On the latest episode of the Atlanta Small Business Show, anchor Jim Fitzpatrick is joined by Mark Buffington, CEO and co-founder of BIP Capital. The company recently posted its “State of Startups in the Southeast”, a report that covers the impact of the pandemic on southeastern entrepreneurs.
Buffington begins the conversation by discussing the findings in the report. He says that year over year percentage change in capital deployed dropped off the cliff during the months of March, April, and May. However, in June people seemed to learn to adapt to the virus, skyrocketing volumes to new highs. Collaboration tools such as Zoom have been very helpful for businesses to maintain communication with their teams.
Buffington then goes into the impact of how COVID-19 has created a crisis for brand new businesses. He says that BIP Capital reached out to all of their portfolio companies to make sure the companies stayed afloat. He says the founders he has worked with have been extremely diligent to listen and apply the advice he’s given.
Buffington says the great thing about the U.S. is that there is so much opportunity for entrepreneurs. While many entrepreneurs had to close their businesses due to COVID-19, many have pressed on into new ventures as they pivot with the state of the economy.
Buffington concludes the conversation by saying he’s hopeful for entrepreneurs in 2021. He says that entrepreneurs will succeed as long as they are supported by a stable macroeconomic environment. He says that civil unrest could also hurt small businesses. However, if the environment remains stable, entrepreneurs could experience a strong bounce-back year in 2021.
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