The Covid-19 pandemic has had a meaningful impact on the life of start-ups – but not always in expected ways. Some industries have thrived – even accelerated – while others now face secular declines, with structural transformations ahead. But overall, the net effect of Covid has been to accelerate the disruptive role of technology across industries.
You may also enjoy:
Figma was founded in 2012 with a mission to connect designers virtually, enabling collaboration and communication no matter where they were in the world. Fast forward to 2020, and that original operational intent has paved the way for the company to expand significantly in the face of Covid-19’s impact on the working world.
The term “early-stage” covers a lot of territory in venture investing, from incubating a brand-new idea, to investing in a Series A. Moreover, the indicators that show founders are ready to take on new capital in order to progress to the next phase of company-building – be it hiring, expanding into a new market, launching a product or more – can vary from company to company. As the Greylock team has learned after decades of partnering with early-stage founders, the best approach is establishing a core set of fundamental questions that can be tailored to each individual company, rather than looking at a rigid set of metrics.
The coronavirus pandemic has rendered us reliant on technology for nearly everything we need to do these days. While that’s made a lot of us more appreciative of technology, it’s also bringing our attention to places where it could be better – or places where it doesn’t even exist yet. From audio visual technology and collaborative software platforms that could make remote working, (and learning, and socializing, and everything else) closer to the real thing, to tools that enable organizations to become more efficient and resilient (particularly in stressful times like today), now is clearly a time for innovation. But how should entrepreneurs think about product development at critical moments like now?
Although it’s been nearly six months since Covid-19 hit and upended virtually every aspect of life, we’re still in the early days when it comes to long-term business planning. Among the most pressing decisions is how to approach remote work policies and compensation. To better understand what the future of tech employment might look like, Greylock conducted an informal survey of 48 portfolio companies to get a sense of how they are approaching the new environment.