On Tuesday, March 31st, MassTLC convened 22 CEOs of Massachusetts-based technology companies to discuss the impact of COVID-19 on their business, their response, and any signs of recovery. Participants represented a wide variety of company size, maturation, and industry served, as well as tenure as CEO.
Each CEO had modeled several business continuity scenarios for 2020 and is managing with the general approach of “planning for the worst and hoping for the best.” When asked, roughly 80% of the CEOs felt that we would see a turn-around begin between the third and fourth quarter of 2020. Companies that are least impacted were those with recurring revenue, which is helping compensate for a lack of new business.
Overall these leaders were most concerned and dedicated to keeping their workers employed. CEOs are thinking creatively about how to avoid layoffs and expressed a willingness to make sacrifices. Leaders are reviewing state and federal programs available for companies to keep their doors open and their teams intact.
These CEO discussions will be held regularly, so check back here for updates. For additional information on public and private programs being offered from small business loans to legal issues to technology platforms, MassTLC has created a Resource Page.