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U.S. and U.K. tech companies staked much of their future growth on global opportunities when they began the year. According to 1,000 tech businesses included in our 2020 State of Global Expansion report, nine out of 10 said they planned to enter a new market this year. About a third (29%) of the companies already operate in five or more countries, and 70% of them expect to in the next five years. Then the coronavirus hit.

Some industries, particularly those associated with hospitality and travel, experienced a drop in revenues by as much as 90% almost overnight. Supply chains for manufacturers and retailers broke down and business travel halted. Businesses scrambled to protect employees, but also their bottom line.

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