COVID-19’s Impact on Tech Startups
The COVID-19 pandemic has caused unprecedented business interruption across nearly all industries, with tech startups facing some of the greatest challenges. Venture capital funding has quickly become more selective, which can hurt companies dependent on a steady infusion of capital. Some startups are seeing dramatic revenue reductions because existing customers are either unable or unwilling to pay on time. Revenue is falling short of pre-COVID-19 financial projections because prospective customers are tightening their belts. Supply chain disruptions have left a few startups unable to manufacture or sell their goods, and even though employees are largely working remotely, commercial landlords have taken firm positions with respect to rent. To top it off, insurers have been unreceptive to force majeure claims.
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