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Tech Layoffs Lead to Entrepreneurial Boom

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the staff of the Ridgewood blog

Ridgewood NJ, a lot has been made of the current job market and how it compares to the Dotcom Bust and the financial crisis in 2008. The current downturn is far worse than in 2008 for new tech hires but not nearly as bad as in the Dotcom Bust. It is fundamentally different from the Dotcom Bust as many companies and venture capital firms still have a lot of money, they’re just not investing right now. While there is a current downturn in hiring, it appears that no one is panicking and many are crafting a plan for the next few years.

While the tech industry has seen a significant decrease in the number of employees in the past two years, with at least 260,000 workers laid off. Many of these individuals have decided to become entrepreneurs, taking advantage of their severance packages to pursue their own business ventures. Investors view startups as an opportunity as they are agile, cost-efficient, and it can be a sign of success if customers are willing to pay for a new product during a recession. Early indications show that this trend of laid-off workers becoming entrepreneurs is on the rise.

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