John Maxwell, an American author, quoted, “The pessimist complains about the wind. The optimist expects it to change. The leader adjusts the sails.” This aptly captures the survival strategy of various start-ups and companies in the post-COVID world. Some businesses have had to permanently close down whilst others have ‘adjusted the sails’ for a brighter future. The start-up founder sets the course and sails the boat in the right direction while tackling various challenges.
To give an example near home, Byju’s, an e-learning start-up, has risen and grown to be among the decacorns in Indian start-up history. The leadership team understood that as families are bound to stay indoors due to the nationwide lockdown, the need for digital content and online tuitions amongst students would register greater demand. The reason behind their successful ramp-up was their agility. They adapted to the new normal and witnessed positive results.
Similarly, there are certain qualities and techniques that a start-up founder and team should display to ensure the successful running of their enterprise in uncertain times.
Establishing clear communication amongst stakeholders, especially employees
The lockdown necessitated immediate closure of offices, and physical interaction was not possible. With the uncertainty of business operations, job losses, and need to fulfil customer demand, good leadership was essential alongside transparent communication. It ensured that all stakeholder groups had information and acted with trust and responsibility. Digital and social media were used extensively by young start-up founders to communicate tough decisions, whilst ensuring empathy and care. One of India’s most admired start-ups, Swiggy, published its CEO’s email as a blog post mentioning the separation of 1100 employees. Such leadership acts showcased appreciation, compassion, and fairness, even to the outside world.
Accelerating CSR initiatives through meaningful partnerships for caregivers & frontline workers
COVID-19 has showcased the human-side of start-up businesses. With sales getting affected due to the lockdown, many of them changed the strategy of their businesses and began to focus on fighting the pandemic alongside the government and local administration. Start-ups such as Ninjacart started providing food supply to nursing homes, orphanages, and slums. UV Robots, a company based out of Mumbai, plans to dispatch robots who will disinfect hospitals, airports, buses, offices, local trains, and other locations. Another Indian Unicorn, Oyo Rooms, earned the praise of Ivanka Trump for offering free rooms to doctors in USA.
Ensuring minimum disruption and continuity of business
Many start-ups saw their entire business becoming stagnant. For example, food delivery apps faced extinction as restaurants were closed during the lockdown. However, quick thinking led them to align with new customer needs as per their current strengths. For example, both Swiggy and Zomato started vegetable and fruit delivery in various cities during the pandemic’s initial days. The strategy helped them to utilize their idle delivery workforce and also earn revenues. Today with gradual unlocking, most online businesses have adapted to offering contactless deliveries which has begun to rebuild their trust with customers.
Generating new ideas and launching new products
COVID-19 has tested the innovation quotient of companies who must tackle the pandemic. Start-up leaders have shown agility to innovate products and solutions to combat the pandemic. Global corporations have turned the sanitization and health & immunity danger into a genuine business opportunity. Similarly, start-ups born during the pandemic came up with innovative solutions like ultra-violet light for disinfecting instead of washing hands to detecting the virus in pregnant women. Few Indian start-ups have come up with unique ideas like sanitizer dispensing robots to easily portable yet affordable ventilators for treating rural patients.
The pandemic has forced start-ups to live up to the adage of every crisis is an opportunity. I believe start-up founders have shown courage and conviction as these are vital leadership skills in charting a successful path amid COVID-19.
Are you a start-up founder or team member? I will be happy to hear from you the challenges you faced during the pandemic and how you overcame them.
