SINGAPORE (May 22): Big-name start-ups such as Grab and Uber have been forced to cut jobs as they come under strain following the Covid-19 outbreak. SMEs operating on a much smaller scale are suffering too. Their weak cash flow and relative lack of economies of scale make it difficult for them to withstand exogenous shocks. This includes loss-making early-stage startups — an open letter to UK Prime Minister Boris Johnson, warning that Britain could “lose a generation of start-ups and high-growth businesses to Covid-19”, has gathered at least 5,000 signatories. 

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