Opportunities COVID-19 Brought For Startups
The worldwide COVID-19 emergency has plummeted with a speed and intensity that has stirred and shaken countries around the world. Its irresistible spread is harrowing individuals in varying backgrounds in over 140+ nations, accelerated by an intricately interconnected world we all live in, where people mobility is key to almost every country’s economy. The COVID-19 emergency has left nations wheezing for sure-fire arrangements even as the world’s best researchers, medicinal services and biotech specialists intensely race towards finding a healing arrangement or vaccine to bring this crisis to an end. With the difficult undertaking of protecting over 1.3 billion individuals from the grasp of the coronavirus, the Government of India is practicing numerous activities corresponding to ensure that this global pandemic does not wreak havoc in a country with as diverse a set of challenges as one could imagine having. Among them is to use its advancement and startup environment with more than 250 hatcheries and 30000+ dynamic new companies. As India valiantly battles the COVID-19 episode with an across the nation lockdown to contain the spread of the infamous infection, the nation’s startup area frantically wheezes for air.
From travel bans to stuck up funds, this pandemic has presented to all of us to a circumstance that no one was prepared for, driving the whole environment to go to a sudden end.
Before we continue, it worth referencing this is without precedent for the historical backdrop of innovation, the power of the internet as a survival tool or a coping mechanism has been realized. Add to that the new job of web-based business as a fundamental assistance segment gave by the government. What’s more, that in itself isn’t just barely a silver covering yet a tremendous improvement for the business which can make ready for new companies to lead the way.
To help and continue the new businesses themselves, the GoI has set up a ‘Business Immunity Platform’ on StartupIndia portal. This gateway and related services can be tapped by the startups to proceed with their activities in an economical way throughout the following a while. Numerous national establishments, MSME and industry partners, including Nasscom, CII, TiE are already in discussions with the various empowered committees to extend their support in multiple areas.
At this moment, in excess of 600 Indian new businesses have united to make arrangements that’d help individuals to endure and adapt to the pandemic and its effect on everyday life. For Health Tech new companies, this is an ideal opportunity to scale up and make answers for millions. What’s more, a few new companies have just snatched this chance to leave an imprint. Take Innovaccer for instance – a wellbeing tech startup, in collaboration with the Goa government, is helping individuals perform self-assessment test while another group is developing quarantine apps and heat map to timely report symptoms. Another Pune-based molecular diagnostics startup, Mylab is working on a low-cost PCR kit that’d speed up the detection.
For the mobility startups, this probably won’t be the best time as all the cab-hailing and pool car applications have suspended activities the nation over since the lockdown was reported with the exception of Ola which has kept a small number of its fleet operational for emergency services. For the driving partners, it implies the loss of occupation as they can’t think about this emergency circumstance while battling hard to make their both ends meet. To handle that circumstance, Ola reported ‘Drive the Driver Fund’ to financially support drivers and their families who have been affected by the lockdown by seeking contributions from the investors, employees, users as well as Ola Foundation.
Presently, as the lockdown has constrained India to remain indoor and telecommute, and retailers to close down stores, residents have gone to online stores and conveyance applications to load up food and other fundamental things. Which is why after a short gap, e-commerce giants and logistic companies like Amazon, BigBasket and Grofers are back in real life in the wake of getting the necessary help from the central and state government just as other law-implementing offices.
One of the most seriously hit segments is TravelTech as all the significant nations have put a travel ban on the domestic and international front to check the spread of COVID-19. In when itinerary items have been required to be postponed, appointments have been completely discounted, the friendliness business, held by the dread of vulnerability, is gazing at the intense fall of its key execution measurements. In any case, when there’s an expectation, there’s a chance. The Indian hotel chain, in a bid to contribute to the war against Coronavirus, has vowed to offer its rooms in the UK to anyone abandoned or needing a spot to remain during the hour of lockdown.
That is how every crisis situation helps us become stronger and more powerful than ever. If you look at it, every crisis is a catalyst for change. It may disturb our lives, make everything come to a standstill however it additionally propels us to look at things from a whole new perspective, to organize our requirements and necessities, and work out ways to survive the storm together. As the famous entrepreneur, Kiran Mazumdar Shaw has put it, “I think we need to build a new economy. This new economy will be a totally different economy on the planet. You can see that virtual economies are being tried today. They were overvalued, and as a result, real businesses were undervalued.
Now is the time to build that equilibrium. And this is, I think, the time for building that equilibrium in our lives, in our businesses, in the economy.”
Challenging times and an emergency of this nature need incredible government support. It also demands great synergies between the academic community, government and industry. While nobody could have pictured an emergency of such amazing magnitude to emerge so out of the blue, the administration of India’s unstinting sponsorship of its Startup and Incubator biological system in the course of recent years is one of the most brilliant sparkling lights not too far off to dispel the darkness of despair that seems to be enveloping in many parts of the world.
The COVID-19 crisis is as of now indicating us a change in outlook in consumer behaviour, work arrangements and a key spotlight on need over extravagance. While some of these changes might be temporary, some shifts are here to stay. And that is going to shape up the startups of the future in India.
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