As the global economic situation deteriorates amid the Russian invasion of Ukraine and soaring energy costs, many aspiring entrepreneurs might be tempted to give up and wait for better days. But don’t give up!
It is true that founding a startup in times of crisis may look more challenging. Investors can also be skittish, and winning new customers is not easy. However, a crisis can also be a golden opportunity to launch a new product or service, as long as the startup at the origin applies specific methods. One of them is called frugal innovation.