Entrepreneur Benjamin Herzog shares his views on how the coronavirus outbreak has affected the startups

The coronavirus roar has feared all the startups across the world. The outbreak has left many businesses vulnerable. Not just startups, several big companies and industries of the world are incurring severe losses because of the pandemic. Benjamin Herzog, a 23-year old entrepreneur who is based in Austria talks about how the situation has had a negative impact over the businesses. He explained how the deadly virus has led people losing their jobs overnight. However, the entrepreneur has had his stakes in many businesses which have currently hit a roadblock.

The young entrepreneur learnt the basics of entrepreneurship when he joined the foundation of Tea Time. Since then, he has been associated with multiple businesses. Herzog who has had always laid emphasis on having multiple streams of income said, “Of course, my businesses have also hampered due to COVID-19. Things have stopped for a while and there is no manpower to get the work done. Not every job is based on the digital domain. I hope this pandemic gets over soon and the businesses start as early as possible. If it continues for long, the world economy will severely get affected.”

Some of his investments include for companies like Avintex GmbH which is the second-largest cloud mining providers in Austria, Viva Payment Solutions and PhoneX Pay (Transfera). Last year Benjamin founded EXW Wallet and this year he has his plans of venturing into real estate. “Startups will see a lot of downfall due to coronavirus. Not just employees will get their pay cuts, but many will be asked to leave the companies with having no revenue coming in.” Benjamin Herzog was set to launch his fashion brand ‘Understatement’ this year. But looking at the current situation, he plans to postpone the launch until there is financial stability in the market.