This post is a continuation of a Q&A discussion on the impact of COVID-19 on businesses and the ways in which companies have responded with resiliency and adaptability. Participating in the conversation are members of the BIP Capital executive team and leaders from a number of our portfolio companies.
Part 1 of the discussion can be found here.
What are companies doing to not only continue operating but to keep growing in light of the current pandemic?
Answer from Paul Iaffaldano, Managing Partner, BIP Capital
The best-prepared CEOs reacted in two stages to the COVID-19 shutdown and economic downshift. The first stage was to make sure their company was on the best possible financial footing, which means that above anything, they looked for ways to preserve cash. The second stage was coming to terms with how the world had changed and having conviction around which changes are only temporary and which are more permanent and reflect a new course for business and even society.
The pandemic has accelerated changes in business trends by several years. It’s more important than ever to make sure your product has a market fit for the new reality and that your company isn’t simply waiting for a return to the old normal, which might not ever be coming back.
As in nature, the ability to adapt and innovate in response to change is key to robust longevity.
How have companies shifted their market focus, product offerings, or go-to-market strategy in order to adapt and add value for their customers at this time?
Answer from Aly Hussaini, CEO & Founder, Eventeny
The onset of COVID-19 and the strict physical-distancing guidelines it requires created a plethora of problems for event-technology companies, as most of us rely on live events taking place. We adapted by developing virtual events to help our customers recover revenue during the crisis while also providing future revenue and market opportunity. Features include a virtual marketplace for vendors, live streaming and interaction, and sponsor placement. This has allowed us to enlarge our product offering, evolve our platform to also serve digital customers, and expand into multiple countries.
Answer from James Story, CEO, Wellview Health
As a health engagement company, we recognize the importance of meeting healthcare consumers where they are while delivering value to our employer customers. In response to today’s market, Wellview recently launched WellCheck, a symptom checker and return-to-work solution that provides employees an opportunity to monitor a range of health symptoms on a daily basis, including those potentially related to COVID-19. The solution navigates “at-risk” users to vertically integrated health services including telemedicine, telemental health, condition management, and concierge health services. As a result, Wellview has experienced a 116 percent increase in mental health utilization and a 63 percent increase in telemedicine.