This article investigates how start-ups have been affected by, and have responded to, the COVID-19 pandemic by analysing interview data from 32 Australian start-ups during Australia’s second wave of COVID-19. A framework and visualisation were developed, capturing unexplored heterogeneity within these start-ups, depending whether the emphasis was upon opportunities or adversity, and the type and extent of business model changes. Six start-up types were identified: stable beneficiaries, business-as-usual continuers, digital adjusters, adversity survivors, opportunity graspers and lemonade makers. The findings suggest that most start-ups responded to the crisis through business model changes because of crisis-induced opportunities and crisis-induced adversity The anaysis found that the interplay between firm size and crisis influences whether start-ups focus on business model adaptation or business model innovation or a combination of both We thus contribute to the literature on business models, crisis management and a newly emerging field focusing on the implications of the COVID-19 pandemic for start-ups.

本文通过分析澳大利亚第二波 COVID-19 期间 32 家澳大利亚初创企业的采访数据，调查了初创企业如何受到 COVID-19 大流行的影响和如何应对。开发了一个框架和可视化，捕捉这些初创企业内部未开发的异质性，这取决于重点是机遇还是逆境，以及商业模式变化的类型和程度。确定了六种初创公司类型：稳定受益者、一切照旧者、数字调整者、逆境幸存者、机会把握者和柠檬水制造者。