The pandemic is changing the role of innovation hubs

A YEAR ago, we were celebrating the global startup economy and its US$3 trillion contribution in economic value.

Today, with many of us in isolation and offices shuttered, Covid-19 has created a great amount of uncertainty for businesses, but these measures are especially distressing for startups.

A global study conducted by Startup Genome found 41 per cent of startups have three months or less of cash runway left - and of the businesses that have raised Series A, B or later rounds, 34 per cent have less than six months' worth of cash.