The key to surviving in a recession is being involved in a company that will grow and be in demand during a recession. Gone are the days when luxury items were flying off the shelves – now the successful companies are the ones that provide a service or product that saves the customer money and optimises a business’ performance.
The first episode of RTE’s Dragons Den has shown how much the economic climate has changed in the last 12 months. After a pitch from a company offering the supply and maintenance of reception room aquariums, the dragons commented that a couple of years ago the individual would have received funding but with all the current office cut backs – a luxury item such as an aquarium is not going to be on any budget this year. They opted out!
However, a company in such a huge growth industry as internet advertising is destined to receive interest. The dragons jumped at the chance to fund the venture, after hearing the pitch from two individuals who have set up an Irish website advertising pedigree cattle on sale, with plans to develop into the UK market. These plans should be realised as the company received the funding it applied for with a merger from two of the dragons who fought off the advance of the others!
Starting up your own company during such an economic downturn seems like a death wish – however with the downturn in the economy, traditional advertising is suffering a plunge in sales because it is simply too expensive. Companies still need to advertise however if they are going to stay afloat. This is a great opportunity for internet advertising to grow and will definitely allow the internet to grow as a huge contender in the media environment.