As founders, investors, & employees fear what looks like inevitable economic doom, @BlumeVentures puts together the *Building Against All Odds Series* (keeping with our spirit of eternal optimism). Below are key takeaways from our insightful session with @iamadityaghosh
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1) Founders (or managers) need to stay aligned with the key objective they are after- this is the core customer problem they are solving & the market gap they are filling. All internal elements like employee training/company culture/corp strategy should reflect this objective
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2) Most companies chase competitive advantages ie. what competitors can copy easily (eg. discounting). Instead, they should actually chase *structural advantages* - core competencies/business moves that are hard/impossible to copy and put you far ahead of the competition
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3) Culture is set top down & the behavior/attitude of leaders gets copied & trickles down across the org. Attributes that leaders expect in the final product/towards the customer, should be portrayed by them in daily life. Peer enforced & repetitive behavior creates culture!
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4) Speaking of COVID-19 and post crisis recovery, Aditya notes that companies that focus on their core competencies, balance both structural & competitive advantages, and prioritize affordability by reworking cost structures, will recover faster.
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5) An interesting externality of COVID-19 is that companies (& industries) that were not yet digital have started going digital earlier than planned. Industries like edtech, online fitness, remote work/colab tools, gaming are all seeing tailwinds because of this digitization.
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6) As COVID hits the entire & countries reserve all resources for their citizens, developing countries are realizing the need for self reliance & domestic redundancy. This will cause a bigger push for domestic biz in the future - esp in given our large domestic market
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