When COVID-19 shut down their events business, Campaigns & Elections avoided temporary solutions like webinars. Instead, they focused on building a durable membership model that would thrive after live events returned. This ensured they emerged from the crisis with a larger, more diversified business.

Robinhood CEO Vlad Tenev revealed prediction markets were a distant "2026 plan" until a Supreme Court decision legalized presidential betting. This single regulatory catalyst prompted Robinhood to rush the product to market, where it became a massive success, showing how external events can dramatically accelerate product adoption.

When COVID hit, Stable's founders expected their previous remote-work startup to boom. Instead, the market was silent, even for a free product. This revealed that a seemingly perfect market catalyst can be the ultimate stress test that proves you don't have product-market fit.

Province of Canada's founders faced a critical moment when an employee quit. Instead of scaling back, they took a massive risk by opening a physical store with their last funds. This forced, all-in commitment became the catalyst for their exponential growth, turning a potential failure into their biggest win.

During COVID-19, 2U Laundry's delivery service struggled while its physical laundromats thrived as essential businesses. This crisis-induced data revealed the laundromat was the "unlock for everything." It forced a pivot to franchising, which solved capital and scaling constraints, leading to immense growth.

Launching during a downturn can be advantageous. With less competition, a compelling story can gain significant PR traction. Larroudé's founders leveraged the 2020 pandemic when other brands were silent, mirroring the retail boom that followed the 2008 crisis.

During COVID, the market priced Booking.com as if travel would never recover. The investment thesis was based on historical precedent (e.g., SARS) showing that travel disruptions are typically brief. This counter-consensus view on the duration of the downturn led to a highly profitable investment.

Committing to a major trade show a year in advance created a high-stakes deadline. This financial and reputational risk forced the team to professionalize, develop new products, and create a marketing plan around the event. The event wasn't just a sales channel; it was a catalyst for focused growth.

Market dynamics are not static. What was once a 'wave'—a new, urgent problem for everyone—can evolve into a series of 'dams' and eventually a stable 'river.' A common mistake is to build for the hype of a wave after it has crested, by which point it no longer provides the same opportunity for explosive growth.