STARTUPS : CHALLENGES AND OPPORTUNITIES

FICCI FLO Bhubaneswar Chapter in partnership with Startup Odisha and LexStart Partners organized a webinar to address the challenges faced by women entrepreneurs and discuss the opportunities during the COVID19 pandemic, lockdown and its impact on business.

The panellists consisted of entrepreneurs Poonam Mohapatra, Rekha Chinnery, Sunita Mohanty, Sashwat Brahma, legal expert Anisha Patnaik of Lexstart Partners and Prasanta Biswal of Startup Odisha and was moderated by Dharitri Patnaik, Bhubaneswar Chapter Chair of FICCI FLO.

The webinar covered the below topics:
1. Challenges faced by startups in COVID 19 and lockdown
2. Legal and compliances
3. Fundraising
4. Startup Odisha ecosystem
5. Way forward

They emphasized on the challenges facing decision making, managing business continuity for the next 12-18 months and since investors under pressure, valuations are lowered. Startups need to redesign business plans from growth to sustainability. Panellists highlighted that patience, adaptability and adherence to financial discipline is the way forward. The experts advised that there is a general slowdown but investors are seeing this as an opportunity. Anisha Patnaik advised to be careful of valuation and companies should prefer to go without valuation based on the current scenario.

Tap into the urgent Development funding available by Government. Employer/Employee morale- This is not the time for raise, instead, look at innovative options like ESOPs. Relook at agreements and commercial relations. Take a tough call and cut cords where they are not profitable. She requested all entrepreneurs to review contracts. Prasanta Biswal, team lead MSME of Startup Odisha discussed about many innovative solutions that have been recommended and have been submitted to CMO. Startup Odisha already has many benefits, financial and non-financial for startups who are registered under them. Vote of Thanks was given by Tanaya Patnaik, Vice-Chair of FICCI FLO Bhubaneswar Chapter.