Adapt to survive, or be faced with extinction.

Posted by Ventures Online on Fri Oct 09 2020
If there is one lesson that founders of startups can take away from the prevailing pandemic caused by the novel coronavirus, it is the importance of adapting to technology to facilitate business processes. The advent of COVID-19 was an unforeseen market shock that brought entire industries to a complete halt, leaving many businesses unable to capture and deliver value from and to its customers. While it is debatable whether such a shock could have been prevented, the severity of its impact on individual businesses could have been limited by technology.

Technological innovations in business have the power to improve value chains by eliminating or shifting various stages in the design, manufacture, commercialization, and distribution of products and services. Thereby reducing costs and catering for a more efficient business. This is important for anyone who strives to build a sustainable business model. That startups often have access to limited resources, financial and physical, entails looking to various innovations to create a competitive advantage for themselves and level the playing field with existing, larger competitors.

At some point in time, a startup hoping to scale its operations will likely be faced with the obstacle of raising funds. Seed funds and other organizations that focus on investing in early-stage startups do so with the hope of generating a return on the chances they take. Traction and a carefully thought-through business model are paramount to attracting investors. You have to make the most of the little you have to get the ball rolling. The adaption of digital technologies allows products to move from idea to market faster than ever before.