Despite Covid-19, many firms have identified opportunities for growth over the next nine months. Approximately one third of those surveyed believe business opportunities will rise due to increased or new demands related to Covid-19, particularly in cloud services, digital connectivity, remote working technology, and digital health solutions.
The coronavirus has had a serious impact on Greater Manchester’s technology sector and Manchester Digital is here to support the region and its businesses.
Manchester Digital’s COVID-19 revealed that for most businesses, the most impactful way the organisation could help was to use its platform and network to allow businesses to maintain an online presence and a connection with other businesses that may require their services.
For that reason, Manchester Digital has come the decision to offer free membership to the wider sector.
Benefits include:
What else are Manchester Digital doing?
#MDTechCommunity Slack Channel – The organisation’s Slack channel boasts over 250 members and a dedicated #coronavirus channel in which members are sharing tips, advice, and camaraderie.
Content – Manchester Digital has also been creating content to help the sector, and will continue to do so. Some examples of the information it has shared can be found below.
Want to raise your profile?
If you want us to help you to raise your profile, contact michael@manchesterdigital.com to arrange sharing your news, jobs or events on their site.
Now in its fourth year, the 50 Game Changers the Cohort investment rises by 33%. The 2020 cohort shows that the region’s tech and digital innovators continue to attract investment into the Thames Valley, raising a total of £83m in investment in the last year. This is an increase of 33% on the previous 2018-19 Game Changers, which raised £55m.
Importantly however ConnectTVT’s 50 Game Changer selection process takes into account selection criteria other than financial performance: indicators include impact of product or service, team and talent strategies and leadership.
Pushing new boundaries with innovation
From autonomous vehicle software, enabling barcodes to provide true full lifecycle product ownership, full immersive audio experiences and quantum security through to simple and affordable space missions and innovative ways of applying satellite data to help companies solve the world’s biggest challenges, this year’s Game Changers are pushing new boundaries in tech and digital even further.
50 Game Changer creator, Louize Clarke comments, “50 Game Changers is about capturing the true story of the tech and digital ecosystem. We’ve always wanted to highlight the incredible founders and community builders at the heart of the startup scene here in the Thames Valley and we’re truly blown away by the talent and contribution this year’s cohort is making to the region’s tech leadership and place on the global technology stage. A huge thank you to our partners for helping to make this happen.”
Co-founder Matt Bovey adds, “The 50 Game Changers is all about celebrating the region’s true innovators, the exceptional leaders and teams shaping the Thames Valley’s future. While 2020 has the potential to be a brilliant year for many, our cohort still needs support from outside their own networks to reach their full potential, particularly developing sustainable talent pipelines, investment in innovation and ecosystem building.”
In the face of coronavirus, many of us are looking at ways to safeguard our future. We’ve tried to collate all the information available into one space for you. Things will be changing all the time and we’ll be updating this page regularly as the Government provides more information and support.
The team at TechSPARK is here to offer any support and advice that we can, you can contact us via hello@techspark.co. TechSPARK, as part of the TCGUK (Tech Cluster Group UK) is in contact with the government and feeding in ways in which they can support us.
Below we have detailed some of the packages announced by Government and how they could impact you
The Government has announced it will provide support to businesses around wages:
This scheme will offer access to lending and overdrafts for businesses affected by the current crisis. The government will provide the banks with a guarantee for 80% of funds loans so lenders have the confidence to still provide finance.
The Government has announced that many companies will not pay Business Rates in 2020-21. Most relevant to our sector is the £10,000 grants which will be given to up to 700,000 businesses in the UK.
All SMEs will be able to reclaim statutory sick pay for employees affected by Corona however no system is yet in place for this so it may take weeks to months for money to come back.
