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We face a unique situation. Of course, humankind has seen pandemics throughout history, but none of them have had such damaging effects on the entire world. The World Economic Forum reports that “coronavirus shock is severe even compared to the Great Financial Crisis in 2007–08,” because it simultaneously hit households, businesses and financial institutions throughout the world. It is not surprising that so many entrepreneurs don’t know how to react.
Economic recession is something that none of us can control but we all have to deal with. Tech entrepreneurs who want to overcome the crisis as fast as possible should look forward and focus on the new prospects.