COVID-Response and Entrepreneurship in Crisis

Darek Klonowski ()
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Darek Klonowski: Brandon University

Chapter Chapter 7 in Venture Capital Redefined, 2022, pp 187-216 from Springer

Abstract: Abstract One of the most important components of the venture capital ecosystem is the small and medium-sized (SME) sector, which was one of the hardest hit segments of the economy. Many entrepreneurial firms were left financially devastated. The seventh chapter concentrates on the entrepreneurial crisis; evidence suggests that up to 80 percent of firms were affected, with about 40 to 50 percent of firms impacted so severely that they were unsure of business survival. Furthermore, the harm to the SME sector was indirectly related to the firm size (i.e., larger firms were less impacted by COVID-response). While firms from the SME sector are typically flexible and agile in their ability to pivot and generate revenue through different streams, their capacity to respond was thwarted by the speed and strictness of public restrictions. The negative impact of public restrictions has also affected different market segments to varying degrees.

Keywords: Entrepreneurship; Crisis; COVID; Entrepreneurial success; Entrepreneurial risks; Entrepreneurial ecosystem; Business survival (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/978-3-030-83387-9_7

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