If you are self-employed Government offers support similar for employees
Some people won’t be eligible for the above. If so Government has said it will make it easier for you to claim Employment Support Allowance or Universal Credit at the rate of Statutory Sick Pay
Both business and self-employed can receive support from the HMRC time to pay scheme which means you can defer payments
To combat the coronavirus outbreak, the Government is looking to collaborate with startups who might be able to lend support and expertise in the following:
As of 16.30 on 26/03/20, there have been 41 confirmed cases of coronavirus in Bristol. Please note, the Government has decided not to test people with mild symptoms. Local authority numbers of confirmed cases are reported on this dashboard and updated each afternoon.
Lots of people want to volunteer to help. You can do that in Bristol via the Can Do Website and in Bath via B&NES 3SG Community Connectors
The Quartet Foundation is also directing money to the communities in more need locally, you can donate here
Other Helpful links
Many businesses are facing severe challenges in the current crisis. Although not a definitive list, hopefully the following thoughts will give a framework for founders to consider, especially in smaller businesses.
This is my personal response – I hope you find it helpful when considering your own challenges – Rick Chapman, Entrepreneur-in-Residence, SETsquared Bristol.
1. Cash flow will kill you
Even in normal times, cash flow is one of the biggest reasons for businesses going under. It’s easy to forget the importance of regular injections of cash into your bank account to meet your ongoing liabilities. In times of crisis such as this, it is even more vital given future revenue may be even more uncertain. Consider the following points:
2. Look for additional finance
In a very dynamic environment, many additional sources of finance are becoming available. This blog will almost certainly be out of date within hours of publication, so I won’t try and be exhaustive here – check media sites, especially for your sectors and clusters. e.g. Tech Spark, Tech Nation and of course www.gov.uk.
Some sources you may consider are:
3. Liquify assets if you have them
As the old saying goes, do not cut off your nose to spite your face! I’m not advocating selling off your key assets here, but many companies have assets that are going to be idle for several months. Can they generate alternate revenues, or can you temporarily reduce lease payments, for example?
4. Look for alternate revenue streams as a temporary measure
Standard business advice is to “hold your focus” and “don’t try to progress too many things in parallel”. Sometimes, however, rules are made to be broken. If you are facing several months where Plan A cannot progress, does this create an opportunity to do something else in the interim?
This may be looking to your software team to offer themselves up for agency work, this could be using your manufacturing capabilities to supply products to the NHS. It could include your marketing team copywriting for other clients. Be creative!
Don’t overlook the fact that ‘furloughing’ your staff under one of the government schemes may help your survival more than keeping them on full pay and trying to find alternate revenue. As always, consider all the options.
5. Network – you’re not alone.
Although we may be stuck at home, life goes on. Video calling is currently a boom industry! Reach out to colleagues, friends and more – they are a source of creativity and information, as well as a vital resource to keep your spirits up! Look on the bright side – we may even emerge with new cooperation models using less transport infrastructure and other side benefits.
Use the media hubs – they are working hard to keep information updated in a rapidly changing environment – but they are also starting new online initiatives to keep us connected and productive.
It is important to think now about your plans as the economy improves. Those companies that position themselves for recovery are far more likely to do so. Consider the following thoughts:
1. Cash flow will still kill you
The recovery will be slow. Plan to turn on your spending taps slowly and carefully monitor your situation regularly. Be prepared for a couple of false dawns and blips in the recovery, and so be prepared to keep your spending low for a little longer than you may think necessary.
However, be prepared to nimbly upscale too if the opportunities are real. Small companies generally have more flexibility to scale up and down, and this will be key to recovery.
2. Prepare your pipeline during the lull
Once you do commence sales, ensure you are also scaling support back up. Everyone will be hurting and may need more support than normal as they may be short staffed. Plan for this and become their preferred supplier by facilitating their recovery as well as your own.
Marketing will get crowded as the economy recovers – pick your most promising channels for your first recovery sales. If the infrastructure is weaker, consider changing your channels to more direct sales temporarily. If you use distribution, look to the global recovery patterns and choose which to support in priority order.
3. Collaborate in recovery
Other businesses will be recovering too – there may well be opportunities to share costs and cooperate in new ways. Be open to the possibilities.
