start up

  • Paula Parker posted an article
    If you’re leading a startup or small business, you must be asking yourself, “What’s in my lifeboat?" see more

    Source: steveblank.com Author: Steve Blank

     

    This is the one blog post that I hope I’m completely wrong about.

    With the Covid-19 virus a worldwide pandemic, if you’re leading any startup or small business, you have to be asking yourself, “What’s Plan B? And what’s in my lifeboat?”

    Here are a few thoughts about operating in uncertainty in a pandemic.


    Impact
    Social isolation and a declared national emergency have had an immediate impact on industries that cluster people; conferences, trade shows, airlines/cruise ships and all types of travel, the hospitability industry, sporting events, theater and movies, restaurants and schools. Large companies are sending employees to work at home. Large retail chains are shutting down their stores. While the impact on small businesses and workers in the “gig-economy” hasn’t made the news, it will be worse for them. They have fewer cash reserves and less margin of error for managing sudden downturns. The ripple and feedback effect of all of these closures will have a major impact on our economy, as each industry that gets impacted puts people out of work, and those laid off workers don’t buy products and services.

    It’s no longer business as usual for the rest of the economy. In fact, shutting down the economy for a pandemic has never happened. Millions of jobs may be lost in the next few months, as entire industries get devastated, something not seen since the Great Depression of 1929-39. I hope that I’m very wrong, but the impact of this virus social and economic effects are likely to be profound, and will change how we shop, travel and work for years.

    If you’re running a startup or small business, your first priority (after your family) is keeping your employees and customers safe. But next the question is, ‘What happens to my business?”

    The questions every startup or small business CEO needs to ask now are:

    • What’s my Burn Rate and Runway?
    • What does your new business model look like?
    • Is this a three-month, one-year or a three-year problem?
    • What will my investors do?

    Continue Reading Original Article

  • FreshWorks Studio Inc. posted an article
    FreshWorks Studio ranks 20th on The Globe and Mail Top Growing Companies ranking. see more

    FreshWorks Studio is pleased to announce it placed 20th on the inaugural Report on Business ranking of Canada’s Top Growing Companies. Canada’s Top Growing Companies ranks Canadian companies on three-year revenue growth. FreshWorks Studio earned its spot with three-year growth of 2,216%.

    “Our team works hard every day to build extraordinary digital solutions for our clients,” says FreshWorks Studio co-founder and CEO Sam Mod. “When Rohit and I  immigrated to Canada 5 years ago, we only dreamed of building such a fast growing company. It’s truly humbling to be ranked on The Globe and Mail’s ranking of Canada’s Top Growing Companies.”

    “A growth of this size wouldn’t have been possible without the relentless hard work and dedication to developing the best possible solutions for our clients from our team and the continued trust and engagement from our clients,” says FreshWorks Studio co-founder and CEO Rohit Boolchandani.

    Launched in 2019, the Canada’s Top Growing Companies ranking program aims to celebrate
    entrepreneurial achievement in Canada by identifying and amplifying the success of growth-minded, independent businesses in Canada. It is a voluntary program; companies had to complete an in-depth application process in order to qualify. In total, 400 companies made the ranking this year.

    “The 400 companies on the inaugural Report on Business ranking of Canada’s Top Growing Companies ranking demonstrate ambition, innovation and tremendous business acumen,” says Phillip Crawley,Publisher and CEO of The Globe and Mail. “Their contributions to the economy help to make Canada a better place, and warrant commendation.”

    You can view the journey of FreshWorks Studio’s growth here.

    About The Globe and Mail: The Globe and Mail is Canada’s foremost news media company, leading the national discussion and causing policy change through brave and independent journalism since 1844. With our award-winning coverage of business, politics and national affairs, The Globe and Mail newspaper reaches 6.6 million readers every week in our print or digital formats, and Report on Business magazine reaches 1.8 million readers in print and digital every issue. Our investment in innovative data science means that as the world continues to change, so does The Globe. The Globe and Mail is owned by Woodbridge, the investment arm of the Thomson family.

    About FreshWorks: FreshWorks Studio specializes in designing and developing elegant and high quality mobile and web apps for startups, enterprises and government organizations. Their team of 60 passionate designers and developers are headquartered in Victoria BC, with offices in Vancouver and Seattle.

    For further information contact: Lisa Stappert, Marketing Coordinator, lisa@freshworks.io