Originally published on Statista, by Niall McCarthy
Even though the global startup economy generates nearly $3 trillion in value, it is being severely impacted by the coronavirus pandemic. That’s according to the latest Global Startup Ecosystem Report from Startup Genome which claims that COVID-19 could prove a “mass extinction event” for startups. Even before the crisis struck, startups were facing fundamental challenges such as value being concentrated in a handful of cities, a lack of inclusion and tech giants like WeWork and Softbank faltering. The unexpected arrival of the pandemic has now resulted in a major slump in consumer demand and venture capital which have led to layoffs.