One of the best-performing sectors during the pandemic, the technology sector is now facing a challenging time as a reversal in fortunes has companies tightening their belts.
Experts say companies need to be aware of the challenging environment, but must also find ways to grow in order to come out of the sector downturn in a stronger, more competitive position. Laura Lenz, a partner at OMERS Ventures who is leading the firm’s investment activity in Canada, says the first thing leadership teams need to do right now is look at ways to preserve cash – whether it’s needed or not – because doing so will help extend a company’s viability without the need to raise more funding.This means reducing spending on marketing, discretionary items and activities, and even staff, Lenz explains.
MaRS’ Abramsky works with tech founders and CEOs and says the first thing he would ask them right now is how they plan on taking advantage of the change in conditions so their companies are better off when the downturn comes to an end.
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