Challenges Faced by the Startups in the Present Economic Crisis

On 14.8.2023 a session on “Challenges Faced by the Startups in the Present Economic Crisis” was organized by the Entrepreneurship Development Cell and IIC in association with the Department of AI&DS. The session was handled by the resource person Mr. M. Anantha Krishnan II MBA, FXEC. 63 students from third year AI&DS and 1 faculty of AI&DS department participated in the program. The program was coordinated by Mrs. P.Sooriabrabha, Assistant professor, Department of AI&DS from 9.00AM –4.00PM.

The program started with the introduction of guest speaker Mr.M. AnanthaKrishnan II MBA, FXEC by Mrs.P.Sooriabrabha, Assistant professor Department of AI&DS .The resource person explained the present business scenario and listed the key challenges faced by startups. He discussed few case studies for the failure of the startups. The resource person asked the participants to suggest few strategies to overcome the failure. He also highlighted the crisis, their implications, and potential strategies to navigate these difficulties successfully. By understanding these challenges, stak eholders can make informed decisions to support the startup ecosystem.

The resource person addressed about Startups which play a crucial role in driving innovation, economic growth, and job creation. However, economic crises, such as the one currently being experienced, pose unique challenges that can hinder their growth and sustainability. Startups should consider diversifying their offerings to reduce dependence on a single revenue source, making them more resilient to market fluctuations. Startups should remain adaptable and open to pivoting their business models based on changing market dynamics. By understanding these challenges and implementing the suggested strategies, startups can increase their resilience and improve their chances of emerging successfully from the crisis. Collaboration among stakeholders, including investors, government agencies, and support organizations, is essential to sustaining the startup ecosystem in these challenging times. The participants interacted with the resource person and raised few questions. The resource person being the student entrepreneur he shared his personal business experiences too. Feedback was collected from the students at the end of the session.