How innovative startups across the world are reacting to the Covid-19 pandemic and how are they currently faring?

Undoubtedly, it is a time to despair. But it is also a time to hope. Yes, the rapidly spreading Coronavirus pandemic has put immense strain on large businesses and startups alike. Adding to the vows, investors are on edge, while valuations have come down and skilled workers are being laid off across industries to cut costs. However, there are still enough reasons to remain hopeful — to see the silver lining in the form of unique opportunities that the crisis will soon throw open.

Image Source: Salesforce

As we prepare to go back to a world that will be changed forever, the time is also ripe to reset everything as we knew it. If ever there was a time where it is a level playing field for both the celebrated startups and the more modest ones — it is now. Startups that understand the new definition of ‘normal’ will try to bring out the best in them by grabbing new opportunities and identifying new customers as well.

Also, the Covid-19 pandemic that has gripped the planet the entire year will be over soon enough. Keeping this optimistic outlook in view, World’s Startup Ecosystem should remain vigilant for the birth of new ideas that will compel it to re-imagine business in the post-pandemic world. In today’s blog, We’ll see a few examples of startups that have made a turnaround and have adapted to the new business and Entrepreneurial opportunities.

Makemytrip

While the largely impacted sector due to Covid-19 is the travel industry, the startups in the sector have severely felt the burn too. And there is no sign of Industry returning to normalcy soon, one of the most celebrated travel startup Makemytrip had to make severe cost-cutting to make up for the losses during the period. The startup’s main business depended upon rail, flight, and bus ticket bookings combined with travel packages, the normalcy is a far question, especially International travel. The startup laid off upto 350 employees to cut expenses and be prepared for the post-pandemic scenario.Docsun AI Clinical Laboratory

Uber

The startup changed the world of local mobility across the World, though couldn’t make big on its plans to go public, Uber is part of today’s day to day life. To combat the ongoing crisis, Uber laid off nearly 6700 employees. Though there are recoveries in a market like New Zealand, Sweden, Hong Kong, and China, the numbers don’t match the pre-crisis situation. With Work from Home becoming the new norm of tech companies, Uber has a grim hope for the near future.

WeWork

2019’s biggest IPO failure was by WeWork which tried getting listed despite not registering a profit for a single quarter. To add to its vows, the pandemic has left the majority of its office spaces across the world deserted and tenets aren’t showing interest in getting back soon as they seem to have embraced the work-from-home culture.

Flipkart

The poster boy of the Indian startup ecosystem Flipkart initially seemed to have affected by the lockdown restrictions that continued for two long months with only essential items allowed. Once restrictions were relaxed, the startup slowly gained its momentum and seems to have reached its Pre-Covid level during the festival season in October and November. Brick and Mortar store are still not a convenience for many amid the Covid fears and the public is adopting the digital shopping experience.

Docsun Clinical AI Laboratory

Like many industries, Healthcare startups gained traction in the pandemic and proved the worthiness of their innovation. And one such startup is Taiwan based Docsun Clinical AI Laboratory. The startup works on Medical precision techniques for faster detection of infections and diseases. Post pandemic, the startup has collaborated with hospitals and universities to test their development of detecting Covid infections with seconds which takes several hours in conventional means. The AI startup predicts a positive impact and is soon looking to be in the market.

While the Covid-19 situation has brought the best and also the worst across various sectors in the market, this could also be seen as a warning to make changes to the day-to-day business by employing technology.