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Blockchain and Crypto startups faired well during COVID crisis, report reveals

Blockchain during covid

Blockchain and Crypto startups faired well during COVID crisis, report reveals

A study released by Startup Genome reveals that Blockchain and Crypto startups lost less revenues than startups in other industries.

Blockchain and Crypto startups lost about 14% in revenue during these pandemic times.

Travel and Tourism, not surprisingly, lost over 70% revenue.

“Shockingly, almost 40% of the companies saw their revenue drop by 40% or more, and only about 12% are experiencing significant growth,” report reveals.

Change in Revenue

Success of technology space will be critical for recovery 

“The unstoppable march of the economy becoming increasingly reliant on digital and technology products got accelerated by the crisis triggered by COVID-19,” report states, “this means that, even more than in the previous crisis, the tech economy will be fundamental for recovery.”

While traditionally most tech innovation has come from more matured markets, the trend is now shifting. 

APAC is making headway in the tech space with their incubator and Tech Hub initiatives.

For instance, State of Telangana, India is making strides in both Pharma industry as well as Artificial Intelligence space.  

Telangana is building a 19000 acre Hyderabad Pharma City along with Genome Valley 2.0 and Biological Scale-up manufacturing facility (B-Hub).

In addition, Telangana has established India’s first Center for Research in Applied Artificial Intelligence in association with Intel and IIIT Hyderabad.

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Seoul makes it to the list

The report shines light on Seoul’s meteoric rise of the Startup Ecosystem. 

Seoul’s government is actively involved in making Seoul one of the global hubs for innovation.  

To this end, “The Seoul Metropolitan Government (SMG) has committed to spending $1.6 billion to develop its ecosystem over the next three years along with the national government and private investors, for instance.”

Silicon Valley’s days might be numbered

Silicon Valley is still ranked as number 1 for startups for 2020.

However, this could change in the near future with startups emerging from multiple ecosystems around the globe.

The report projects an optimistic outlook that apart from Silicon Valley we could witness innovation from 30 more ecosystem centers around the globe.

The list of startup ecosystems in the report support this outlook.

Of the Top 30 Global Startups listed in the report, 11 are newly added.  These newly added ecosystems include: 

  • Tokyo
  • Seoul
  • Shenzen
  • Hangzhou
  • Sao Paulo
  • Dallas
  • Salt Lake-Provo
  • Copenhagen
  • Delhi
  • Melbourne
  • Montreal

Most encouraging aspect of these new additions is how demographically diverse they are.

While we are grappling with the COVID issues, the world of innovation is silently spreading around the globe.  

That is something we can all cheer for.

Thank you for reading and sharing this article. Stay safe and healthy!

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