COVID-19: How 6 tech startups survived without the Future Fund - Business Insider

and start reading now.

Founders shared their stories of personal sacrifice and triumph – from one who sold their home to another who completely transformed their business model. The COVID-19 pandemic sparked a wave of panic among investors in the early months of 2020, with many investors fleeing early-stage startup deals. deals amid fears that the pandemic was about to trigger a global recession, according to data from SeedLegals.

But when Prime Minister Boris Johnson instituted a nationwide lockdown in March, outdoor sport was brought to a standstill – and Flair with it. "You just have to be completely honest with yourself. Looking at the current situation, you have to think: 'Would I try and start my company today, in this climate?' If the answer's no, it probably means you should do something else."

Founded by serial entrepreneur Steven Novick, the firm boasted around 60 employees at its height – but was cut down to just 10 workers under COVID-19. Asked about the Future Fund, he said there had been a "serious lack of communication" on the part of the government, and accused officials of "not caring about small businesses."

At the time of writing, BYP had successfully crowdfunded more than £820,000 – more than triple the required sum –"It doesn't make a lot of sense," Oniwinde told Business Insider. "I was disqualified straightaway because I hadn't raised the money before this arbitrary deadline, even though we've now got close to a million in our pocket.

But because that funding had come in the form of convertible loans and other means, rather than equity, the firm couldn't apply for Future Fund support. "We kept fundraising but switched to a 'pre-Series A' round, instead," Whitaker told Business Insider, adding the company was set to close around $2 million in new investments.

"I think the Future Fund and the furlough scheme were both good support measures, but the former's eligibility criteria and did exclude a good number of startups.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Inside Akon City, the $6 billion smart city Akon is building in Africa - Business InsiderAkon, the pop star behind hits like 'Smack That,' is masterminding a $6 billion smart city in Africa backed by a shadowy investor. Inside Akon City, where everything will be funded by 'Akoin' and the singer hopes to reinvent his legacy. Shadowy investor He better confer with TI before doing that. Completely filthy, well done, looks fking awesome! Akon
Source: BusinessInsider - 🏆 729. / 51 Read more »

We went inside a West Bank factory to see how people make soap out of olive oil - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

A16Z podcast: What tech entrepreneurs should focus on after COVID-19 - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Israel to be first country to enter a 2nd nationwide COVID-19 lockdown - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. What do you make of that since Trump isn’t to blame? The photo has no link to Israel. It is Palestine! Do some decent and righteous journalism KatieCanales1 Why did you choose this photo for the story? What is the relevance? Are these Israelis? COVID19 Islamophobia
Source: BusinessInsider - 🏆 729. / 51 Read more »