The pandemic was a throw of the dice, with different businesses suffering vastly varied outcomes. Its conclusion will bring matters back to normal, but it will not be the normal people remembered from 2019. While people are still working out what changes have taken place, it has become abundantly clear that this period will drastically alter key aspects of life.
This pandemic is not only a major health issue which will drive us to make decisions, but also has the potential to disrupt the global economic and business order. Startups that are presently battling and concerned about their short-term survival will eventually have to think about their long-term survival.
The Medicines and Healthcare Products Regulatory Agency (MHRA) throughout the United Kingdom confirmed recently that COVID-19 vaccine produced by Pfizer and BioNTech has obtained emergency approval. With the COVID-19 vaccine within our reach, now, what would be the next normal for startups?
The year 2021 would be one of transition. Individuals, corporations, and communities can start looking forward to crafting their futures rather than just grinding through the moment. In the past, game-changing innovations took several years or more to develop from fascinating new things to productivity accelerators. The COVID-19 crisis has hastened the transformation in fields like artificial intelligence and digitization by many years. For that, startups can expect a rapid adoption of technology, digitization, and new ways of working will continue to develop indefinitely.
There may well be reasons for hope, as the Startup Genome report points out. Successful businesses do arise from downturns. According to the report, more than 50 IT unicorns were formed during the recessionary years of 2007-09.
Now who can say that this 2021 would not be the turning point of every startup towards success, right? Although we must remain realistic and practical since startups are business as well as in need of return on investment, we can still think positively of the future now that we are in the second year of this pandemic.