Entrepreneurs saw Gitex as an opportunity to promote their products in light of the "pandemic"

Corona increases financing and marketing challenges for emerging technology companies

  • Gitex was a bailout for many startups.

    Photography: Ashok Verma

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Entrepreneurs and owners of small and medium enterprises reported that the Corona virus crisis affected the emerging technology sector, as it created great challenges for this sector, most notably the difficulty of financing and marketing, the lack of cash flows, and the loss of employment due to the financial crises that Coronavirus has left on the sector. .

They indicated to "Emirates Today" that the "GITEX" exhibition is considered a window to market their innovations and products in light of the pandemic, as the exhibition is considered a link between these companies and consumers.

In detail, the founder and CEO of vsualthree60, Berdeeb Grundhanan, said that “one of the challenges that small companies face due to the repercussions of (Corona) is the decrease in cash flows for small companies, which are considered one of the most important obstacles, because small companies are at the beginning of their formation, and they do not have them. Financial savings are spent from it when sales fall, and it depends on the liquidity coming from direct sales. Any delay in these flows could cause the company to close, and this was one of the most prominent difficulties that the company and other emerging companies went through.

He added: “Another challenge that we faced in the period of the (Corona) crisis is the inability to retain skilled workers, due to the decrease in financial flows, which drives some companies to dispense with some of their trained workers, and makes their position difficult in the future when conditions improve in the search for New employment ».

He pointed out that the exhibition was a saving opportunity for many startups, especially since this session was not done virtually like other events, but it is realistic, which helped us get some good deals during the exhibition.

For his part, the owner of "Rock Booster", Abdul Rahman Ahmed, said: “One of the most important challenges facing emerging companies during the current period due to the (Corona) crisis is the decrease in financial flows, the loss of skilled workers, as well as the financing difficulties,” stressing that the exhibition “ GITEX »A good opportunity to introduce companies in the sector, which opens the way for them.

For his part, CEO of Logicon, an emerging technology company, Murad Hassan, said that “the pandemic conditions (Corona) have raised the challenges facing emerging technology companies, especially with regard to financing operations or collecting revenues from dealers in markets, or marketing those products. Companies ».

He added that «GITEX Technology Week» highlights its importance for emerging technology companies, as it represents a window and an appropriate opportunity to promote companies ’products on a large scale, in light of the exceptional circumstances of the pandemic.

And he considered that "emerging technology companies have to reduce expenses significantly, so that they can continue in the markets during the current circumstances of the (Corona) pandemic, and that a number of companies are trying to keep pace with the repercussions of the pandemic, by developing technical solutions commensurate with the circumstances formed by the pandemic."

In turn, the founder and CEO of the emerging "Blendez" company for technical solutions, Amin Masoud, indicated that "the (Corona) pandemic has imposed additional obstacles for emerging technology companies, in light of the changes that global markets are going through in general, affected by the repercussions of the pandemic."

The financial director of the company, Tania Siani, pointed out that the challenges posed by the repercussions of the Corona pandemic lie in the difficulty of financing and marketing the products of emerging technology companies. The importance of GITEX is that it represents a regional and global window suitable for these companies in presenting their products. And promote it on a large scale, pointing out that "intensive promotion is one of the main means to face the challenges facing companies due to (Corona)."

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