If you were asked what some of the most famous companies in America where what would come to mind? Would it be Netflix, Microsoft, Uber, Instagram, or Disney? These companies seem to be picked at random, but they are not. They all have one thing in common. Like many new startups that succeed they started during a recession. It is hard to believe that in times of despair so many new companies find success, but there is a reason for this. When the economy crashes it creates many new opportunities. These opportunities help new startup businesses to grow when the economy starts to recover.
It may not seem like we are going through one of these periods of opportunity right now. Although, the Co-vid crisis has been hard on almost everyone and been devastating to many businesses. This devastation has already led to new opportunities for some select fields. If someone asked you about Zoom, the video conferencing app, one year ago nobody would know what that was. The crisis has made, Zoom has become hugely successful and is now a company know by almost everyone who has a computer.
“In most instances, the Covid-19 pandemic has been awful for business. But for a lucky few—particularly those in the fields of health care, distance learning, and delivery—the outbreak has led to increased sales, usage, and/or exposure for their enterprises.”
Even though a select few industries have already had growth because of Corona Virus this does not mean that new opportunities for startups during the crisis have completely dried up. Obstacles caused by Corona can end up benefiting the new businesses, not now, but in the future. For example, when a new business is created, they will learn to work remotely or over long distances better because that is all they are allowed to do. This advantage and many more can lead to new businesses taking up market share from the bigger struggling companies. Thus gaining a foothold in the market.
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