As the economic crisis caused by COVID-19 continues to play out, we are all facing new challenges as we adjust to this "new" normal. However, it doesn't have to be all doom and gloom for early-stage startups, with the right approach and plan your business can survive and thrive through this unprecedented time.
Here are a few things early stage founders should be thinking about:
Baffled by the restrictions and sensing a race against the clock until they run out of cash or the program does, small businesses are scrambling to apply for government-backed loans to keep their companies afloat.
The requirements are especially confusing for venture-backed companies, many of which could be excluded from help under the original working of the $2 trillion stimulus package signed into law last week in response to the Covid-19 pandemic.
When Dr. Joanne Weidhaas lost their family's orange Tabby cat named Pumpkin, to a "weird coronavirus" three years ago, the RNA biologist threw herself into a month-long study of it. She wanted to get to the bottom of what had happened.
So once this novel coronavirus pandemic hit, Weidhaas realized she was strangely well-equipped for research and testing.
"This (new coronavirus) comes along and, I mean, we've done all the research on it, and I sit down with the head of my lab (and) we just said 'we can actually really do that,'" Weidhaas said. "We have all the equipment, we have the expertise, we're a high-complexity molecular diagnostics lab, which is exactly poised to look at this."