Dear Founders and Network,
I hope all is well, and I hope you stay safe and healthy during this time.
We would like to share a few tips as follows and hope we all make it through a difficult time.
- Cut expending. It is important to cut costs to a minimum.
- Rethink business models. It might be a good time to reevaluate and rethink your business model. Treat the crisis as stress testing. Can it be sustainable in such a situation? It is a valuable time to slow down and polish business models and growth strategies.
- Take care of employees and strengthen the core team.
- Hope for the best and prepare for the worst. Startups should consider a range of scenarios “best”, “mild” and “worst” and think through what should be the corresponding solutions.
- Be transparent and speak out. In such situations, it is extremely important to be open with your employees and investors. Communicate with industry peers and investors. Keep an eye on government resources.
- Fundraising. If you plan to or have to raise more money, plan for a 12–18 month runway. It would be easier if you have paid customers or scaling potential.
We believe that we can all go through a hard time and be stronger than ever before.
We are here for our Network and let us know how we can support each other.
Warmest regards from IOSG Ventures team. Thanks for everyone’s long-term cooperation.