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Techstars founder David Cohen.
- Tech investors David Cohen and Brad Fed hosted an hour-long roundtable discussion on Tuesday with three veteran tech executives who have founded and sold companies for over 20 years.
- Scott Dorsey, Bernee Strom and Paul Berberian all shared their own experiences of leading a company during the past two economic downturns, steering a company through the 9/11 crisis, and what they wish they had done to better guide their companies.
- Here are the 5 pieces of advice they have for company leaders navigating their startups through a looming coronavirus-driven economic downturn.
- Visit Business Insider's homepage for more stories.
An economic recession may be brewing as the country scrambles to send employees home amid the coronavirus pandemic - and the tech industry is already preparing for how to survive the upcoming turmoil.
Colorado-based tech investors David Cohen and Brad Feld hosted an hour-long roundtable discussion on Wednesday with three veteran tech executives who have founded and sold companies for over 20 years: Scott Dorsey, Bernee Strom and Paul Berberian.
As the group noted, a coronavirus-driven economic downturn today would be extremely different from most other financially driven recessions like that in 2008.
For one thing, "the speed of change has been much faster than the other ones," Strom noted. That's a situation that will present specific challenges to startups looking to quickly adapt to a fast-changing economic landscape.
Another aspect to consider is the countrywide shock and trauma accompanying the market turmoil right now. Berberian compared the current economic landscape to the market response to 9/11, an instant moment "where everything in your life changed, you know, and the world changed instantly." Navigating challenges at that time was like handling a "tidal wave," he said.
But on the flipside, as Foundry Capital partner Brad Feld noted, the rapidity in which the situation has escalated has also meant that several investors still have the money to continue funding startups. Ways of life, like going remote, are changing. That means keeping your eyes open for emerging opportunities is of vital importance.
You can watch the full discussion here
Here are the five pieces of advice that the group has for company leaders navigating a looming coronavirus-driven economic downturn: