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The Covid-19 pandemic has put great pressure on London’s generation network with uncertainty about its own survival, yet it must play a central role in the ongoing fight against the virus and the disruption it has caused.
According to a survey of its members through the Tech London Advocates (TLA) generation network, 50% prioritize survival over the next 3 months, recognizing the risk to their viability through Covid-19.
When blockades were announced around the world, the economy slowed considerably, with sectors such as retail, hospitality and those most affected. To meet the challenge of startups, not only did consumers not spend, but investors no longer invested in startups.
This has had a massive effect on new generations who depend on personal equity as they move toward profitability.For example, in the TLA survey, 63% said money was one of their biggest challenges.
In terms of government support, 40% asked for deferred bills and tax exemptions as the most productive form for them, while about a quarter asked the government to guarantee the loans.
Tech London Advocates founder Russ Shaw said that after overcoming the uncertainty of Brexit, the London generation faces constant challenges.
“Technology corporations in the capital, and in specific start-ups, are the ones that care most, so it’s very vital that the industry collaborates and stores resources to maintain their overall long-term status,” he said.”The Chancellor has already announced historic legislation, however, it is vital that the fastest developing sector in the UK economy be temporarily reached for generation corporations.”
Looking to the future, TLA members see a role for themselves in combatting and recovering from Covid-19, to the survey.
“The crisis also provides an opportunity for our cutting-edge generation corporations to mobilize and work with government, public facilities and society as a whole to mitigate the effect of the virus,” TLA said.”Whether it’s a generation of fitness to help the NHS, getting better equipment and network painting functions at the paint site, or cybersecurity responses that protect citizens from the risk of misinformation, the generation sector will want to be as artistic and resilient as ever to protect itself and the virtual economy in general.”
Greg Michel, a spouse of Cell Capital, who invests in start-ups, said the financing pathways for new companies did not end with Covid-19, but that they have focused more.
“The pandemic can simply be described as a massive sorting machine, with new companies in some regions attracting strong investment,” he said.”In the past, many corporations would have been funded even if they didn’t have a very tight tone, yet now that investment is more targeted and targeting corporations that are doing very well.”
Michel added that some corporations are doing “extremely well in the existing market” and for them it is “the one of the times”.
Successful startups come with e-commerce, remote-use startups, fitness startups, cryptocurrency infrastructure providers and food source chain management, he said.
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