Like most businesses around the world, start-ups are encountering challenging times as the coronavirus hurts business sentiment and dries up funding.
showed. The data points to worse times ahead as the current quarter could see a more pronounced slowdown.
"Once you have adequate runway, focus on reimagining your business. If you're in a sector that's been deeply impacted, you may consider ... pivoting to an entirely different segment," Anandan said. He explained start-ups may also need to revamp"Try to understand how the consumer and buying behaviour is likely to change in light of COVID-19 and align your strategies in line with what the likely new scenario is going to be," Anandan said by email.
Vinod Nair, an angel investor in early-stage start-ups, told CNBC the ongoing crisis has led to two types of changes in behavior: First, a tactical shift in consumption habits that is expected to last up to two years. Secondly, there are some structural changes taking place — like more people will probably be working from home even after the pandemic is over, according to Nair.
For example, the use of online marketplaces, digital payments and electronic health services — from online workout classes to consulting with doctors over the internet — will likely increase, he said.Sequoia India's Anandan said that alongside changing consumer behavior, the pandemic has accelerated the pace of digitalization. In India, that is evident in the kind of growth seen in areas like education technologies and digital health, he pointed out.has doubled over the past two months.
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