Top Investor Says Israeli Tech Recovery Depends on America's Ability to Overcome Covid-19
Adam Fisher, a partner at Bessemer Venture Partners, is expecting financial downturn to last at least one year but believes there is no stopping good entrepreneurs
The coronavirus (Covid-19) crisis will result in an economic slowdown that will last for at least one year, but it is not necessarily a death sentence for startups, says Adam Fisher, partner at Bessemer Venture Partners.Talking on Conference Call, Calcalist’s online convention on tech in the coronavirus (Covid-19) era, Fisher, who has managed Bessemer’s Israel office since 2007, investing in more than 30 Israeli startups, broke down the dangers and opportunities presented by the pandemic. "The lessons from past crises is that what usually works is cutting expenses, firing employees, reducing salaries and minimizing expenses," he told Calcalist reporter Meir Orbach. "Additionally, you need to change your projections and prepare for a deeper crisis and hope for the best. Put an emphasis on efficiency and don’t assume that
at some stage everything will return to be the way it was before."
crisis, but because even in times like this there is nothing that can stop good entrepreneurs from pushing forward a good idea. There is anadvantage to being small, with only a few employees, and working from home knowing that in a year or two you will have less competition. I'm all for entrepreneurs who are thinking about setting something up, but if you are very dependent on completing a big round and you had competition before the crisis from companies that already raised a lot of money, maybe you need to rethink whether this is the right project or the right timing.”