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Fast Reactions and the New Normal | Key Takeaways from Our ‘Tech for Global’ Webinar
COVID-19 and China
WIM Salon - Tech for Global

►Companies need to make quick and clear decisions in a changing environment to keep in a sound position.

►COVID19 has introduced new normal and participants need to adapt to changes and keep their eyes above the horizon.

On May 31, the day after industry report ‘Tech for Global’ was published, EqualOcean held an online fireside chat on a similar topic. We invited an entrepreneur from an Internet company, Jonathan Lopez, and Chinaccelerator managing director Oscar Ramos. Being an insider with a global perspective, Jonathan has accumulated abundant experience from his study and working experience. Based in Shanghai, Oscar Ramos works for SOSV and manages hundreds of startups as a managing director at Chinaccelerator.

When looking at the first half of the year 2020, the pandemic and the economic recession are the keywords. As the confirmed cases of COVID-19 climbed up to six million, we encountered the most significant challenge in modern times. Amid the pandemic, the unemployment rate rose and millions of companies worldwide were forced to re-examine their businesses.

What are the direct impacts of the pandemic on your business/portfolio companies or your observations?

Oscar: Our business model – as an investor, our success depends on how successful our portfolio companies are. In this case, we need to operate our business and the pandemic disrupted our operation. We invest all over the world and hence we need to deal with global concerns about uncertainties: what is going to happen? If you think of a startup, where uncertainties are already commonplace, adding another layer of risk will not make a great impact. Startups are changing the environment and we modify what people want.

There are over 150 active startups in the Chinaccelerator ecosystem. We need to analyze how things will impact them and take analysis to act swiftly. Anything that you decided in the pandemic situation will change daily. You need to decide faster and the decision should be precise and clear. Taking action can lead to a better outcome.

Jonathan: COVID-19 has forced companies and people to do things in different ways. We are forced to re-adapt constantly. What happened to the Internet industry is that more opportunities emerged, especially for remote working and online education. The quarantine made people digitalize the way they work and conduct operations. The changes initiated a new normal – a new way for people and businesses to interact. Internet companies can capitalize on the technology they have and do business on a global scale.

If you look at how people react to COVID-19 – you can see that they continue working and even perform better under the new normal. People will realize from the new normal that they can reach more talents by going globally and allowing people to work from anywhere. This will be powerful in the years to come. Crises and opportunities are two sides of a coin. COVID-19 taught people how to adapt and find ways to recover and thrive.

Editor: Luke Sheehan

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