Our Prime Minister Mr. Narendra Modi announced special economic package of 20 lakh crore for the laborers, cottage industries, farmers, tax payers and all the small and big scale Industries. COVID 19 has changed the whole scenario for startups as everything is paused in this period of lockdown. Businesses are bearing a huge loss in this global pandemic and many are being shut down because they are incapable of facing the financial crisis. 9 out of 10 startups are facing loss in revenue in this corona period. 92% of the startups are incurring losses and 70% have less than 3 months cash reserves. 40% of the startups are preparing to shut down as they are incapable of sustaining in the market. In logistics businesses, there is also a decrease of 50% but after all this; there is a good side also for the ed-tech sector which increased from 14%. Technology startups are also pivoting their businesses by appointing more employees because in these companies, everything works from home only. Healthcare sectors are also increasing their revenues. These can all be recovered by the creative ideas for the various startups. PM focuses on the Slogan ‘Aatmanirbhar Bharat’ which means self dependent India. He highlighted the opportunities arising from this pandemic and addressed the nation about taking this as a blessing instead of curse. Before COVID 19, India didn’t even manufacture a single piece of PPE Kit but now these kits are being manufactured in a large volume same for the masks. Masks were not manufactured much in India but now their production increases because need for these product arises. These needs needed to be change in opportunities for the business startups. This is proved to be an innovative idea for dealing with economic crisis. Investors always look for those organizations which can sustain cash for a long period of time so it is a great opportunity for the Information Technology Startups which are initiating towards finding solution with Artificial Intelligence, deep and machine learning and they also play a big role in working of all the other organizations.
Opportunities for some startups in this COVID 19
• This pandemic came with an opportunity for the online shopping startups as people do not prefer spilling out their homes in this period and ordering things from their homes directly.
• The shops having goodwill among their customers can serve their products on digital platform so that they will not bear loss.
• Startups in the online education sector will be beneficial because in this period of lockdown, schools and colleges are shut down and studies are going through online medium. Educational institutions and coaching centre can this startup for generating revenues.
• E- Pharmacy is also incurring revenue during this period as people prefer buying medicines from their home only. So it’s a big opportunity for these kinds of startups. Online pharmacy stores carries large amount for customer data which can be beneficial for the public health policy makers.
• Online groceries stores startups can generate high revenue as startups like big basket and Grofers doubled the number of deliveries because people are avoiding going to the market or any store to buy vegetables. Groceries are need that’s why people have to buy it with the view of safety.
• Insurance sector is also generating revenue because in this pandemic, people are concerned about their lives and their family so taking the insurance for a secure future. Insurer startup will also be beneficial in this pandemic.
• Startup for selling masks, sanitizers and PPE kits can also generate high revenue as this became a need for everyone in this period.
These startups will just not generate revenue for the owners but this will also generate employment for the public. Owners will increase their workforce with the increasing revenue because in past few months, online grocery stores are getting more than 150,000 deliveries in a day and now they are appointing more people to expand their business. In this period of lockdown, most of the organizations are declining their 70% of workforce so people are unemployed and searching for jobs for the means of their livelihood. These people can be helped by those startups. As this pandemic takes place in Wuhan first and then spread in whole world. So, nations are blaming china for this pandemic and India now decided to boycott Chinese products and applications. People are initiating towards boycotting all the Chinese apps from their mobile phones and stressing on banning import from china. Markets are flooded by the Chinese products as every second person is carrying the Chinese mobile or any other product and boycotting these products give birth to a great opportunity for India. Indian companies can launch their products with innovative ideas in the market. Even Micromax, a mobile company had already launched its new mobile phone and this is a great example of taking advantage of an opportunity. Every company can take benefit and use their creativity to serve public with those products that they never go for Chinese products. This will also help public by generating employment for them and made our India self- dependent.
Hundreds of cases are pending before the courts and they are incapable of dealing with these cases due to the lockdown in nation. It is a kind of delay in serving justice to the people. Public cannot go directly to the lawyers for the legal consultancy. Legal startups are one of the best ideas to deal with these problems during COVID 19 as lawyers can build up a community of law students and lawyers of various fields for a startup and help out people who are looking for legal advice and other legal works. This will also help in generating revenue for those startups as they will facilitate the services at home. Legal startups have to add their creativity for success so that it attracts the people who ask for the legal services.
Whole world is trying its best in finding the vaccine for corona virus but there is no medicine for this pandemic till date. People have to be habitual of living with it because they cannot pause their lives as well as their jobs for a long period of time. People can’t wait for the end of this virus they have to safeguard their interests regarding livelihood. So, the best way to deal with this pandemic is to take it as a great opportunity. Startups are one of the best ways to face the economic and financial crisis as they are the source of revenue and employment. People are not going out from their homes and it is giving birth to the opportunities for digital startups. These startups will helps in making the nation strong and self- reliable. This will build the capability of recovering the economic crises in the country. Once Vivekanand said, if he will join 100 youths with creative ideas, they can bring revolution in society. So, why can’t India even it is a nation with large number of youngsters. It’s just we need a storming, creative and innovative mind.