Skip to main content

The Great Reset

Talk of an economic downturn can be frightening, especially one precipitated by a pervasive health crisis. At times, I’m overwhelmed by the images of countless patients on life-support and the near-endless streams of statistics regurgitating bad news.

Having started in venture at the beginning of two recessions, I’ve seen how the startup industry functions during economic trouble. My second day of work at Charles River Ventures was September 11th, 2001. My first project, analyzing the VC industry, propelled the firm to return more than 60% of its fund to investors, going from a $1.2 billion fund to $450 million. In May 2008, Mike Maples and I founded Floodgate in the midst of the Great Recession. We learned that great founders won’t wait for a better economic moment to start a company.

While we are currently embroiled in personal and professional circumstances unimaginable even three months ago, these very challenges will form the basis of incredibly innovative ideas. In order for the world to move forward, we need our greatest minds to imagine a brighter future and create solutions to make it a reality.

When I analyze our society and novel health situation, one thing is certain: COVID-19 is a paradigm-shifting event, creating massively accelerated social and economic change.

The Great Reset is not just another economic event

Our current situation is unique. It’s not merely a cyclical economic event, nor is it a standalone health crisis. What we are experiencing is not just an inflection point: it’s a societal phase-change unlike anything we have ever seen. We face an epic choice of how we move forward, and the decisions we make today will shape an entire generation.

Here’s why: COVID-19 is prompting us to reset many of our most fundamental behaviors. These changes are impacting our financial system, with effects visible throughout our homes, businesses and even the concept of “workplace” itself.

COVID-19 is pervasive

As a global pandemic, the virus itself has spread to nearly every country in the world.

Between February 20 and March 26, 100% of the world’s 20 largest economies implemented government-mandated social distancing. Globally, the number of scheduled airline flights is down 64%. In some countries, like Spain and Germany, flight numbers are down by more than 90%.

Since the timeline for lifting government restrictions is unclear — and even then, scientists are uncertain how the virus will spread — the question lingers: How long will this go on?

COVID-19’s impact is uncertain, long-term and potentially undulating, affecting every facet of our lives. You can’t simply wait it out with the expectation that industries will rebound. In 2001, September 11 felt pervasive, but its economic impact ultimately stemmed from just one single incident and the resulting fear… and that one single incident still cost more than three trillion dollars. How much larger will COVID-19 be?



Source: https://ift.tt/3bDSDau

Popular posts from this blog

The hidden cost of food delivery

Noah Lichtenstein Contributor Share on Twitter Noah Lichtenstein is the founder and managing partner of Crossover , a diversified private technology fund backed by institutional investors, technology execs and professional athletes and entertainers. More posts by this contributor What Studying Students Teaches Us About Great Apps I’ll admit it: When it comes to food, I’m lazy. There are dozens of great dining options within a few blocks of my home, yet I still end up ordering food through delivery apps four or five times per week. With the growing coronavirus pandemic closing restaurants and consumers self-isolating, it is likely we will see a spike in food delivery much like the 20% jump China reported during the peak of its crisis. With the food delivery sector rocketing toward a projected $365 billion by the end of the decade, I’m clearly not the only one turning to delivery apps even before the pandemic hit. Thanks to technology (and VC funding) we can get a ri

Cyber Monday Canada: Last-minute deals for everyone on your list

Best Cyber Monday Canada deals: Smart Home Audio Phones, Tablets & Accessories Wearables Laptops & PC Components Amazon products Gaming Televisions Cameras Lifestyle & Kitchen Toys & Kids Cyber Monday Canada is here, and retailers are rolling out the red carpet for customers who want to shop for everything from tech to kitchenware to games and everything in between. Unlike years past, Cyber Monday Canada deals look a bit different than normal. Instead of retailers trying to pack their stores with as many shoppers as possible, we're seeing tons of online deals that you can take advantage of from the comfort of your home. We've rounded up our favorites below, so feel free to browse through the best of what Canada Cyber Monday has to offer! This list is being updated with new Cyber Monday deals all the time, so check back often. Spotlight deals It's a Switch Nintendo Switch Fortnite Edition bundle $399.95 at Amazon It's a Switch.

Slack’s new integration deal with AWS could also be about tweaking Microsoft

Slack and Amazon announced a big integration late yesterday afternoon. As part of the deal, Slack will use Amazon Chime for its call feature, while reiterating its commitment to use AWS as its preferred cloud provider to run its infrastructure. At the same time, AWS has agreed to use Slack for internal communications. Make no mistake, this is a big deal as the SaaS communications tool increases its ties with AWS, but this agreement could also be about slighting Microsoft and its rival Teams product by making a deal with a cloud rival. In the past Slack CEO Stewart Butterfield has had choice words for Microsoft saying the Redmond technology giant sees his company as an “existential threat.” Whether that’s true or not — Teams is but one piece of a huge technology company — it’s impossible not to look at the deal in this context. Aligning more deeply with AWS sends a message to Microsoft, whose Azure infrastructure services compete with AWS. Butterfield didn’t say that of course

iPhone 13 Pro vs. iPhone 15 Pro Buyer's Guide: 50+ Differences Compared

The iPhone 15 Pro brings over 50 new features and improvements to Apple's high-end smartphones compared to the iPhone 13 Pro, which was released two years prior. This buyer's guide breaks down every major difference you should be aware of between the two generations and helps you to decide whether it's worth upgrading. The ‌iPhone 13‌ Pro debuted in 2021, introducing a brighter display with ProMotion technology for refresh rates up to 120Hz, the A15 Bionic chip, a telephoto camera with 3x optical zoom, Macro photography and photographic styles, Cinematic mode for recording videos with shallow depth of field, ProRes video recording, a 1TB storage option, and five hours of additional battery life. The ‌iPhone 13‌ Pro was discontinued upon the announcement of the iPhone 14 Pro in 2022, but it is still possible to get hold of it second-hand. Our guide helps to answer the question of how to decide which of these two iPhone models is best for you and serves as a way to c