Tech layoffs and how different parts of the world are dealing with them
For instance, OneBonsai in the Belgian city of Leuven, which is home to a group of tech pioneers, has not been affected.
The developers at OneBonsai build virtual reality training scenarios in the metaverse. OneBonsai’s clients have been worried about the sheer number of layoffs in big tech, but the team said they have not seen any slowdown in demand.
“Some people refer to the metaverse as the eighth continent, meaning that it’s going to be a place where people can live and exist, own things, buy things, meet people, have relationships with, in a fully digital environment,” said the firm’s co-founder Dimitri Pirnay.
NEED FOR BETTER FINANCING
Whether in India or in Europe, however, one incident that has rattled tech start-ups is the recent collapse of Silicon Valley Bank (SVB), the industry’s biggest lender.
Hiring experts said the start-up philosophy of “moving fast and breaking things” could hit a roadblock as funding from investors dry up.
There is also a need to finance tech start-ups better, an analyst said.
“I think it was pretty amazing that so many of what is an incredibly important area of the economy actually banked with one bank,” said Mr Alasdair Haynes, founder of United Kingdom-based exchange services company Aquis Exchange.
“This risks exposure, not only for the bank itself to that single segment, but also to the companies themselves.
“I think it emphasises the importance of public markets and how vital it is to get finance to these businesses in a more effective way.”