What the @#$%, 2020?
This year will never be forgotten. A pandemic straight out of science fiction is upon us as the most controversial President of our lifetime fights to stabilize the economy and fight for his seat as incumbent. As a remote company operating in an industry that remains relatively unscathed, Decent Labs has a unique perspective on the current state of the world.
First things first: coronavirus (aka COVID-19, aka “the rona”). Talk about a bad start to the decade. It is the most beautiful time of the year in much of the world, yet our parks are silent, our streets are empty, and our beaches are closed. As both immediate and upcoming economic woes burden employers, layoffs have already begun and for many industries recovery seems a far off, distant dream. Economic disparity makes for uncomfortable Zoom conversation as restaurateurs starve and Instagram stars thrive. For those who remain offline, who prefer to carry cash, read printed books and get news from television — this moment is a wake up call to evolve their way of life and create a foundation for economic security in perpetuity.
Meanwhile, the federal government is rushing to respond and secure the well being of the public and the economy to the tune of $2 trillion. From personal stimulus checks to the Paycheck Protection Program, the Trump presidency is taking rapid action to show strength during an election year. However, many critics decry the fundamental concept of the stimulus package, asserting that printing money is an unsustainable plan of action to maintain economic growth. It will be interesting to witness cryptocurrency (and fintech in general) market performance during this time, as Bitcoin itself received inspiration from the infamous bank bailouts following the Great Recession.
From an economic perspective, a great shift is occurring. On the losing side unfortunately we see millions of displaced workers in “non-essential” roles that demand in-person contact, from pastry chefs to massage therapists and everything in between. In the startup microcosm we expect many of the overvalued and underperforming startups that were funded during the manic episode of the past few years will crumble. Wiser startups have found themselves in great positions for strategic M&As as part of the COVID-19 response strategy of larger companies. Despite treacherous waters, there is no greater time to focus, divide, and conquer in the technology world. For many startups, remote work and flexibility come standard, and thus daily operations have remained largely unaffected by the situation at hand.
During this time of confusion we strive to determine and support the truth. Immediately, we see layoffs, panic, and despair as symptoms of a world unprepared to face a pandemic. However, we also see opportunity. As aging industry leaders struggle to survive, a new generation of resilient, progressive businesses will emerge. At Decent Labs, we focus on how to make the most of these opportunities as we trudge into an uncertain future.
This year has been a promising one for our company. Our team has doubled in size, and our portfolio continues to expand alongside us. We are committing to our vision for the future by investing our energy and resources into resilient businesses that leverage virtualization, progressive financial infrastructure, and a keen sense of the times to make the most of a difficult situation.
As for the rest of 2020, I hope everyone reading this finds themselves safe, comfortable, and at peace.
