startup toolkit

This article is published in partnership with Startup SG, an initiative of Enterprise Singapore that provides comprehensive support for startup development in Singapore.

COVID-19 has disrupted the trajectory of startups and has split them into two distinct paths: an accelerated upward hockey stick or a steep drop off a cliff.

Startups that provide remote collaboration tools, edutech, e-commerce, last-mile logistics, and med/biotech have seen their best demand ever. The accelerated pace of digitalisation by businesses has driven unprecedented demand for automation solutions.

Even those that are enjoying incidental benefits from increased demand are also facing disruptions to their products and talent supply chain. Others are facing major disruptions to their internationalisation plans.

Building market fitting products have always been a key foundation in startups’ development. The market and operating environment are shifting and the startups will have to adjust accordingly, be it in their product offerings or organisation structure and strategies.

To illustrate, a startup that has done this well is INEX, a healthtech startup in the prenatal and women’s healthcare space, who pivoted and started producing COVID-19 test kits. INEX then secured agreements with A*Star Accelerate and BGI to distribute these test kits globally. Additionally, INEX is upgrading its lab with COVID-19 testing capabilities, to support our nation’s needs.

Going even further, post-pandemic conditions might even provide business opportunities for some startups to capture and appeal to a wider pool of clients. Novade, a Singapore-based startup that provides field management software for the building and construction industry, has launched new functionalities to enable rigorous implementation of health monitoring procedures on construction sites. They ensure safe operations as our economy reopens.

Also Read: Why we started a podcast amidst COVID-19 to grow our businesses

The back-to-work toolkit

With Singapore entering Phase 2 of reopening, best practices such as workplace hygiene, business continuity planning, risk management, key-man insurance, telecommuting, flexible, and staggered working hours that are important but were once viewed as low priorities to the startups are now becoming essentials.

ACE and other Startup SG partners, understand that many startups are still in the growth stage and may not have the capacity, resources, or experience to develop workspace best practices. As such, we are putting together a back-to-work toolkit to share with the community.

We hope to provide a simple yet comprehensive guide that encapsulates best practices for safe distancing, consolidated resources, and value offerings for startups to transition back to the ‘new normal’ of the workplace. Through this toolkit, a startup can prepare for post-circuit breaker period as they resume operations in a safe and gradual manner.

This toolkit will cover a few segments such as (a) Advisory and guidelines from the government of Singapore; (b) best practices and tips from other companies; and (c) useful resources for companies to tap on to install safe management measures. We also strongly encourage the use of publicly available contact tracing tools such as SafeEntry and TraceTogether.

With working from home becoming the norm and perhaps even preferred, it would help to provide tips on how to make the environment conducive, to enhance productivity, mood, and the home office atmosphere.

Also Read: Grab CEO announces lay-off of 360 employees, addresses COVID-19 impact to business

Beyond focusing on the return to work, startups should capitalise on the reflections and experiences over the past few months in an effort to embrace the possibility that lies ahead.

We believe that startups are nimble in nature, and will be able to leverage on the opportunity to return to work by designing the future of work, employing lessons, practices, and goodwill built during accelerated crisis response.

The power of our startup community

In comparison to the dotcom bust in the early 2000s and the uncertainties during the SARS crisis, we are in a much better position to harness the strength and support of the community as technology has allowed us to stay connected. This is important because strong and vibrant communities form the backbone of the startup ecosystem.

Having the right mix of leaders, entrepreneurs, and talent to support one another will lead us towards sustainable growth.

As a community builder, ACE has hosted Meet-the-VC and digital transformation sessions to assist startups in reaching out to potential investors and corporate projects. To promote youth entrepreneurship, ACE also engaged students and schools to promote entrepreneurship amongst youth and grew the National Youth Entrepreneurship Award.

To provide end-to-end support for startups, ACE started BACECAMP to help early stage startups through a structured programme, mentorship programme between startups and experienced business leaders, and finally, attracting talents and fulfilling startups’ hiring needs through the career fair.

In a time of need such as the present, how connected and supportive we are as a community will be put to the test.

When COVID-19 hits the startup ecosystem, ACE, with the support of Startup SG, set up the COVID-19 Support for Startups page and the Ecosystem Support Seminar to share insights and community advice to the startups.

Also Read: How startups can tap community networks to pivot for growth amidst the pandemic

This effort has attracted over 35 partners to contribute to the community in different ways such as access to services, financing, advisory, and free software applications.

Together with WSG, ACE conducted several virtual job matching in May, supporting a total of nine startups fill 15 job openings which attracted 29 candidates. Driven by the shared motivation to assist the entrepreneurship community and those in need, these initiatives were rolled out quickly where the speed of decision making and execution is key.

It is heartening to see our ground-up efforts tangibly make a positive impact in the local entrepreneur community. Regionally, we are talking to our partners in providing in-market development services to assist the startups with international development in an unprecedented and unexpected time of travel restrictions.

I am very hopeful that our well-integrated ecosystem will continue to grow stronger as we emerged into the new frontier. Remember, startups: There is plenty of help in our community and more on the way. So hang in there.

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