Earlier this week, we highlighted a blog post that asked why the widely predicted Startup Apocalypse of 2020 never materialized. Written by Aaron Dinin, who teaches entrepreneurship and invests in startups, the post offered an interesting theory, namely that the crisis compelled many venture-backed startups to do all sorts of things they probably should have been doing anyway.
With everyone predicting economic apocalypse and with the venture-capital spigots snapping shut, many startups hunkered down, preserving whatever capital they had, eliminating non-essential spending and personnel, and focusing on creating revenue–on survival. In other words, they started operating much the way bootstrapped businesses operate. And then they learned some important lessons. For example, employees working from home tended to work harder. And sales teams found they didn’t need to get on airplanes. They could close more deals and operate more efficiently on Zoom.
Bottom line, there was no Startup Apocalypse in 2020. In fact, many of these companies found themselves better positioned, growing faster, than they would have absent the crisis. It’s a lesson we all learn over and over. Sometimes it takes a crisis to get us to make that tough decision that we’ve been putting off.
What has the crisis taught you? What thoughts and practices will you hang onto even after it passes?
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