Startups spring from ashes of Big Tech purge

Nic Szerman lost his job at Meta in November, just two months after joining full-time, falling victim to a sweeping 13% reduction of its workforce as the

Nic Szerman lost his job at Meta in November, just two months after joining full-time, falling victim to a sweeping 13% reduction of its workforce as the advertising market cratered.

Days later he was back working, seeking investment for his own company Nulink, a blockchain-based payment company, and sent pitches to startup accelerator Y Combinator and Andreessen Horowitz’s cryptocurrency fund.

“As counterintuitive as it may sound, this layoff left me in a really good position,” the 24-year-old said. “Because I don’t have to pay back the sign-on bonus, I get four months of pay, and now I have time to focus on my own project.”

Szerman is part of a wave of would-be entrepreneurs who are emerging from the ashes of the mass job losses seen in Silicon Valley in the second half of 2022, according to venture capitalists.

U.S. tech giants including Meta, Microsoft, Twitter and Snap have purged more than 150,000 staff, according to Layoff.fyi, which tracks technology job losses.

https://www.nbcnews.com/tech/tech-news/startups-spring-ashes-big-tech-purge-rcna64021

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