Mentoring Startups to Alleviate the Effects of COVID-19
It is needless to mention how the pandemic has impacted businesses and individuals. Startups in almost all sectors are hugely impacted. Some of the key issues identified are:
- Funding: VCs might decrease/slow down funding. Existing startups might continue receiving funds but new startups might be impacted. There is funding support from the government but there is a big question mark on the time it might take to make funds available for use.
- Decrease in demand: Existing clients not being able to consume/buy at the moment.
- Marketing: Startups might need more visibility now and expand their network, and might not be good at it.
- Mental Health: Certainly a key topic in general during this crisis, and might impact decision making of the leaders and well-being of the startup.
The right advice and guidance could be more valuable than money. Our solution is to connect the startups with the right ‘Mentors’ to get expert and personalized advice on their specific problems. For example, startups struggling to get more visibility in online marketing will be connected to a Marketing Guru to guide on the next steps.
This might also open up funding opportunities for them.
The Munich Hub is currently at the initiation phase of the project and is conducting research to determine their focus, including which startups are most in need and also the area of mentoring to start with.
The Hub is also working on defining the format of the mentoring, including duration, frequency, number of mentors required, 1 to 1 sessions or webinars with groups of startups with similar problems etc.
As the next step, the Hub will look for professional mentors and also partnerships with networks such as CDTM, DLD etc.