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The founders showed a fairly high level of anxiety about the current events. Nearly 77% of entrepreneurs surveyed said they were worried about business and rated their excitement as medium to extreme. Most of all, the founders were worried about the cessation of investments and a serious drop in sales.
How do founders adapt to the situation? When asked about how entrepreneurs deal with stress, nearly half said that socializing with friends and colleagues helps them, and many also highlighted the importance of exercises and adequate sleep. When asked about changes within companies, every second flounder noted that first of all, office costs were reduced, every third company cut its marketing budget, froze recruitment of new employees and reoriented its product. More than half of the founders surveyed indicated that they have successfully adapted to remote work but are not ready to consider the complete transition of the business to the remote mode.
In your opinion, which tool / service was critical for more than 70% of respondents during a pandemic? Of course, this is Zoom. 66% rated Slack as important and nearly half (47%) rated Google Meet as important.
Let’s talk a little about the results of the survey among venture capitalists. When asked how the pandemic affected the investment strategy, every second (51%) respondent answered that the coronavirus did not affect their plans in any way, and another 45.6% noted that the coronavirus only slightly changed their business plans.
At the end of the study, the authors asked VC respondents to give their recommendations to founders on how to change their fundraising strategy. Every second one advised startups not to rush and postpone these tasks a little, every fourth investor surveyed, on the contrary, recommended a more aggressive policy.
A bonus of the study was the encouraging statistics, prepared by the authors together with Crunchbase, on the recovery of the venture capital market after the 2008 financial crisis. According to these data, the volume of global venture capital investments fully recovered in 2 years, and in 3 years already exceeded the pre-crisis indicators. We very much hope that this crisis will have similar consequences!
The original survey as available at the website