Is COVID fuelling startups or stopping it?

By: Cesilia Faustina

Thanks to COVID-19 many businesses are at a standstill and struggling to make ends meet. It has created multiple challenges for the economy, which is affecting startups all over the world. Over the years, financial analysts and journalists have continuously covered stories of the development of startups. It was seen as a great contributor to the economy for the coming years. In a way, it still is, but startups are also one of the sectors most affected by the pandemic.

According to a survey by Startup Genome, 74 percent of startups had seen their revenues decline since the beginning of the pandemic. Even one of the most popular startups sectors, fintech, has seen decreasing profits due to the pandemic. Funding for fintech has fallen 45 percent compared to Q4 of 2019, according to a report by CB Insights. Startups will need and have taken tighter steps to reduce losses, with big startups like UBER having cut its workforce by 14 percent and other companies taking part in massive layoffs as well. Some have even been forced to shut down and start new businesses.

Business Expenses to Reconsider in the Wake of COVID-19

By: Drew Page 

In light of the global pandemic, the economic landscape is changing for nearly every industry and it’s essential business leaders act swiftly and diligently in order to survive the recession.

No matter what industry your business serves, whether it’s insurance, healthcare, or education, disruption has rippled through them all. From uncertain claim coverage regarding coronavirus, a freeze in elective healthcare, to campus closures, we’ve all had to adapt.

The strategic actions taken by business owners and operators during this time will determine the future of their companies.