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Startup Survival Tactic: Diversify via Partnerships

Name: Startup Survival Tactic: Diversify via Partnerships
Uploaded: 2020-08-24T21:53:26+00:00
Duration: 1 min 23 s
Channel: Royston G King
Description: In this mentoring‑style talk, the speaker addresses female entrepreneurs navigating the COVID‑19 crisis. She stresses the need for flexibility and rapid…

24 Aug 2020 · 1 min

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1:23

In this mentoring‑style talk, the speaker addresses female entrepreneurs navigating the COVID‑19 crisis. She stresses the need for flexibility and rapid assessment of how market demand is shifting, noting that many businesses are struggling. The core recommendation is to diversify through strategic partnerships rather than over‑investing in new capabilities. As a concrete illustration, a fine‑dining restaurant should partner with an existing delivery service to offer take‑out, allowing the restaurant to adapt quickly without the cost and complexity of building its own delivery infrastructure. The overall message is that partnership‑driven diversification is a pragmatic survival tactic for startups during the pandemic.

Chapters

I would say with COVID-19, there's a huge need to be flexible and agile in adjusting. I remember we did a lot of sessions, mentoring sessions to female entrepreneurs. We found that some are reluctant to change the business model, but there was a lot of encouragement that we need to, before thinking of assessing the current situation, and what business is actually moving, and some of the businesses are not doing very well in general as a domain. So having the idea of diversification through partnership to complement certain products and services, that is much more suitable with the current situation. So for example, like people who has, like, let's say female entrepreneurs who has, like, a dining, fine dining restaurant, then they would need to offer delivery, for example. And in order to do this, they need to partner with a delivery service provider in order to start, instead of investing all over in this section. So, like, the key is a partnership for diversification based on the current situation of COVID-19.