Successful Start-ups during the Covid-19 Pandemic – A Hope for Economic Revival
“A pandemic will lead to permanent social, economic, and cultural changes. The key is to create good from a bad situation.” ― Wayne Gerard Trotman
At this moment covid-19 may be a reason of economic slowdown and financial crunches, but it is a fortune of virtual worlds that have opened up emerging opportunities for positive entrepreneurs, who dare to come out to fight against the pandemic, with disruptive technologies. These virtual worlds have surprised consumers with timely and customer-friendly online services. Especially, online gaming, Fintech, E-commerce and online delivery services, which occupy virtual environments, are luring consumers and investors as well. The answer of the question “if the world were not empowered with the internet, what would happen during the pandemic?” is really terrible. Even though the coronavirus has already led companies across several sectors to shut down their business operations around the world, many tech start-ups are coming forward to create a milestone even during the era of covid-19.
Among several start-ups with heavily impacted segments, some successful start-ups are resilient with the highest possibility of riding an economic downturn. These companies were successful since they think outside the box with pandemic-friendly products and services the world needed.
During the pandemic, the following are the major challenging elements that are based on the supply and the demand sides of the market.
- Cash flow constraints
- Consumer interests
- Key parameters
- Lockdown impact
- Price variations of vital raw materials
- Production shutdown
- Supply chain disruption
Some successful start-ups have given a practical solution for all these elements. With some start-ups on the rise, let’s take a rundown at the sectors that show a brighter side of business growth.
Pharma and Healthcare
Both pharma and healthcare sectors are experiencing convulsive change during the pandemic. After the crisis of COVID-19, the majority of the human population would focus on healthcare-related services. Since the entire world looks for the best medicine and healthcare services, it has become a great opportunity for these sectors to survive among the users. Most of these sectors provide online-based healthcare and pharma services in order to defeat the sales impact of lockdown. Some of the pharma and healthcare industries which have come up with winning strategies include:
- Animal healthcare
- Healthcare equipments and services
- Healthcare IT
- Medical devices
- Molecular diagnostics
- Pet care
The financial impact of the COVID-19 pandemic continues to unfold worldwide.
Some consumers and clients are still looking for innovative options for financial transactions. Moreover, GDP decline and economy fall in the upcoming days are inevitable. In such times, the updated and enhanced financial service providers are a must to lead the world with a constant cash flow. FinTech sectors across the banking and insurance systems are preparing to transform financial services with futuristic and disruptive technologies that can challenge any forthcoming pandemic. Some of the financial technology enablers cover:
- Analytics and insights to identify and prepare for every transaction
- Artificial intelligence-powered tools to deal with every issue
- Interconnected smooth transaction with minimum errors
- The capacity to facilitate any sector
- Transaction with automation to ensure immediate availability of digital banking services
- Video-banking features
The impact of COVID-19 has made schools across the world shut temporarily. Since covid-19 patients can be anywhere, parents are afraid to send their children to any educational institution. According to statistics, more than 1.2 billion school children are out of the classroom in the world. Here, online education and courses have entered into the need of the hour since schools and other educational institutions are not able to function regularly. Consequently, Covid-19 has changed the way teaching occurs for a long time with the unique rise of e-learning courses on various digital platforms. Hence, the online education start-ups have become a sudden surge to serve children from all walks of life, and function as alternatives of conventional studying and teaching systems. Future start-ups are expected to come forward for enabling students with powerful e-learning courses on unique digital platforms.
E-commerce and online delivery services
Predictably, the pandemic has increased a big market in e-commerce and online delivery sectors around the world. Basic needs of human being have turned their eyes to depend on these services. Consumers in lockdown have started to focus on online shopping in large numbers since people are not interested to gather up at markets, restaurants, grocery stores and public places. Essentially, people are ordering in an interconnected market world to keep social distancing. And also ordering online saves their valuable money and time. The rise of e-commerce or online delivery service sectors during the pandemic covid-19 has given a big hope among economists and entrepreneurs. The entrepreneurs, who wish to start new start-ups, may come up with innovative ideas that deal with e-commerce or online delivery services.
Remote working tools
The global outbreak of COVID-19 has made companies to redesign their company work places to prevent the spread of the pandemic. As employees and employers face the same issue of difficult in interacting each other, remote working tools have set a right path of success during the pandemic crisis. With the unpredictable possibilities likely to happen, remote working tools would facilitate any ongoing projects in major companies across the world and they can pave the road map for futuristic growth. Several IT-based companies, including Google, Twitter and Apple, are now providing remote work options for their employees. And also, these tools have forced companies to use innovative approaches of marketing their products and services to customers, which resulted in discovering new customers and skilled employees as well.
OTT platforms and online gaming
During this crisis, OTT platforms and online gaming services have achieved new records in providing digital ways of entertainment. With the closure of movie theatres, gaming hubs and other entertainments such circus, magic, zoo and amusement parks, these OTT platforms and online gaming service providers have captured a strong place. These services have provided cost-efficient version of the same experience and with the comfortable life of staying at home. In these two sectors, much more opportunities are waiting for entrepreneurs to open new start-ups because entertainment industry is ever-growing.
Conclusively, the future of global economy is bleak for the most of the entrepreneurs in the world. The economic crisis unleashed by the outbreak of COVID-19 is damaging all sectors, regardless of income level. From start-ups to established corporate companies, there are unpredictable changes in recruitment, marketing, introducing new markets, selling stocks, expanding business operations, improving business performance and lots more. With widespread unemployment and shocking GDP decline, various sectors and industries are trembling to find a right path. However, these emerging and future start-ups show a brighter side of economic growth. Consumers are bombarded with a slew of digital products during this pandemic and they are gradually and positively addicted to these digital life. Large companies and digital giants such as Google, Amazon, Tencent and Alibaba have all geared their market with global disruption strategies. Hence, investors can gear up to focus on these types of business models that can cater to both the entire world and a particular nation.