For example, a startup is a corporation in its initial stages. However, there is no specific description, but start-ups are mostly known to be tech firms that offer groundbreaking technical innovations or address existing challenges in a novel way.
The Edison General Electric Company, founded in 1878, may be considered to be one of the earliest start-ups. That tells us that start-up companies have always been there. The notion bloomed with the advent of the Internet in the 1990s and the dot.com bubble.
Amazon is one of the best examples of this period. Created by Jeff Bezos in his garage in 1994, Amazon has grown to become the largest retailer in the world over the years, with net revenue of $72.4 billion in Q4 2018. Entrepreneurs like Bezos have led the way and shown the world how successful a company could be. Many followed his footsteps, but only a few were able to achieve his level.
For example, Elon Musk created X.com in 1999, which later became PayPal. Mark Zuckerberg founded Facebook in 2004, saying that he was actually addressing the real-world dilemma that he had found. The only thing that helped them out was the World Wide Web.
Startups are springing up like mushrooms nowadays. They are growing internationally, are linked to their future customers via the Internet, and are moving towards progress. Start-ups have become a worldwide phenomenon.
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Here’s How COVID 19 is affecting Business
The pandemic struck hard and did not spare even existing businesses, let alone start-ups. Yet, they do whatever they can to survive, so life is the number one priority. Young companies-to-be-are faced with several challenges:
- Cash management until the vaccine is out.
- Changing valuations based on the affected market.
- Leaders facing intense emotions while remaining transparent.
- Challenges with a shift to virtual meetings.
- Potential pivoting of a business model.
If we look at the figures, 41% of companies worldwide are in the so-called “red zone,” which means they have three months or less before their financial supply is exhausted.
Since the pandemic began, 74% of start-ups have had to drop full-time workers, with North America becoming the largest continent to do so. 74% of start-ups saw their sales decrease marginally, but 16% saw their profits dropping by more than 80%.
38 percent of businesses have not received assistance and are not seeking it, 16 percent are not supported but are planning to do so, and the remaining 46 percent are providing assistance.
Are some of the entrepreneurs going to drive you through?
In the last decade, the creation of a company has been very clear. Often all that’s required is an innovation that doesn’t actually transform the universe but just improves the current framework.
The design doesn’t have to be fresh at all, but it needs to perform well, and it needs to be on the market.
Every game has a winner, and the VCs keep their eyes wide open as they watch the fight between these startups and the invisible enemy. They’re health and tech-related, and they’ve just had their five minutes to shine.
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Calm
Calm is known as a therapy, sleep, and mental health tool, but it’s really a start. It’s available for Andriod and iPhone with 36 million downloads so far.
Calm is headquartered in San Francisco, California. Its goal is to make the world a happy and healthy environment by creating interactive and physical tools to help people deal with anxiety, depression, insomnia and stress. So far, the organization has raised $115 million, and if COVID-19 succeeds, it will certainly be able to support people with fear.
AstroPrint
The key focus of AstroPrint is Crowd 3D printing of PPE and ventilators. Much of his staff is based in Malaga, Spain. The goal is to harness the tech and innovation team to support local healthcare facilities with 3D-printed medical supplies. The product will first be launched in Spain and then internationally.
Doctor on Demand
Doctor on Demand introduces himself as a next-generation video telemedicine venture. Located in San Francisco, Doctor on Demand delivers planned access to U.S.-licensed healthcare providers via mobile devices.
The business raised $74 million and vowed to offer top-notch customer service, best quality performance, 24/7 patient care and cost benefits from day one.
DarwinAI
DarwinAI is a Canadian company focused on creating an AI instrument that could identify the existence of COVID-19 from a patient’s chest X-ray.
The COVID-Net, a coevolutionary neural network, is uniquely equipped to better classify COVID-19 in patients. It has recently become open-source, meaning that physicians can use it and fine-tune it easier to recognise the virus.
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Conclusion
Although coronavirus is invading the globe and increasingly checking the hopes of developers, we see a shift in how companies will act in the future.
It seems that most healthcare-oriented start-ups are in a marginally better spot than some. 3D printing, education, mental health, and AI are the changes that society wants at the moment.
Venture investors are waiting eagerly to see when the pandemic is coming to an end. Before then, several entrepreneurs would continue to devote their money and attention to survival.
WRITER BIO
A researcher and tech blogger who focus to bring you hype about technology, you can read my fun at https://xclusivebyte.com
