This is WWIII. Coronavirus has come as a global reset bringing devastation and opportunities alike. The challenges our generation have to face to define itself are huge but the list crafted by Wefunder, a leading online investing platform, is sharp and helps to set the horizon.
Spanning from biotechnology to remote education passing from senior care and medical supplies manufacturers, these are the startups which will help us face some of the most current pressing issues while others get prepared for the next crisis.
In times of great need, the next generation of great startups is born.Tweet
With this in mind, Wefunder has recently launched a set of initiatives to help startuppers and SMEs alike raise funds.
For example, through the Fight the Virus Challenge, they will deliver a three-month accelerator programme, from April 2020 to June 2020, through which will first invest $50,000 in each accepted startup and then, through a cohort of dedicated mentors, help them raise funds up to $1 million. The deadline to apply is on 3 April 2020.
On top of this, the platform has launched the Coronavirus Crisis Loan programme which enables businesses to crowdfund a loan to provide critical cash flow during this economic crisis at a reduced interest rate.
Jonny Price, Director of Fundraising at Wefunder., said:
“Small businesses critically need access to cash in order to survive, and simultaneously, customers and community members desperately want to help.”
The economic impact of Coronavirus is expected to be devastating for many small businesses, which make up 99.7% of all U.S. firms with paid employees, and employ nearly 50% of America’s workforce. A 2016 report by JP Morgan Chase notes that the median small business holds 27 cash buffer days in reserve, and a recent survey conducted by Goldman Sachs revealed 51% of small business owners say they can only continue to operate for 0-3 months.
Find out more here.