Startups reinvented to overcome Covid-19 challenges: IIIT-H study
Hyderabad: The Covid-19 pandemic changed our lives – for better or worse. And the startups especially tech-led startups were also not left behind. A study conducted by IIIT-H’s deep tech incubator CIE reveals the impact of technology on its startups during the pandemic and says that startups had to constantly reinvent themselves in order to sustain.
The study is based on IIIT-H’s Centre for Innovation and Entrepreneurship (CIE) head Anubhav Tiwari and XIM Bhubaneswar Professor Ritesh Dubey interview of 15 startups founders on the impact of pandemic. It found that almost all startups faced difficulties pertaining to procurement of raw materials and resources, employee payment, logistics, banking, legal formalities, and finding suitable talent. The Covid-19 outbreak compounded their challenges in raising funds, finding investors and partners.
It also mentioned that some startups lost relevance for their existing ideas and products. So, they redesigned their products and services to suit the Covid-19 market. The startups invested a significant amount of R&D in digitalization, adoption of technology, understanding the consumers, and AI/ML-based projects.
The blogpost by IIIT-H also mentioned that the Technology Acceptance Model (TAM) conceptualised by Fred Davis of MIT Sloan School of Management in 1985 played a crucial role to cope with pandemic-like situations.
