Should I pivot my startup to tackle COVID? Answer: Complicated, plz be careful. While your heart is in the right place, if not something you could easily address, the time/ cost/ skillset to compete would make it hard & your fundraising story is less authentic/ more reactive
1) complete pivot is different than a new application to an existing product line
2) If the time it takes for you to deliver, especially with regulatory is delayed and the cos with bigger $ or progress gets there first, becomes hard for you and your employees
3) There are other ways in which you can help. Volunteer to support the elderly. Support your local healthcare workers. Ensure that people in retail jobs or gig economy workers are okay and supported
4) Pivoting isn't fair to your employees either --if your vision was completely different, be aware that people joined you to help realize that goal --make sure you get their buy in
5) Re: Authentic. Early stage science / tech development is hard. Don't oversell the work as a panacea to the problem. Be real. (you'd be surprised how many people aren't)
6) Another way to help: help your friends who truly are focussed on this space raise more capital or support them with talent or time. Be there for one another!
7) Most important: be you. What you're working on (if in healthcare) is likely very important to you and someone. Keep it going and figure out how to make that real.
8) Caveat: If you're a company and see an existing line open (e.g. telemed application, ID company that can easily do serological testing), then it's not really a pivot, its an expansion of product line
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