Last week was a wild week for tech stocks, with the Nasdaq Composite Index and the Dow Tech Index flirting with correction territory. Time to panic? Hardly.
Let’s look at Zoom. Like a lot of leading tech stocks, it took a hit last week. Of course, Zoom also reported that it made more money in May, June, and July than it did in all of 2019. Sure, tech stocks may be overvalued, but there are plenty of Work Tech companies like Zoom with solid fundamentals and increasing demand. Consider the plight of a growing company like Slack, which fell almost 20% in after-hours trading at one point last week, even as the company lifted its full-year outlook and posted record sales. Really?
Everybody’s nerves are raw right now, especially with the wild ride of the U.S. presidential election and the continuing COVID-19 uncertainty. Stay positive. There’s lots for Work Tech to be optimistic about.
Here are just two causes for optimism to begin with:
- There are 10 unicorns that filed to go public in August, including Asana in Work Tech. Collectively, these companies have raised $30 billion and are valued at $224 billion.
- Crunchbase showed almost $19 billion in global venture funding in August, with $11 billion invested in rounds above $100 million. That includes two newly-minted Work Tech unicorns — Rippling and Lyra Health.
Additionally, The Starr Conspiracy’s Work Tech Index is trading up 1.5% as of this recording this Monday morning. The Work Tech Index is composed of the top 25 work tech public equities, companies like ADP, SAP, Oracle, and others. As investors seek to recover losses from the tech sector last week, we’re seeing positive movement this morning.
Work Tech companies ask us (literally) every day, “What should we be doing in marketing right now?” The answer is straightforward. You have to W.O.R.K. Wake up. Own up. Ramp up. Keep it up. Check out a short video on Bret Starr’s LinkedIn profile that highlights a few reasons we feel it’s time to take action.
As we like to say around here, let’s get to work.