It’s implied that the Covid-19 pandemic has affected worldwide businesses, from transportation and logistics to training and medical care.
Regardless of this, there was a flood of novel thoughts worldwide and startups who adjusted rapidly to the pandemic and ended up in the mainstream marketplace in an exceptionally short amount of time.
The US, the UK and Japan reported that new business enlistments expanded by 95%, 30% and 14% respectively in 2020 as compared to 2019. The quantity of new startups in the tech industry grew by 20%.
A comparable pattern can likewise be found in Malaysia where new businesses are beginning to arise across different areas including F&B, logistics, e-commerce, mental health, medical care, and fintech, because of the pandemic.
The worldwide pandemic is a call for Malaysian companies and startups to enhance and speed up their businesses both in the tech and non-tech space.
One key advantage that startups have – especially in times of rapid change – is the speed with which they can adapt and scale – an area where traditional business models may become obsolete. Startups’ lean organisation allows them to pivot quickly, as faster and easier decision making allows for faster processes and production. This gives them an advantage in terms of ensuring business continuity.
In today’s environment, where unemployment is on the rise, startups hold the key to job creation and workforce upskilling. This is especially important for Malaysia as we move forward with the government’s MyDigital initiative, which focuses on digital transformation and the adoption of the digital economy in order to become a high-income country.
Startups foster a strong sense of community in addition to economic and technological growth. The local startup scene has a positive and supportive culture in which information, networks, and resources are shared, promoting equal growth opportunities for all. As we enter the post-pandemic era, this sense of community enables faster business growth, greater adaptability, and a positive work culture, all of which contribute to greater economic gains.
Business accelerators and early exposure to funding opportunities could be one way for startups to ensure business continuity. In today’s risk-averse investment environment, business accelerators can help startups and SMEs build their capability through financial support, grants, and access to industry advisers, assisting them to convert viable ideas into long-term businesses.
Mentorship and coaching are also frequently undervalued in the success of a startup. Industry mentors and business coaches can provide entrepreneurs with the right guidance in developing business strategies, understanding local and international market landscapes, and forming the right partnerships, providing them with a fresh perspective to address looming issues.
As the pandemic has amply demonstrated, developing relevant skills and collaborating with the right people is critical for today’s entrepreneur. Building talent development programmes that teach skills such as machine learning, coding, digital marketing, and fintech is another way to help aspirational startups build the right teams to achieve their business objectives.
The Covid-19 pandemic has had a significant impact on global economies. However, it has also paved the way for further innovation, spawning new businesses. As we move into the post-pandemic recovery phase, these ideas and innovations will serve as the foundation for our country’s future growth in terms of technology, talent, and revenue.