4. Don’t rush.
Recovery will take time. Have realistic timescales to rebuild your business and do not over commit too quickly, whilst still being open to emerging opportunities. This is going to be a balancing act, I admit, but assuming a quick recovery will ensure you fall off the tightrope.
Don’t panic – keep a clear head. I sometimes joke that any serious entrepreneur must have looked over the cliff edge at least three times. This cliff is real, big and scary, I don’t hide from that fact.
But this is what we do. Plan your way through this.
There’s no sugar coating this, we won’t all survive, but those that do will emerge stronger – and employ the rest of us!
Challenge your pre-crisis assumptions. It is not business as normal, nor will it be. Use the time to re-plan deeply. We rarely get that opportunity in business. Take your immediate actions and then create space for some strategic thinking.
Once you have decided a route forward, ACT! If you need to make cuts, make them. Businesses will fail through inaction.
Network, network, network! Help is out there and you are not alone.
Before he was put in charge of all the words on this site, our incredibly handsome Editor was self-employed for almost a decade. He’s put together a handy list to help you to get to grips with working from home. Although he’s not entirely sure why he’s telling you that in the third person.
Seriously, get up at the same time you would if you had to travel to work. The thing is, you are going to want to keep hitting that snooze button until it’s 8.59 and while I won’t deny you an extra 10 minutes every now and then – you know what you’re like.
You’ll wake up, have a coffee, sit down with breakfast, stick on whatever it is your binge-watching these days and before you know it it’s 10.30 and you haven’t even checked your emails.
Look, your brain is an idiot. It’s all, like “oh wow we’re at home let’s stay in our pyjamas and read lists on the internet” (thanks by the way), so you have to trick it. Leaving the house is no longer your trigger for ‘professional mode’, so make putting on a shirt your new work themed Bat-Signal.
Although, you know, you’re not at work are you? As long as you look boss on a video call, you’re good, and while those shorts are obviously incredible they signify something so much more beautiful. Not having to wear a belt.
Your house is now both your office and the place where you cannonball episodes of Americas Next Top Model, it’s wise to separate those true, true necessities as much as you possibly can.
Don’t work in front of the telly. I’m lucky enough to have a little box room for an office, but if you don’t, create a little space in whichever part of the house you use least (although, not there, it smells in there – no offence).
Like every other millennial you’ve met in the last five years, I’m about to recommend you take up mindfulness. Obviously, there are genuine benefits to your mental health and if you are someone prone to anxiety, stress or depression I’d suggest now might be a pretty good time to get into it.
But it has work benefits too, it helps you to train yourself to be present and to focus. Trust me, there’s going to be days where you ‘accidentally’ take a three-hour lunch because, oh my god how good is it to see Picard back, right? That’s human, but it’ll work out a lot better if, when you are in front of your laptop, you’re actually getting things done.
Obviously right? You’re already really good at it, the office was distracting anyway. You’ve got lists and project management tools and everything. Thing is, and I’m sorry if I’m labouring this point, unlike at the office, your house is full of distractions that you actually enjoy.
You’ve got three cats, 200 books you’ve been meaning to get around to and you’re on the verge of a perfect season in Football manager. Too specific? Add in your own examples. Set goals, have a reward system -heck – have a punishment system if that’s what you’re into. Whatever works for you, set it up and stick to it, otherwise those days are going to slip away.
Look, as much as this blog is a shameless attempt to show you multiple pictures of my legs, I’m also trying to be practical here. There is a base level of exercise you do when you have to actually go to work, that you won’t do at home.
Using myself as an example – I’ll do 10,000 steps by the time I get home if I go to work, working from home I’ll get there by some point next Saturday. Buy a yoga mat, get some dumbbells, download one of a billion free home fitness apps. I believe in you.
That should do it. Obviously there’s more I could say but I feel like I’ve lowered the tone of this website enough without giving you my perspective (and accompanying images) on good hygiene or comfort breaks. But for short, wash your hands.
