As the world goes through difficult times due to COVID 19 outbreak,as a News portal,it is our duty to keep the morales high by reporting on how some people are working round the clock so your health and job are secured. In this initiative, we catch up with top investors and entrepreneurs of India on how they are managing their resources to stay afloat.We hope our series will help the entrepreneurs and SME's who are trying to beat the pandemic and do best for their business.So read on to understand the mistakes,spot the opportunities and overall correct your course so the business heads to the right direction.
Here is a short interview with Ramesh Kannan, Partner at Somerset Indus Healthcare Fund:
1. In this COVID19 pandemic, how can your portfolio companies better manage resources?
They can manage their resources Better by ;
review, resize and reset costs of all kinds
Redistribute responsibility of people
Look for newer opportunities
Sacrifice to sustain till they have better control
Digitize operations because it is new future
Indigenous wherever possible
Make new work flows to meet expectations
2. In your view how can startups cope with economic slowdown due to lock down?
Hasten revenue realization
Move to newer models like opex etc
Collaborate with customer
Keep investor informed and seek help
Switch to local stuff to cut costs/ dependance
3. An entrepreneur's journey is always considered as a roller coaster ride, still what measures/controls they should take while struggling with this uncertainty?
Lead by example
Protect staff and work to an acceptable formula
Raise capital from existing investors and protect their downside
Rework arrangements with partners
Be fair and strive to a winning formula
Never give up
4. What is the impact of the Coronavirus outbreak in your life? How are you dealing with it?
Luckily all are safe
Imprisoned at home
Using time very effectively
New norm working of phones and video calls
More productive and effective
Home food and time
Catching up with people and building new contacts
5. Action COVID19 Team (ACT), which is a first-of-its-kind initiative by Top VCs and entrepreneurs with INR 100 CR grant, is launched to provide resources and guidance to startup founders and employees. What’s your take?
It is meant manufacturing
I think problem in India is access
Even distribution should be supported
6. The market has fallen down with this financial tsunami of ‘COVID19’; does it offer a best buying opportunity for investors?
Investors are always opportunistic
They work to their best advantage
They review the situation, make small changes to suit the situation and do deals
Largely investors are long term and are not swayed by short term disruptions
An promoter who gives and then takes is much appreciated
Important to work to reciprocal model