While containing any further spread of the Coronavirus is the primary concern, the consequential calamities would haunt us long after eradicating it. There won’t be anything normal or restated to former glory again, it will be a new normal for us. We are staring at behavioral changes in the corporate as well as the startup sector. Large scale discontinuities in several industries and a high level of unemployment are mandatory across the globe.
We talked to the celebrated Astro Strategist cum Business Astrologer about the fate of startup industries in the coming days Post-COVID, and he has this to say. “Coronavirus impact is not just physical, it’s temperamental, psychological, ergonomic and it is here to stay for some time!”
He further adds, “Most devastating aftershocks would be felt within the startup and MSME ecosystems. These rely upon a constant flow of capital and investments, which due to the pandemic have come to a complete standstill.”
Hirav Shah says that as most of the startup leaders and entrepreneurs are looking for exit strategies to contain losses, some of us have given up to the menace already. Aspiring employees, projects, and ideas that were to bloom into reality may take ages to substantiate any further. Times are rough and only the tougher ones would survive.
While for some of us it is a battle for survival, there are a few that seized this opportunity to make fortunes in this state. In simple words, “आपदा को अवसर में बदल दिया।”
Courtesies to the new norms directed by the governmental bodies across the globe, there’s a huge behavioral change perceivable among the consumers. From shopping online to social distancing and less-likely a will to travel to congested-high density places, the new normal might not be as bad as we presume it will be.
For some of these sectors, the new normal would bring in newfound opportunities. A whole new market that was untouched before is now up for grabs. As we are talking of all this, some startups are already working on the aforesaid scenario.
Hirav Shah takes a look at the sectors which would be at an advantage for the business model they possess:
Online education, tutoring, web courses, etc. have come up to be the need of the hour when schools and educational institutions are not allowed to function. People are afraid to send their kids and children to places where social distancing cannot be practiced and hence the Ed-tech sector is tapping on every possible entity they can. Also, which is convenient, holistic, and more sustainable for the time until we have a permanent cure for the COVID-19 pandemic.
HEALTH & WELLNESS
With a worldwide health emergency in play, it’s a huge opportunity for the health and wellness sector to place itself as a necessity among the users. Branding themselves as a pivotal and much-needed support mechanism, this industry is already on a rise to becoming the one with most growth perspectives in the future.
People facing the imminent threat of immunity deficiency paranoia, are looking forward to anything that helps them stay healthy and fit.
FINANCIAL SERVICES & NBFCs
One thing that’s inevitable in the upcoming days is an all-time economic low. Masses would be stranded with less or no cash reserves. Aggravating to the issues at hand, unemployment and health issues would make matters worse. In such times, the regulated financial service providers and the Non-banking Financial Companies (NBFCs) have a pivotal role to play.
Undeniably, people would need funds against the least of collaterals and the stringent conventional banking systems would certainly fall short of policies in such scenarios. For the medium and small scale enterprises to unemployed individuals and those who require funds on short notices, these financial entities would be the only ray of hope.
SAAS & REMOTE-WORKING TOOLS
Software as a service (SaaS) & Remote Working Tools falls right in the path of success in such times. With the temperamental changes that we are likely to witness, SaaS applications & Remote Working Tools would facilitate the ongoing projects and pave the road map for future endeavors to greater extents.
These applications would serve the founding stones for the majority of business operations in the future and a haven for existing ones.
E-COMMERCE & DELIVERY BASED SERVICES
With national lockdown imposed in various countries, social distancing being practiced as the new normal for upcoming months if not years, and people refraining from gathering up at markets, grocery stores, and public places, the E-commerce & Delivery based sectors are booming at large. Given the advent of the technological revolution and interface management systems, this industry was already on a growth trajectory. But the recent turn of events just catalyzed the entire game to unprecedented levels. People who refrained from using online ordered utilities; services and commodities are now adapting to procure for their daily needs.
OTT PLATFORMS & ONLINE GAMING
Over the top media and online gaming have surfaced above the conventional ways of entertainment. With bans and restrictions on movie theatres, gaming hubs, and other recreational-amusement installations, these OTT platforms and the online gaming world had to fill in the gaps. These have proven to be time & cost-efficient, provide a more personalized version of the same experience and one can experience these at the comfort of home.
PHARMA, LIFE SCIENCES & LABS/PATHOLOGY
Another major sector that came out to be a winner is the Pharma, life sciences, and pathology sector. The majority of the human population would wish to have enough health medication and facilities handy post-COVID.
Once a vaccine is successfully developed, every single human being would require a dose, and provide for the demand at hand will be on the shoulders of our Pharma industry. These people would be providing for a noble cause, but to make a fortune for them is more than certain.
MANAGED OFFICE SPACES
Another sector that would rise above the rest is the managed office spaces for corporates, startups, and commercial real estates. With the prevailing wave of remote working culture combined with businesses cutting costs aggressively, the need for cost-efficient, comfortable managed office spaces are observed.
With people unlikely to travel for work, Startups, SMEs, and even corporate bodies are looking forward to cost-cuts in order to balance things out and these are safer than conventional office hubs and come for a fraction of operational costs for the same.
Conclusively, Hirav Shah says that the future might be looking bleak for most of us. Economies are uncertain for growth, widespread unemployment looms over us for the upcoming quarters, but not for the sectors and industries stated above. These would continue to shine even in the cloudiest of weather. After when the storm passes by, these would emerge as the knowledge and industry leaders to behold.