Economic downturns often lead to short-term adjustments to operations, but that opens the door to risk and a lack of innovation, writes author Soren Kaplan. A lean approach that involves reevaluating research tools and focusing on customers' priorities can help entrepreneurs be ready when the economy improves.
HR compliance company Emtrain creates content using data analytics to help companies uncover and deal with bias. "If there's a vulnerability, an area for opportunity, then we'll tee that up through the data to the employer and they can see, 'Oh, that's an area that we want to watch,'" said founder Janine Yancey.
Financial-technology startup Cred.ai is launching a platform and credit card targeting millennial and Generation Z consumers who are looking to build credit or who don't trust traditional banking institutions. The startup joins others that offer credit-building tools, such as Chime.
Vineyard Wind and Greentown Labs have chosen three startups to participate in the Offshore Wind Challenge, a six-month accelerator for new technologies that protect marine life near offshore wind sites. The selected startups specialize in aerial drones, camera systems and solar-powered autonomous boats.
Fear can determine the direction of a startup if founders let it, but lessons from ancient Greeks can help entrepreneurs understand and overcome their fears, writes Consuelo Valverde, founder and managing partner of SV Latam Capital. "[L]ook for the unexpected and valuable opportunities that can propel you and your company forward instead," Valverde writes.
The pandemic and required shifts in business increased pressure on entrepreneurs, and those who have high customer acquisition costs or take on too much debt without enough income might not last, says "Shark Tank" investor Kevin O'Leary. "Sometimes it just makes more sense to start fresh when you have more certainty about market conditions," he says.