As everyone knows, the world is facing an unprecedented global pandemic, which is already one of the most significant events in our lifetime. Unfortunately, this seems like only just the beginning of these uncertain times.
With social distancing and self-isolation measures in place across the world, many are facing financial uncertainty with the current economic challenges on a global scale.
Despite the current adversities the world is facing, human beings have a long history of demonstrating resilience and banding together in times of crisis. The current pandemic is no different.
Much of the workforce has shifted to working remotely, while the providers of essential services have seen an increased need for workers to keep up with demand from many panicked shoppers. Additionally, much of the private sector has now moved to start manufacturing medical supplies and equipment that have been in short supply with help from government funding.
The ability to adapt and stay resilient in these challenging economic times will be a necessary strategy for coming out the other end.
It is perseverance, endurance, adaptation and innovation that will help the world to move forward as a unified community in the fight against this pandemic. Read on for more information on economic resilience in times of crisis.
Few entrepreneurs like to consider the idea that disasters of any kind will strike and have a negative impact on their businesses, employees, customers, families, livelihoods and communities. But yet here we are, in the midst of a global health crisis that has had a deep and profound negative impact on the global economy. While not all of us have taken the time to plan for business resilience, a growing number of resources are becoming available to help businesses, employees and communities become more resilient.
Local, state and federal governmental agencies have already made and will be making a range of financial assistance programs available to help entrepreneurs, small businesses, their employees and their communities survive the current crisis. I am in the process of compiling a state-by-state listing of financial and other business resilience-related resources that I’ll be making available for free.
Some companies such as Facebook have already created a list of resources and toolkits to help. Facebook also plans to launch a $100 million small business cash grants program, with details yet to be announced. California-based Pacific Community Ventures has also created a list of resources to help small businesses in California and nationwide manage the current crisis.
There are two types of startup accelerators: for-profit and nonprofit. For-profit accelerators are funded with private capital from investors targeting to produce long-term revenue. They usually take a small portion of startup equity in exchange for the support they provide.
Back in 2010, John Harthorne and Akhil Nigam launched the MassChallenge startup accelerator with the singular purpose of making it as easy as possible for entrepreneurs to launch and grow new startup ventures. Today, MassChallenge works to re-prioritize impact and to put value creation at the heart of the global economy
Important Industry Happenings
- U.S. Economic Resilience on Display as Coronavirus and Manufacturing Concerns Reverberate Through Markets (via Yahoo Finance)
- Amid Coronavirus Fear, Economics Can Offer Hope (via Washington Post)
- Denmark’s Idea Could Help the World Avoid a Great Depression (via The Atlantic)