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With the impacts of Covid-19 more acute by the day, and a sense of uncertainty permeating the global economy—many startups and small businesses are at risk.
MIT Solve compiled a list of helpful resources for our Solver teams, startups tackling some of the world’s most pressing problems, to help them continue their important work during this challenging time. We hope that these resources can be of use to any startup or small business in need of resources, guidance, and help during the Covid-19 crisis.
In response to interrupted cash flow, corporate giants and philanthropies are stepping up, launching a variety of loans, grants, and funding programs. To keep track of the Covid-19 financial relief resources available to entrepreneurs, you can follow this continually updated Forbes list.
- Facebook is providing $100 million in cash grants and ad credits for up to 30,000 eligible small businesses impacted by Covid-19.
- Google announced an $800 million commitment to support small- and medium-sized businesses and health organizations on the front lines.
- Goldman Sachs pledged a $525 million Global Small Business Stimulus Package, providing emergency loans and grants for small businesses struggling in the pandemic.
- HoneyComb Credit has launched a number of low-interest loans and paycheck protection programs to support small businesses suffering substantial economic injury.
The pandemic is pushing many businesses and startups into unknown territory. To guide leaders through these transitions, here are several resources to help inform your business strategy.
- RestoreYourEconomy.org, supported by the International Economic Development Council (IEDC), is sharing business continuity and recovery strategies to help early-stage companies improve resilience
- Harvard Business Review provides tips on how to lead your business through the coronavirus crisis.
- The Coronavirus Small Business Resource Hub, developed by SCORE.org, provides free and personalized remote mentoring and live webinars about how to prepare and adapt your business to the current risks.
- Google for Small Business has introduced a guide for you to quickly update your company’s Google profile and keep your customers informed about your current situation.
Working from home is becoming the new normal, which can make communicating with colleagues more challenging. The right tools and tips can help ease this transition and enhance work while remote.
- TechAgainstCoronavirus.com has compiled a list of more than 70 tech products that could facilitate team collaboration and communication while working remotely.
- Zoom, the video conferencing software, has recently removed the limit on its free version in China to help companies affected by the coronavirus. It’s recommended that all meetings use passwords to prevent uninvited attendees from joining your call.
- Working remotely under stressful conditions can take a toll of team morale. Solver Ultranauts, a 100 percent remote company with an exceptional neurodiverse team, shares some tips to build and maintain psychology safety while working remotely.
Lastly, as stories of Zoom Bombing go round, it’s clear that scammers are taking full advantage of this unfortunate situation. Please remember:
- When trying to reach out for help, stay vigilant if unverified organizations or individuals offer to make an unsolicited donation.
- If you are unsure of the best practices to stay away from cyber scams and threats, the National Cyber Security Alliance has recommended some useful tips in its Covid-19 Security Resource Library that you can refer to.
Solve’s 2020 Global Challenges offer more than $1.5 million in prize funding, as well as access to mentorship, exposure, and more. If you have a relevant solution, apply by June 18.
Photo courtesy of Solver Moringa School.