COVID-19 has managed to shake the world in an unprecedented way. But mostly, the pandemic affected businesses and consumer behavior and sentiment.
Some businesses were halted, some were forced to digitize and many introduced new products to keep their business pandemic-proof.
While for many businesses post-pandemic momentum is at stake, but newly-created trends are expected to happen across industries and are anticipated to see long-term success.
How Are Startups Keeping up?
Even if you do not have the most knowledge of how business works, you would still think that startups, with less to put at risk, must have been a disaster by now.
Well, how the pandemic affected startups, specifically, is a debate. This is because, in the United Kingdom, more than 1,000 technology-based startups filed for liquidation, administration, and dissolution since the start of lockdown.
However, if we talk about startups in the US, then according to a working paper by researchers at Harvard, Stanford, British Columbia, and the University of Chicago, 52% of startups have been impacted positively by the pandemic.
While at the present moment, it is hard to predict the future for startups and businesses around the globe, it is still safe to say that startups with a pandemic-influenced approach have high chances to flourish in the coming days.
Here are some startups sectors that are likely to see a bright future by the end of the pandemic:
‘Managed’ Office Spaces
The work from home culture was daunting to many companies. However, after placing their employees to remote working terms, the companies saw equal productivity and also found this new normal cost-effective.
As a result of this, many startups reduced their office space or left the workplace, completely.
On the other hand, the introduction to remote working culture gave employees a chance to contemplate the values of office work. And now, many employees want to separate their work life and home life by having space to work and socialize.
Keeping this in mind, and it is beneficial for startups to put thought into the idea of managed office spaces.
This can help employers in cutting operational costs and also help employees in choosing a place they like to work in.
Before the coronavirus outbreak, educational institutions were incorporating digital infrastructure. However, there were still many challenges for educational institutions to face before getting digitized.
However, the coronavirus outbreak enforced educational institutions to halt their functioning, which eventually forced them to try various EdTech platforms overnight.
Various numbers of EdTech solutions such as MyTutor, Kid Science, and Tech Will Save Us were being used in universities and schools to connect studies with teachers, remotely.
Back to Basic Entertainment
Since the coronavirus outbreak, people were introduced to the basics of living.
As a result of the crisis, people had more value for basic living rather than an opulent lifestyle. Many people who were only dependent upon internet streaming platforms, cinemas, and more heavy-budget entrainment were more then delighted to put their feet up with affordable cable TV service.
In times like these, cable TV services like Spectrum also offered affordable entertainment medium through its packages like Spectrum Silver and more.
It shows that startups that will invest in flourishing ideas of minimal living and pocket-friendly entertainment will be able to see the brighter days once the pandemic is over.
The pandemic has made people realize that there is nothing more important than health and well-being. This realization resulted in a boom of online health and wellness services. Telehealth tech, monitoring remote mental healthcare, online fitness, healthy diets, remote diagnosis, motivation content, and much more came into light as a result of the pandemic.
Even applications like Urban saw a great user-based population in the self-care sector.
COVID-19 has taken the online gaming sector to a new level. With numerous gaming platforms and companies reporting a high increase in revenues during the pandemic, especially in the lockdown.
Startups like Stockholm-based NAG studios are building the next generation of gaming.
Therefore, it is highly likely for gaming startups to see a brighter future.
Cash Your Ideas
From the revolution in how we consume entertainment, shop, travel, education, and much more, lies great opportunities for startups.