The recent outbreak of COVID-19 has impacted the economy in an adverse manner with some economists comparing it with the recession of 2008 and few others warning that the conditions might deteriorate over coming months. In this period of uncertainty, the worst affected business entities are startups, who even in normal scenarios, have many things to worry about ranging from cash crunch to market accessibility. The pace with which the economic environment has changed, has left startups in a fix.
Although looking on the brighter side, the world has been fast tracked to use technologies and good practices which, otherwise, were shadowed under other major goals of the companies and institutions. Working from home, meetings over video conferencing, lower commute time etc., would have created a balance between companies’ profitability and welfare of the environment & mental health of the individuals had it been because of shift in the work culture and not due to a global pandemic. Businesses and government institutions have now understood the importance of sectors that are otherwise sidelined, are needed on the forefront during such testing times.
Below is a list of startup sectors that should be the point of focus owing to the shift in global economic scenario:
1. Startups providing Holographic Video Conferencing
All businesses, big or small, had to shift to video and voice calls to ensure their operations keep running in at least some capacity. Conference call providers have seen growths that were never observed before. However, in the long term, holographic video calls will be the epitome of best online interaction technology owing to two major factors: Pre-existence of ample number of players in 2D video call sector & greater interactions provided by holographic video conference technologies. With world’s first holographic call that happened in February 2019, startups have already started to race towards this emerging domain.
2. Drone technology-based startups
Even though being in the market for over 10 years, the simple ability of drones to be easily customizable for a wide range of applications, ranging from delivery to site mapping, with minimum human interference, will help it easily penetrate different businesses and is still the big thing to look forward to. Countries like China, France and USA have already leveraged drone tech to fight COVID-19 in uses such as spraying of disinfectants and patrolling of areas during lockdowns. With relaxation in norms and improving designs, drone tech will be an important multi-functional tool for any institution in the days to come.
3. Biotech startups
Biotech startups have had the reputation of businesses for investors who want to play the long game. With biological studies taking a longer duration for research and results, these startups have always come down in the wish lists of investors. However, the ongoing pandemic has refocused people’s attention towards biotech businesses not in an ordinary manner but with a lot of hope.
The rate of increase and spread of COVID-19 has reminded the world to provide biotech businesses with the required support to conduct their R&D and come out with lifesaving solutions.
There are several other startups in fields of online education, online gaming and others, which are and will be seeing increased attention from customers, however, the above mentioned three sectors are the ones which have regained much attention during the ongoing corona outbreak.