• React

React - Technology

All industries, companies, and their customers have been impacted by COVID-19. Technology companies have not been left unscathed as they react to the crisis and institute business recovery and business continuity procedures.

Ensuring employee health and safety has been paramount and work-from-home initiatives were widely adopted in the sector. Thankfully, most technology companies had already adopted robust cloud-based IT systems and processes and were somewhat better prepared than most.

Revised financial projections and cost containment were early preoccupations as technology companies stress-tested their cash flow runways. Support from funders has been critical to shore up financial resources and ensure that technology businesses can survive the sudden downturn. Eligible companies have also applied for government support programs as a lifeline during these difficult times.  

Some technology companies have experienced a surge in demand for their products and services as a result of Covid-19. Technology companies that offer telework solutions, telemedicine, online learning, and streaming services, for example are reacting to increased digital transformation and rapidly changing customer preferences across many sectors.

Questions now being asked by the Boards of technology companies include: Which changes being experienced now will be temporary, and which ones will be longer lasting? How do we best react to the changes we are experiencing? What are the optimal steps to mitigate risks brought on by the crisis, and capitalize on future opportunities?