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Survey of 197 early stage startups: Expected effect of COVID-19 on Revenue, Costs & Runway

The following charts show the results of a survey with responses from 197 early stage startups from Artesian's portfolio across Australia and China.

Projected Change in Revenue due to COVID-19 over next 12 months

The average projected change in revenue was a decrease of 42%. 35 startups in the survey were pre-revenue and 16 responded that they did not know.

Projected Change in Costs post COVID-19 over next 12 months

The average projected change in costs was a decrease of 21%. This is half the size of the average projected drop in revenues. It is worth noting that 59 startups projected no change in costs which may urgently need to be revised as the extent and length of the COVID-19 crisis becomes clearer.

Projected Runway (months)

The average projected runway over the next 12 months (adjusted for revenue and cost predictions) is 9 months.

Projected Change in Runway post COVID-19 over next 12 months

Of the surveyed startups ~24% expected that they could extend their runway, ~38% expected their runway to remain the same and the remaining ~38% expected their runway would decrease.


The survey suggests that there is still an urgent need for further critical and realistic strategic planning to be undertaken by startups to optimise their odds of surviving the effects of the COVID-19 crisis especially as the likelihood of an extended period of limited funding availability is increasingly likely.

Just like countries imposing early and broad lockdown measures have been successful in more quickly reducing COVID-19 contagion rates, startups that move quickly to cut burn rates and preserve runway are more likely to survive this severe downturn and hopefully have the chance to flourish as the world economies emerge from COVID-19 hibernation.

All business owners face the impossible dilemma of trying to secure the future of their venture while also giving consideration to the critical needs of their employees and customers. Finding the balance between economic imperatives and social and community responsibilities is an incredibly difficult challenge - but one that we must all try and address responsibly and compassiontely.



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