here for more information.