Sequoia Capital’s Online Proposal to Maintain Business as Usual Duri …
Since the end of December, the sudden outbreak of coronavirus across China and other countries in Southeast Asia has shocked the world. To date, there are over 70,000 documented cases of the virus, most of which have been confirmed in mainland China.
Among the many consequences of the outbreak – including event cancellations, mandatory quarantine periods for travelers, and health warnings – businesses in China has been disrupted as the government directs citizens to prioritize their health and safety over business as usual.
This disruption has already been felt by Southeast Asian economies as tourism rapidly declines and the manufacturing supply chain falters. However, some companies are rising to the challenge posed by the health crisis.
Sequoia Capital, a major venture capital firm, has announced an initiative to host digital platforms for Chinese businesses to connect with investors around the world.
The firm introduced the new venture as an opportunity for businesses to circumvent the financial hits sustained when entrepreneurs and investors cannot meet face to face.
“The epidemic, causing inconvenience for travel and meetings, has brought challenges for investors and entrepreneurs to manage the pace of fundraising,” the firm announced in a recent WeChat message.
Neil Shen, the co-founder of Sequoia Capital, saw firsthand how the outbreak of SARS in 2003 disrupted the growth of young companies and the national economy. Now, he is determined to prevent the same happening as China recovers from the impact of the coronavirus.
Instead of meeting in person, businesspeople will be able to discuss investments and continue to receive funding through teleconferences and online events with the help of Sequoia’s new tech.
Since the venture was announced, almost 30 businesses and 50 venture capital firms have signed up to take advantage of the online meetings.
The first teleconference will focus on business and funding for technology and corporate service, and the second will allow networking opportunities for those in the consumer and service sectors.
Sequoia’s new platform will make it possible for entrepreneurs to continue pitching ideas and securing funding without risking their health. With any luck, other companies will follow their lead in putting forward digital solutions that will help businesses grow and succeed online over the coming months.
Source: TechWire Asia