Crises are generally viewed as dangerous, expensive and derailing from main agendas and priorities. However, a look back in history shows that crises and other such situations have forced people, countries, and even the world to innovate and find solutions. Here, two incubatees from NSRCEL reveal their perspective to deal with crisis and capitalizing on adversity by turning challenge into an opportunity.
Baskar Subramanian |Co-founder, Amagi Media Labs
Baskar Subramanian, an Incubatee of NSRCEL, 2008-2009, founded a Bluetooth audio solutions firm called Impulsesoft along with two more co-founders. He sold his venture to a US-based Sirf Technologies. He worked with Sirf for two years, and founded Amagi Media Labs, a Bengaluru based firm that enables TV networks to create a complete broadcast workflow on the cloud and allow advertisers to target audience at a regional level. Baskar had himself turned a crisis into an opportunity for his firm during 2009 global financial crisis and he is encouraging the young startups to be optimistic and move forward.
While Baskar has faced challenges running a startup during 2009 global financial crisis, he says that the Covid-19 pandemic is entirely a different event. It has affected lives of billions of people around the world in an unprecedented way, but the differentiator is that rather than hitting only a particular sector or a country, this is a global crisis and everyone is dealing with the same problem.
He believes that a crisis can bring opportunities for budding entrepreneurs to try new ideas when big corporations are struggling. This is also a time to anticipate how the post-pandemic world will unfold, creating opportunities that never existed. Turning crisis into opportunity can result in fundamental, long-term growth and success if carried out well.
Some aspects of consumer behavior and marketing response will have changed and will remain same in future. The brands that recognize that and prepare for it will thrive in the next new normal. It is during such changing times, it becomes more important to understand your consumers and and pivoting strategies to meet their needs, he added.
Bhaskar adds that the smartest thing you can do is to utilize this time to strengthen your ideas, revive your strategies and build your capabilities that future relevance will require. Brands that focus on consumer needs will be strongly positioned for brighter days. In such times of volatile markets, a new firm can dominate the market and make its mark.
Pradeep Varadaraja Banava |Product guy | Entrepreneur |Mapper
Pradeep started his startup journey in 2007. He is the Co-founder of Mapunity and Headtstart Network Foundation. Having decades of experience working with several organizations, Pradeep has shared his entrepreneurial journey and explained how a young startup can survive in this crisis.
Pradeep believes to follow the Accept, Evaluate, Connect, Conserve and Preserve/Pivot model. Elaborating on this, Pradeep suggests startups to accept your present situation, identify and evaluate critical areas that need attention, layout possible solutions and implement the most effective ones that will bring change.
He encourages startups to develop and implement strategies that small business owners might not have considered before. Pradeep recognized importance of conserving cash in this challenging environment by reducing expenses and optimizing cash flow.
He emphasized to utilize this time to increase social capital. Have a thoughtful plan of engagement for each stakeholders and this investment will pay enormous dividends in the future, he added.
Additionally, bank upon the people that you have painstakingly hired. They are your team who will pull together and overcome obstacles presented by this pandemic. Make them feel appreciated and respected by demonstrating emotional intelligence.
Believe that this crisis will come to an end, and the businesses that will endure this unprecedented season will come out much stronger, he added