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Should Startups Choose “To Hibernate” to Cope With COVID-19?

Photo Credit: Anastasiia Chepinska

There is an increasing number of enterprises, especially startups, adopting a “hibernating” strategy in which they shut down their business doors and get back after the virus outbreak. Is it the best way out of the pandemic? Before digging into that question, here are two case scenarios which can happen to startups:

  • During the pandemic: Chances are startups could die from ‘hunger’ even before being eliminated due to the detrimental impact of the deadly virus.
  • After the pandemic: There is a high probability that “hibernating” startups could be left behind by their peers which could maintain their activation mode, seizing any piece of chance not only to survive but also to thrive during the harsh interval.

What is the most threatening thing that COVID-19 causes for one country’s economy? – It is the desperate atmosphere. The feeling of fear and anxiety is changing customers’ consumption behaviors – spending less money because of layoffs and salary cuts. It also changes the enterprises’ operating method – freezing their activities.

Like a bear hibernating for months, startups could die from starvation without a sufficient amount of food after waking up. Therefore, despite the current crisis, startups have to be more determined than ever, trying any solutions that work for their business, sales, create other marketing plans, and especially, listen to customers. The idea of boosting internal strength for a better jump over the crisis should be bear in mind of any businessman!

Ms. Hang Nguyen, CEO of BSSC shared: “This is not the time to go ALONE, this is the time to go TOGETHER”. Even facing the economic downturn caused by Covid-19, with the spirit of “entrepreneurial warriors” BSSC doesn’t surrender any startup supporting activities. More than anyone else, they understand that startups are extremely in need of support to overcome this very challenging period. So they are calling for the community’s response in using startups’ products/services.

Following that, BSSC keeps Startup Wheel competition on schedule despite the pandemic, because they believe that this is a perfect opportunity for startups to come up with another innovative solution to get through this adversity, via the competition, BSSC could help with wide access to the startup ecosystem in Asia and resources to scale up.

Now they are connecting with Local and International partners to bring this opportunity to startups in 5 continents. This year, they have signed MOUs with CBA Ventures from Korea, and Quest Ventures from Singapore for the profound partnership to support each other’s startup community. Furthermore, they are working closely with more than 20 international partners from Thailand, Korea, Australia, The US & UK, Spain, Taiwan,… to call for applications in the countries.

Let’s join the Startup Wheel competition to thrive in the crisis.
Apply now via: https://startupwheel.vn
Application deadline: 31/5/2020

Startup Wheel – one of the largest startup competitions in Asia is ready for international startups to connect with startup ecosystems in Asia, especially, expand their business to Vietnam – one of the most fast-growing economic hubs in Southeast Asia.The competition runs annually with a 6-month qualification process and is wrapped up with a 2-day event in Vietnam for pitching and exhibiting their products/services to +500 investors, VCs, and large corporations; +200 exhibitors; and 15,000 attendees from startup ecosystems in AsiaBy 2019, Startup Wheel has received +1,800 applications from Vietnam and +80 applications from 11 countries in 4 continents.At the moment, the competition has already attracted applications from 17 countries in 5 continents and expected to expand the scale into more countries. 

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© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

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