Updated: Apr 9
By: Bhav Singh.
Amid a pandemic that has truly become the black swan of the venture capital scene, we see a shift for businesses that are proving to be exceptionally difficult for most and prosperous for some. According to Sequoia Capital, a Venture Capital firm with $1T in AUM (assets under management), there is a way for startups to come out from underneath and emerge stronger than ever.
Of the twenty or so pieces of advice mentioned in this article, the pieces that popped out included their take on large markets, pain killers, and the team’s DNA. Their take on large markets is to make sure that you’re not adhering to a very special niche, which in our case of a pandemic would be ruled out on premises of luck — you want to tackle a market of existing customers poised for rapid growth and change. Secondly, painkiller is a big part of why we follow the lean launchpad curriculum here at WorkBench; the lean launchpad promotes customer discovery which helps to feed this “pain killer” so that you can really conquer the one thing that is of burning importance to the customer, and then deliver to them the greatest product that they’ve ever seen.
Lastly, team DNA, isn’t this obvious? If YOUR TEAM isn’t there for you through this time, then that isn’t the team. Now if you’re seeing tremendous amounts of growth during this time like Drizly (5x growth) then you’re okay and can ignore what was just mentioned, but if you’re an India-based startup then you may see more growth than anticipated. We’re seeing tremendous amounts of efforts being shifted into Indian startups, $10 billion in fact which was 55% higher than 2018. This trend will continue in 2020 and stay positive, according to partner Sriwatsan Krishnan at Bain & Company.