In October 2008, Sequoia Capital, one of the world's top venture capital firms sent a letter to its portfolio companies that was titled "RIP Good Times". This missive was in the wake of the global financial crisis asking companies to reduce costs to stay on the growth path.
In March of 2020, Sequoia once again has issued a warning call, calling the coronavirus outbreak "The Black Swan of 2020". The VC firm warned that this pandemic induced crisis that is being touted as more serious than The Great Depression may be contained only after "several quarters" and it could take "even longer for the global economy to recover its footing".
The writing is on the wall - International Monetary Fund (IMF) has cut its global economic forecasts for 2020, and is now predicting the coronavirus pandemic will cause a much deeper recession and a slower recovery than was originally expected and the story for India is no different.
In fact, India’s vibrant startup ecosystem has taken a battering as the virus has upended every aspect of business - growth targets have gone out of the window and it is back to the drawing board to ensure that companies are able to stay above water.
While the great lockdown of 2020 is unlike anything the world has seen before, yet there are lessons to be learned, pivots to be made and green shoots waiting to be discovered for businesses during this recession and beyond as we adjust to this new normal.
CNBC-TV18’s Shereen Bhan caught up with NR Narayana Murthy, Co-Founder of Infosys and also the Founder of Catamaran Ventures to make sense of this crisis. He also shared some lessons for the future.