Like most people, I thought that the public concerns over COVID-19 had been over-hyped by the media, and that I could go on normally with life while taking the obvious precautions.
However, as the possibilities of an economic downturn loom, I started to be more concerned about the effects that Coronavirus could have on Captate. I came across this article (advice for startups on how to prepare for the economic effects of the fallout) by Sequoia Capital and wanted to share.
The article says that companies in countries worse affects suffer from:
- Drop in business activity
- Supply chain disruptions
- Curtailment of travel and canceled meetings
The precautions (relevant for Captate) they recommend are:
- Cash Runway: Develop contingency plans & trim expenses
- Fundraising: “significant softening” (hardening?)
- Sales: “anticipate that your customers may revise their spending habits”
- Spending: “examine whether your capital spending plans are sensible in a more uncertain environment”
With this said, I am always one to focus on the positives with this new reality.
Our main business advantage is that we’re location agnostic:
- we have an online product that helps CRE and AEC professionals showcase their pre-completion project plans online and cross-device. So in times of limited movement and mobility, the Captate 3D Tour becomes more pertinent and can circumvent some of the problems they may face in this period.
- Our team is fully set-up to work remotely, and, to date, none of our team are in affected zones… If the virus spreads, I imagine that there will be limited, if any, disruption to team productivity and output in the short to medium term.
So business as usual for now, but we are closely analysing the situation and we will keep everyone updated on any developments.
Hopefully all our readers, clients and PropTech supporters stay safe and have limited exposure.
Conor Brady, CEO and Co-Founder