Amidst the COVID-19 pandemic in 2020, female-founded startups have had to adopt various methods of reducing company costs in order to compensate for declining revenue. Reduction of spend on rent and/or facilities was the most common type of budget cut, with 34 percent of founders adopting this method. This is followed by reduction of marketing costs, which was reported by 27 percent of founders. In a further effort to reduce costs stemming from workforce salaries, 22 percent of founders reported a headcount drop, while nine percent of founders decreased the salaries of executives.
Methods of cost reduction implemented by female founders as a result of the pandemic in 2020
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Medium. (June 24, 2020). Methods of cost reduction implemented by female founders as a result of the pandemic in 2020 [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1206519/female-founders-reducing-budget-costs/
Medium. "Methods of cost reduction implemented by female founders as a result of the pandemic in 2020." Chart. June 24, 2020. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1206519/female-founders-reducing-budget-costs/
Medium. (2020). Methods of cost reduction implemented by female founders as a result of the pandemic in 2020. Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1206519/female-founders-reducing-budget-costs/
Medium. "Methods of Cost Reduction Implemented by Female Founders as a Result of The Pandemic in 2020." Statista, Statista Inc., 24 Jun 2020, https://www.statista.com/statistics/1206519/female-founders-reducing-budget-costs/
Medium, Methods of cost reduction implemented by female founders as a result of the pandemic in 2020 Statista, https://www.statista.com/statistics/1206519/female-founders-reducing-budget-costs/ (last visited November 21, 2024)
Methods of cost reduction implemented by female founders as a result of the pandemic in 2020 [Graph], Medium, June 24, 2020. [Online]. Available: https://www.statista.com/statistics/1206519/female-founders-reducing-budget-costs/
