Leading tech portal, VentureBeat, published an op-ed from Indium CEO and Gideon Brothers Co-Founder, Milan Račić. The article, named Trial by fire: This year will expose the best and worst tech startups, highlights that even before coronavirus (COVID-19) started to put pressure on global markets, the tech startup sector was heading for a rude awakening. “In the best of possible worlds your startup should be sitting on a whack of cash now,” he explains.
Račić: “A slowdown means fewer customers, longer sales cycles, less traction, and a much harder time fundraising, which is the lifeblood of most startups in the early years. A downturn is also an opportunity – for startups that play their cards right.”
He continued: “Crises are a time when leadership comes to the fore. Rising tides lift all boats and hide many leadership faults. Falling tides expose the underside of your boat – to investors, customers, and employees. The scary part is that you are naked. The great part is that you are naked. Big platitudes, big visions, and big declarations will take a beating in the next few years. Big honesty, big leadership, and big customer focus will be rewarded.”