The coronavirus pandemic is having a disproportionately detrimental impact on startups and small business. To help our community of entrepreneurs and business owners better contend with the unique challenges this crisis poses, we are compiling FAQs and other resources in this post, which is a work in progress and will be updated daily.

During this crisis, The Cannon is focusing on pairing companies with advisors that can have immediate impact on your business. Many of our corporate partners, who are experts in their fields, have stepped up to help. We’ve compiled a list of these partners who have volunteered their time here. Please feel free to reach out to them directly. We have also launched the Cannon Emergency Response Team program, which pulls together groups of advisors to tackle specific issues you’re having collaboratively. For more information on the CERT program, please email our Director of Startup Programs, Kristen Phillips, at kphillips@thecannon.com.

Given the state of the public equities markets and the tremendous amount of economic uncertainty right now, many individual and institutional investors will likely be adopting a conservative posture and looking to hold cash. While there will be individuals with liquidity who are wary of public markets and are looking to alternative investments and private capital markets. Overall, however, expect the climate for venture capital to remain tepid for the near future, depending on what industry you’re in and what your company does. The Cannon is working on ways to activate its Investor Network to help provide solutions for startups in need of operating capital. More on this soon. In the meantime, we encourage companies to consider conventional financing (e..g bank debt) as an option. Many government agencies and private financial institutions are offering special programs for startups and small businesses right now. Take advantage of these programs, as well as low interest rates. The Small Business Administration has a lot of valuable information on these programs.

As of the publication of this post, we are still waiting on the SBA to approve the counties in the Houston area. We will update this post when it becomes available, or check with your bank or the SBA periodically.

Suspending major launches, events and activities is prudent. Most investors will understand your reasons for doing so, even if your decisions have a negative impact on your company’s progress. The world is at war with coronavirus and COVID-19. Any attempt to try and act like it’s business-as-usual could do more damage to your company than pausing a product launch, and your customers attentions are likely elsewhere right now. Take this time to plan for after things stabilize. How will you emerge from this stronger? How will stay top of mind through this crisis, and ensure you’re relevant in the new normal once it’s over?

Time is a critical asset. For idea-stage entrepreneurs, now is the perfect time to step back, challenge your assumptions and stress test your idea. Many startup advisors emphasize speed, but sometimes a pause can be beneficial. It allows you to more fully develop your vision, perfect your business plan and pitch deck and think through how you will go to market in a post-coronavirus economy. In preparing for the post-coronavirus world, it’s important to ask whether or not your offering will be relevant to companies who will be reeling from this latest crisis. Just as 9/11 fundamentally changed how businesses and consumers think and act, so too will this. Does your idea add value in a post-coronavirus world? How will you cut through the noise and establish value and relevance in a world in recovery? Use this time to ask these questions while perfecting your idea, business model and strategy.

The Cannon is currently developing a talent marketplace platform that will serve as a central point for employers and employees impacted by this crisis. In the meantime, please check out some of the other great resources in the Houston area such as HTX Talent.