| | AUG - SEPT 2020 8OPINIONIN MYSURVIVING & THRIVING DURING A PANDEMICBy Bill Baumel, Managing Director, Ohio Innovation Fund At a post-9/11, 2001 investment conference, a company CEO presented a single-slide deck -- a picture of a train wreck. Sequoia released an infamous investment memo at the start of the '08-'09 financial crisis. The key takeaway? "The world has ended." In March of 2020, Sequoia released another memo following similar talking points. "No, really this time, the world has ended." So, why do I have renewed hope for innovation and startups despite the effects of COVID-19?I was investing in Silicon Valley post-9/11 and during the Great Recession, and what I saw was companies hoping to fit into one of two buckets: Survive or Thrive -- and to avoid the dreaded third bucket of Perish. Companies that I invested in during `01-'02 and '08-'09 went on to become some of the most successful I've worked with, including several what are now called unicorns ranging in exit value from a few billion to over $30 billion. Why have hope now? Because I see the same potential for exceptional companies to grow within the current COVID-19 environment.First, seek to thrive ­ create a new business model or pivot/optimize your existing business model to one that provides a must-have solution within the pandemic, and for what the world will likely look like post this time period. If you cannot thrive today, but it's likely that as the height of the pandemic passes things should improve -- seek to survive. Preserve the core of your existing business and whichever team members are absolutely critical for your startup to weather this storm. You can see this economic downturn as the world ending or a more innovative world just beginningBill Baumel
< Page 7 | Page 9 >