In many startups, people have reacted within a narrow or their own framework - but have not yet gone beyond that to crisis management in a global context.
If not already done, the own products should be extended or adapted by the previous experiences - in the sense of impact of the crisis and being affected by it oneself.The background for this is that a similar phase as now, can repeat itself in the further course of the crisis. In addition, further crises or crisis-like circumstances can of course occur at any time in the future.
More is better:
In many areas, startups can - and should - do more than they have in the past. Many have not yet consistently switched to a crisis mode. And they have done so in the sense of better recognizing and working out the opportunities for change and development they contain - or pursuing them more intensively.
Our own crisis management:
Many startups are not yet broadly positioned enough to already have their own crisis management. This is due to the fact that they do not yet have many years of experience with past crises (experiential knowledge). In many StartUps, this can also be age-related - be it due to the founders or the team as a whole. This offers an entry point for investors who bring this experience with them.
Own framework versus global framework:
People in many startups have reacted within their own, mostly narrow framework - but not beyond that in a global context.
If this has not already been done, the company's own products should be expanded or adapted to reflect previous experience. Every start-up is affected by the impact of the crisis in its own way.
The background to this is that similar dynamics to those seen so far may be repeated as the crisis progresses. Moreover, new crises or crisis-like circumstances can of course occur at any time in the future.
Profiteers of the crisis:
Some startups are among the beneficiaries of the crisis, but they should still use the above approaches because they could be affected in exactly the same way in the next type of crisis - or in special circumstances. In other words, they should take the crisis as an opportunity to build up or update a crisis management system.
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