Tech layoffs: 63% employees became startup founders after being fired

Getting laid off came as a rude shock for lakhs of tech professionals across the globe in the past three months. Some have been ousted from companies where they worked for more than a decade, others sacked despite sleeping at the office to finish work. With a hiring freeze making it harder to find jobs within months, more than 60 per cent have decided to become self-reliant with their own ventures.

Taking on their former employers

According to a survey by financier Clarify Capital, 63 per cent of laid off techies have already started their own businesses, to compete against employers who fired them. They have taken this step since one in four employees who were sacked, are still struggling to find jobs. Tech professionals who have started their own business have also reported a $13,000 increase in yearly income on an average.

Better job security and options for Indians

Sacked abruptly from their private sector jobs, the accidental entrepreneurs now feel more secure in their own firms. As tech layoffs have been going on for a while, 60 per cent of the new founders thought of starting their own venture less than six months after being sacked.

Indians working on H1B visas in the US, face a risk of being sent back after layoffs if they can't find another job in 60 days. For such tech professionals, starting their own business on an H1B visa is an option, if they are able to generate sufficient resources.