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Overcoming the potential effects of COVID-19 on your startup

Written by InnovX

Dear Start-ups/ Entrepreneurs,

Like any of you, we are also thinking about the implications that the Coronavirus might have on your company/ team/ business. At InnovX – BCR, we have the mission to help start-ups, and we will continue to do it in the future either by organizing smaller locally hosted events, either by running them together with or exclusively online. Nothing with InnovX – BCR or any other program is worth jeopardizing your health so if there becomes a concern, then there is an easy answer: Stay safe and healthy. For us, small locally run and sourced events plus virtual events are a simple and clear way to continue to help start-ups and entrepreneurs get connected in a safe environment near their home, so we will do whatever it takes to continue our support to our Alumni or to our potential xelerated start-ups in the most convenient way. That’s why starting with 2020, we’ve partnered with top regional partners like AROBS Transilvania Software and FabLab Iasi to come closer to you.

In light of these new events, start-ups will need more help than ever. And at InnovX – BCR we’re committed to being there for you. The Coronavirus already heavily impacted the international markets, with the daily announcements of businesses, even well-established ones, suffering the consequences of this unfortunate event. While everyone gets hit with softer demand and less spending, you, as a start-up, might feel the direct effects too.

I will quote from the email of Derek Andersen, CEO of Startup Grind (our Strategic Partner), sent to its network of over 600+ chapters all around the world: “If you’re running your own start-up, you should really get a plan together to prepare for slower months ahead. Don’t dig a hole you can’t get out of by not reacting fast enough.” Also, the letter that Sequoia Capital sent to its Founders and to the CEOs of the start-ups existing in their portfolio, even if sober is quite logical and pragmatic: “Coronavirus is the black swan of 2020 (…) we should brace ourselves for turbulence and have a prepared mindset for the scenarios that may play out.”

In the long run, humans are going to continue to want and need to gather and meet with each other. It’s been like this for thousands of years and while we may have a longer 3-6 months (maybe more) than we’d like with the stress of this news, InnovX – BCR will continue to invest long term in the value proposition that we offer. We will say it again, especially these days, start-ups will need more help than ever; that’s why at InnovX – BCR we’ve taken immediate measures to ensure that xelerated companies will continue to beneficiate of our support while safety and healthy.

Following is a list of measures meant to ensure proper implementation of the InnovX – BCR Xeleration program in 2020 despite the Coronavirus crisis. Special thanks to the InnovX Covid-19 Task Force led by Nicu Iancu, President of I2DS2, Former Rector of the National Intelligence Academy, and InnovX Mentor on Business Intelligence. Worth mentioning that thanks to Nicu input, InnovX developed during 2019 the InnovX Virtual Xelerator, the result of doctoral research from Diana Dumitrescu, InnovX Program Manager, as a mitigation alternative to an eventual black swan event that might disrupt world’s economy. The following contingency plan is implemented under the InnovX Virtual Xelerator initiative.

Stay healthy and safe, InnovX – BCR Xelerator Team

@ InnovX – BCR Xelerator 2020 we will do everything to ensure that your Xeleration experience is a safe one in any circumstances, either in online or in-class participation:

1. InnovX – BCR has its permanent HQGlobalworth Campus, Bucharest: Combining the highly technical and environmentally-friendly specifications of a Class “A” office, along with green space areas, natural light for each floor in all buildings, Globalworth Campus is the first building in Romania and the broader SEE region to have received the highest available green accreditation, namely LEED Platinum and awarded with the BREEAM certificates with a rating of ‘Excellent’, recognizing the highest standard of sustainability and the healthy working environment.

2. InnovX – BCR start-ups will be Xelerated inside Mindspace (our Strategic Partner): At InnovX – BCR we opted for a long-term lease contract with a brand-new workspace with all sanitary authorizations, where all residents are registered and known. With a more robust on-site staff than other workspaces, Mindspace ensures industry-leading services to our incubated start-ups guests by increasing cleaning and hygienic measures according to the recommendation of the World Health Organization and local authorities like placing more hand sanitizers throughout the space and making sure that doorknobs, phone booths, kitchen tops and any other place that is touched by many people throughout the day, receive some extra attention.

3. Online & Blended Education From for Business: edX For Business offers an industry-leading enterprise learning platform built to help InnovX – BCR start-ups get the most out of their teams with education content available on any type of device: phone, tablet, laptop or desktop. Founded by the Massachusetts Institute of Technology and Harvard University, offers the highest-quality content available in subject areas relevant to their business today and in the future, offering certificates of successful completion from top universities in the world.

4. Live Streamed Courses and Mentorship Sessions with Mevo: World’s leading live streaming camera and dedicated iOS and Android Apps, Mevo allows us to stream and record InnovX – BCR live courses and mentorship sessions at the highest quality. Mevo has revolutionized long-form live streaming, with 1080p HD video, crystal clear audio, advanced fine-tuning tools and more, it integrates seamlessly with all InnovX – BCR streaming platforms.

5. One-to-one mentorship sessions with top-notch industry experts: At InnovX we will put more emphasis on one-to-one sessions either face to face or online with InnovX Mentors. All InnovX mentors are leading experts in their area of expertise and dedication to improving the activity of your start-ups.

6. Smaller and Flexible Xeleration classes: In case of necessity, at InnovX – BCR we will ensure that the in-class lessons will be held with an average of 5 entrepreneurs and 2 mentors (7 persons per classroom but never more than 9-10 people). InnovX – BCR will ensure that the start-ups will beneficiate of the higher standards in education, respecting the recommendation of the World Health Organization and local authorities related to the number and density of the teams.

7. Personalized InnovX on-line tools and methodologies: At InnovX – BCR we use world-leading on-line tools and methodologies to ensure the success of your business: Live Plan, Blue Ocean Strategy, Strategyzer, DE-Toolbox, are just some of the software especially personalized for InnovX collaboration activities that can be accessed in-class or remotely by start-ups during the incubation and Xeleration phase.

8. Online applications to European and national grants: At InnovX – BCR we will only apply to grants and financing that can be accessed mainly on-line without the necessity of important physical presence: The EIC Accelerator Program, Fast Track to Innovation (both managed by the European Agency for SMEs) or the Proof of Concept Program (Regional Operational Program).

9. Technology partners that offer both in-class or online workshops: Microsoft, UiPath, Modex, are just some of our technology partners that offer in-class or online training in order to give you the freedom to choose the best training modality for you. Either your option, at InnovX – BCR we want to ensure that the Xeleration process will take place in any given condition.

10. Physical or virtual exposition booth at top-global conferences: InnovX – BCR Alumni will have the chance to participate to leading global events organized by Startup Grind in Tbilisi, Georgia, London, UK or Redwood City, USA either at a physical exposition booth or by using our new developed new virtual reality booth called InnovX Multiverse launched this February in Silicon Valley.

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