Is there ever a right time to launch your startup idea?
Summary
If we reflect on the previous global financial recession, we saw that it gave rise to new technologies and startups that are now household names like Airbnb, Task Rabbit, and Uber. The gig and sharing economy took off after the global financial crisis when unemployment was at an all-time high, disposable income was at a low, and consumers were more cash strapped. Gig and sharing economy startups helped consumers that were out of work to start jobs in an app with just a few clicks and pieces of information to onboard themselves to these platforms. As we saw in the Covid pandemic, businesses that traditionally depended on a physical presence like financial services, real estate, and retail had to quickly digitise their offerings. Despite that, if we are atuned to the ‘fail fast’ and ‘lean startup’ methdology, founders can also benefit by launching as soon as they are ready instead of waiting till they think it’s the ‘right’ time.