As startup layoffs continue, some perspective
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As startup layoffs continue, some perspective
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As startup layoffs continue, some perspective
Welcome to Startups Weekly, a fresh human-first take on this week’s startup news and trends. To get this in your inbox, subscribe here.
Per Layoffs.fyi, a layoff tracker, over 16,000 tech workers lost their jobs in May, and June is off to a similarly brutal start. TechCrunch’s senior reporter Amanda Silberling and I have accidentally, and unfortunately, started working on a weekly column about the tech layoffs; what first started as a tip-over moment at Thrasio has soon expanded to startups regardless of sector, financing stage or if they had obvious growth tensions or not.
As the layoffs continue, it can feel like the same boilerplate story: number of those impacted, roles or teams that were reduced, severance package details and a vaguely generic statement from the CEO citing market turbulence as a key reason for the reduction. That doesn't mean they aren't any less newsworthy, but I'm always curious about the follow-up story opportunities. So, I asked all of you for some perspective, namely what else to ask and include in these stories.
From Jennifer Neundorfer: I’d love to see a follow-up piece with data on where people who are laid off go next. Do specific companies/industries scoop them up? Do some start companies? Something else entirely?
This question made my mind immediately jump to the talent opportunity that emerged in early 2020 when unicorns laid off chunks of staff in preparation for the pandemic. Then, I wrote a story about how startups were hiring pods of employees that got laid off, otherwise known as a not-so-new strategy of acquiring. At one point, a majority of online mortgage company Stavvy was full of ex-Toasters impacted by the restaurant tech’s 50% workforce reduction.
Beyond the rise of acqui-hiring, I think we’ll see some classic fellowships pop up that help recently laid-off people break into entrepreneurship. Neundorfer’s firm, January Ventures, started a program similar to that of Cleo Capital, which gives capital to aspiring founders to kickstart them.
The key here is that layoffs make people more risk averse, especially depending on their socioeconomic background. That mixed with the fact that Big Tech is on a hiring freeze, I don’t know what happens when a wave of people lose their jobs in a mixed messages hiring market.
But, if anyone has the data to answer this question, do send it on over!
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