5 Key Principles London Startups Use to Survive C-19
We have been interviewing startups from London for the last three months to ask them how they are adapting to this new post-pandemic situation and the core principles they depend on to survive C-19. At the end of these interviews, we compiled their learnings into a documentary.
We will cover their experiences in five chapters: The first chapter is about fragility versus agility. Yes, startups are very agile, but at the same time, they are very fragile due to a lack of resources. The second one is how doubling the burn rate doubles the runway. The third chapter is about bubbles of opportunity. Some startups will discover those bubbles of opportunity and rise to the top, whereas others will not and unfortunately drowned. The fourth idea is about the need to pivot for the new needs. This is only possible by a new type of collaboration between individuals, startups, and other companies. Lastly, the fifth chapter is about adapting to the new rules and monetisation funding office space, how teams collaborate, how they develop products and other fascinating stuff. We hope you enjoy them all!
This documentary brings together seven interviews with founders and thought leaders in the London startup ecosystem.
Watch the interview of 5 Key Principles London Startups Use to Survive:
1. There is an inherent tension between agility and fragility; just like some systems become less resilient as they become more efficient, startups are very agile, which works in their favour. Still, they are simultaneously very fragile due to the nature of how chasing the next rounds of funding works.
2. The argument that most startups have embraced brings us to this quote: “half the burn rate to double the runway.” While this makes sense for many, it creates second-order effects that are difficult to navigate. Many startups rely on other startups as their customers, not to count the consultants and other service providers that work around startups.
3. There are always bubbles of opportunity, and they act like pockets of air in what is otherwise a deep ocean of problems. Finding those bubbles mean prioritising short term ROI (return on investment) rather than the long term. Survival in times like this might depend more on commercial cunning than on innovation with a possible future return.
4. The idea that startups should be “Pivoting for new needs” has also gathered a consensus. Some startups pull this off better than others, and it comes down to the team itself. We love paying lip service to people and culture, but it usually remains a second or third priority. However, times like these test startups and teams and only those who invested in culture thrive.
5. The next chapter is that of a new normal. We don’t exactly know what it will look like, but as startups can piece together what the future will look like, they will be able to afford more risks and invest more heavily into the future.
Make sure to visit our Youtube Channel for all the interviews.
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Each week, we will be visiting a new startup office to meet with their team & founders. Stay tuned!