The COVID-19 pandemic has disrupted plans, changed priorities, scrambled existing networks, and made us all acutely aware of the fact that we cannot predict the future. A key driver in India’s economic growth is startups, which fuels job creation and spur innovation. However, the pandemic has substantially reduced startups’ launch, stunted their development and ensured serious impediments to survival. Often economies emerge far more resilient after a period of recession, leading to sustained growth. Several successful startups and innovative businesses emerge from challenging times and transform into unicorns on a similar note.
In fact, even as the number of new business registrations generally drops during recessions, many successful innovative start-ups or businesses have emerged from periods of crisis. Examples include Dropbox, Uber, Airbnb, WhatsApp, Groupon, and Pinterest, which were all founded during or just after the global financial crisis, and Alibaba’s Taobao that was founded during the SARS outbreak in China in 2003.