Role of Start-ups during the Pandemic

During the COVID-19 crisis, many have died, many are suffering and many are struggling to stay away from the dreadful virus. Yet there are a other set of people who are looking to help the sufferers-monetarily, morally, and yes- TECHNOLOGICALLY!

Here comes the Start-ups. Actually it is a two-way process. The Tech startups have succeeded in pitching their ideas for the mass welfare and in turn generate huge revenue! We will discuss some such cool startups- So Let's Start!!
  • Staqu- An AI(Artificial Intelligence) based security systems; it uses a software called JARVIS to give real time alerts after analysing issues sensitive to social distancing. For example- if too many people enter into a lift, it issues an alert! Similarly if someone is not wearing masks and not taking necessary safety measures, it issues alert! It uses Video Analytics and a combination Thermal Sensing and Face Recognition Technologies for COVID-19 identifications, tracing of suspected individuals, and overall enhanced security and safety. Due to it's multidimensional beneficial, several Malls are looking to invest in it. 
  • Park+- It is also an innovative startup employing the latest technologies for the mass welfare. Basically it creates a system for Mall Passes- such that a safe number of individuals are allowed in the mall- creating some sort of Social Distancing! The visitors to the mall have to scan a QR code and they get an OTP and thus they get registered in the specific malls' Park+ Id. Thus the app helps people cut short mall roaming time by suggesting alternative shortcut routes inside the mall. It also provides for digital payments. It even enhances Contact less Parking.
  • Magneto-Clean Tech- It is an unique start-up using a system which it claims to purify the air. Malls, Railways and even the Busses and Metros are looking to invest in it.
Technology is also used in fashion Industry. Let us have a brief look on these-
  • Style Dotme-It is a system which allows virtual trying on jewellery
  • Big Thinx- 3D fashion Shows
  • Meepal- 3D Body imaging
  • Textronics- Virtual trying on and Virtual Tailor
  • Try and Buy- 3D solution for virtual buying
Thus, as per these examples anyone can easily conclude the growing contribution of Startups in Social Distancing.
The Government has thus eased certain restrictions and rules on Startups-
  • An organisation can now enjoy the privileges of a start-up till a period of 10 years(Earlier it was 5 year) since its incorporation. This means Start-ups can now provide Stock Options to its employees for an increased period of 10 years rather than 5 years. 
    • Stock Options means a benefit in the form of an option given by the company to an employee to buy a share in the company at a discounted price.For example- if a share costs Rs. 30, the discounted price is Rs25.: yours options will be Rs. 5 per share.
  • The government has increased the Annual turnover ratio to Rs 100 cr from Rs 25 cr.
Thus the Start-up culture is growing and has been helpful towards the Economy and Social Welfare. 

By- Siddheshwar Panda

Sources and Figures- The Economic Times

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