Coronavirus is forcing Uber to return to its start-up roots
For years, Silicon Valley start-ups have built a culture that relies on moving fast and turning on a dime. Failure is accepted, but companies and founders need to quickly find a new path forward. Venture capitalists — and now traditional investors — have poured billions of dollars into these companies with the faith they will figure out how to eventually make money, much like tech giants before them.
The global pandemic presents the biggest test of this class of large start-ups, which also includes Airbnb and WeWork. It’s putting a huge strain on their business models, raising the question of whether they are too established to innovate.