Among the rare people looking on the bright side of the recession are online "software as a service" providers. John Stokdyk reports
In a recent seminar on how to prosper in a downturn, venture capitalist Jon Moulton noted that the insolvency profession was poised to enjoy an increase in fee income. He then traced how the worsening economy would filter through to ordinary businesses.
One of the first areas to feel the squeeze was expenditure on capital projects. "It can be a stupid thing to do, but people will do it," he said.
Moulton's Alchemy Partners has invested heavily in the software industry, and because customers don't have the cash available to spend on new software licences, "They will be more likely to sign up for software as a service."
New Zealand-based internet accounting service Xero confirmed this changing market dynamic. The company's UK marketing director Hamish Edwards said companies were looking to cut costs anywhere they could.
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