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April 16, 2020
Dear CEOs,
As always, we hope you and yours are healthy. We are all adapting to the "new normal" which is predicted to extend for longer than most of us like or wish. We listened to an interesting McKinsey presentation this week where they proposed we may never go back to the "old normal" but instead end up in a "next normal" - and that there are positives and negatives for businesses. We are attaching links to two documents they referenced which talk about the five stages we are in - e.g. Resolve, Resilience, Return, Reimagination, Reform - and how to start thinking strategically about the future. While most companies and their leaders are still in the first two stages, more and more are starting to look forward to the "next normal" and what that may mean for their businesses. We know that many of you are still in the first two stages - and we cannot reiterate enough the amount of resilience and resolve we have witnessed in our conversations and interactions with you.
Thanks to those who have joined the
Slack group - we are starting to get more traction there and are actively updating the
Google calendar. New events come in with short notice, so please check out the main channel - "CEO-info-sharing" for up to date alerts on webinars or other resources. You may have questions for your fellow CEO's so feel free to start discussion threads to make it as dynamic as possible. The focus is to enable you, as founders, to have those discussions. Please send either
Deb Kemper or
Matias Healy thoughts or comments on how we could make this newsletter or the Slack Channel more helpful.
As founders, you may want to participate in a
new research survey (~5min) released by Babson's Diana International Research Institute (DIRI). This survey is "collecting input that will provide a more comprehensive understanding of the business challenges women entrepreneurs currently face" during the COVID-19 pandemic.
Regards,
Golden Seeds Investor Network
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Resources from McKinsey & Co.
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Here are the seven elements for business leaders to consider as they plan for the next normal.
- Distance is back
- Resilience and efficiency
- The rise of contact-free economy
- More government intervention in the economy
- More scrutiny for business
- Changing industry structures, consumer behavior, market positions, and sector attractiveness
- Finding the silver linings
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The coronavirus is not only a health crisis of immense proportion-it's also an imminent restructuring of the global economic order. Here's how leaders can begin navigating to what's next.
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Drafting Force Majeure Clauses
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Read this
article to learn more abo
ut
the issues that parties should consider going forward in drafting new agreements, or in amending existing agreements, in light of the COVID-19 pandemic and related governmental responses
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The Founder's Field Guide for Navigating This Crisis
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Check out this
article from First Round Capital for advice from recession-era leaders, investors and CEOs. Founders provide answers to the most common COVID-19 questions.
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PwC's team of specialists collaborated to create a digital assessment to help you understand the potential impact to your business and gauge your readiness to respond. The tool contains 3 sections of questions that will help you understand where your company stands as you respond to COVID-19 in the areas of: crisis management and response; workforce; operations and supply chain; finance and liquidity; tax and trade; and strategy and brand.
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Coronavirus' Impact on Your Business Model
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HBR has a framework that can help executives identify the business model risks and opportunities that the crisis presents. This has been developed over a decade of teaching.
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EY offers four important learnings from the COVID-19 crises to take into the future. As a global community, EY is able to provide a unique perspective.
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Got Your PPP Loan, Now What?
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"For businesses that have successfully navigated the PPP loan application race and received news from their lender that their loan was approved, the reward is the loan proceeds. However, with this reward comes tremendous uncertainty on what happens next." Read more here.
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Duke's Searchable Website Helping Entrepreneurs Find COVID19 Cash Relief
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| On March 26, 2020, CASE and CASE i3 at Duke University's Fuqua School of Business launched a searchable website to help any entrepreneur in the world, for-profit or nonprofit, struggling due to the economic impacts of COVID19, to locate cash relief resources in their community. Link to more info here. |
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HBS COVID-19 Business Impact Center
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This
newsletter from Harvard Business School provides resources on topics such as economic and financial impacts, health care management and policy, leading through crisis, adapting your business and more.
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Examining
State Work-From-Home and Shelter-In-Place Orders
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WilmerHale has closely tracked developments in state orders, with teams monitoring developments in every state in the country.
This alert focuses on issues these orders present that employers should be aware of, as well as the trends from state-by-state monitoring.
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Free Tools, Resources and Financial Help
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Several companies are extending a hand to small-business owners navigating the coronavirus crisis. Check out these resources
here.
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NVCA Response to COVID-19
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| This webpage provides important information and resources to venture-backed companies about the federal response to COVID-19, including tax credits, loan opportunities, and sick leave. NVCA will update this information as it becomes available. |
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Loan and Relief Resources for Small Businesses
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In light of the global COVID-19 pandemic, federal, state, and local governments, along with private entities, are mobilizing to provide economic relief as businesses and workers enter a period of uncertainty. Gusto has
compiled a comprehensive list of public and private loans, grants, and financial support programs aimed at small businesses. Link
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Webinar Recording: The Entrepreneur's Guide for COVID-19 With VCs
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The Global Mentor Network has a recording on the entrepreneur's Guide for COVID-19 with Venture Capitalist, Tim Draper, and Leah Solivan, founder of TaskRabbit. Register to view the recording.
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