Three Reasons Why The COVID-19 Pandemic Offers A Good Time To Start A Tech Business There is one industry that has seen an upswing during all of this chaos: technology.
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The global coronavirus pandemic of 2020 has caused a lot of upset and change in the world. Businesses have suffered, people have lost jobs, and there doesn't seem to be an end in sight. Many people are taking a break and waiting for the pandemic to be over, and many have had to hit the reset button on life altogether, looking for a new avenue to explore. But there is some good news though- there is one industry that has seen an upswing during all of this chaos: technology. Being a tech entrepreneur, and having started and sold multiple tech companies in the past decade, I personally believe that the current pandemic offers one of the best, if not the best, times to start a tech startup. Here are three of my top reasons why:
1. The rise in adoption of technology during the pandemic With many countries facing strict COVID-19 restrictions including curfews, closures of businesses, and even complete lockdowns, usage of online platforms for everyday functions has been adopted quickly. Many businesses that are working remotely have made the switch to technology, and have been relying heavily on platforms such as Zoom, Microsoft Teams, and Google Hangouts to both keep their team connected and to manage meetings with clients and customers. Outside of businesses, more and more people are using the same platforms to see their family members and friends.
Another area that has seen great growth is e-commerce. Since many people can't go out to shops to make purchases, they have increased their online spending. So far, since the beginning of the pandemic, Amazon's stocks have increased by an astonishing 87%, which is proof that the way the world shops is changing. Even with an economy that is so uncertain, consumers are still spending and are actively looking for the latest and greatest online deals.
Now is the perfect time to start a business. Not only do entrepreneurs have everything they need at their fingertips from a tech standpoint to get them started, but with so many people in front of screens and online spending on the rise, the ability to get your product out there and market it to a defined audience is greater than ever.
2. Use the extra time you have to your advantage Working from home (WFH) has become the new normal in our society. From small startups to Fortune 500 companies, almost every company has adopted this policy, at least for the foreseeable future. The benefits for individuals that come from this are great, which include saving money and having more hours in their day, since they don't need to commute to and from an office.
With all of this extra time and money that we otherwise wouldn't have, it is the perfect time for anyone to start a side hustle. Whether you're aiming for something big or small, use this time to your advantage to build something great. And you never know, you might be able to create something amazing, and transition into working for yourself by the time the pandemic is over.
Building a successful business when there is a great economic downturn is something that we have seen many times with the likes of Uber and Airbnb, to name a couple. These companies are proof that a successful business can be built in even the hardest and most uncertain of times.
3. Lack of competition With many bigger companies slowing down operations during the pandemic, now is the perfect time to jump in head first, and get your ideas and products out there. A lot of businesses will have cut staff and slowed operations, so now is your time to capitalize on the opportunity to market your brand in a market with far less competition than usual.
Right as the pandemic started, we at Airzai were just about to launch our new patent-pending smart home fragrance diffuser into the market. The timing was less than ideal as our manufacturing plants were in China, so we went back to the drawing boards and decided to create something different to help with the COVID-19 crisis the world faced and that we knew would be needed globally. We created Airzai Care off the back of our original product line Airzai Aroma, and introduced a line of premium and all natural alcohol-free sanitization products to the world. Because we operate online only and demand was high, we have seen great success in what started out as our little side hustle.
We live in a world that is forever changing, and while some of those changes can prove to be difficult, there is also always a silver lining to everything. There is opportunity at every avenue, and it is up to each of us to find it. The world might be at a standstill, but for many of us, this is a once in a lifetime opportunity to create something meaningful for ourselves, our family, and the world.