A report by clarify capital reveals that 63% of tech professionals who were laid off during the Covid-19 pandemic have started their own companies, with 83% of these ventures being in the technology industry. The report surveyed 1,000 laid-off tech workers, of whom almost a quarter was unable to find employment elsewhere. Interestingly, 93% of those surveyed reported that they are now in competition with the company that let them go. On average, these tech workers experienced a salary increase of $13,000 per year after starting their own businesses.
The report also found that 58% of those who started their own companies after being laid off felt more secure in their job. While some individuals had their lightbulb moment in under six months, others took a year or more to decide that owning a business was the next logical step in their careers. The Covid-19 pandemic triggered a slowdown in consumer demand, resulting in major layoffs across various US tech firms, including Meta, Amazon, Microsoft, and Alphabet. Similarly, Indian startups have also been impacted, with nearly 18,000 individuals being laid off in 2022 due to the difficulty in raising funds.
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