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As Covid-19 is adversely impacting economies, start-ups are among the businesses that are severely hit.
Ravi Narayan, Chief Executive Officer of start-up incubator and promoter of innovation ecosystem T-Hub, describes it as a tectonic shift.
“I suspect one-third of the start-ups will run out of money and eventually disappear. Another 20 per cent will make some minor changes to keep afloat and keep going,” he says.
Some of the start-ups want to get in touch with experts to help them understand the crisis. Some others need help in locating the newer opportunities, while a few others seek investments.
T-Hub conducted a survey to understand their problems and help them overcome the same. Nearly half of them will make changes at the product level. They will revamp their business models and bring in changes in the features, he says.
As many as 77 start-ups took part in the survey that seeks to understand their mind as the pandemic ravaged their businesses.
“About 48 per cent of the respondents said they believed there are new markets on offer. But they don’t know how to get there. A good number of them said that there will be new opportunities post-Covid-19. But they are not sure how to tap those opportunities,” he said.
The purpose of the survey was to identify various interventions, namely trainings or workshops that T-Hub could undertake based on the discovery of issues that start-ups across the country are currently facing due to the global lockdowns.
Ravi Narayan said the incubator will help them identify new opportunities and new markets by providing them right mentorship.
“About 71 per cent of the respondents suggest that young founders are finding it increasingly difficult to cultivate new relationships. They are also finding it difficult to maintain existing relationships with their stakeholders,” he said.
About 60 per cent of the start-ups don’t know how to wade through the crisis. “We find them struggling to devise strategies for operating in this new normal,” he pointed out.
To address the new challenges, T-Hub plans to conduct micro-workshops, webinars and blogs to clear the doubts that founders and start-ups may have.
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