US startups benefitting from lay-offs and hiring freezes at bigger technology firms

17 Oct 2022 , 07:20 AM

Despite symptoms of an economic recession, late-stage US startups are scooping up personnel freed up by layoffs and hiring freezes at Big Tech, adding experienced engineers and project managers to their roster.

Companies that generate consistent revenue from marketable products are enticing employees with generous pay packages, rather than large technology companies like Microsoft Corp. and Facebook parent Meta Platforms Inc.

The staff of the coding platform has more than doubled this year to 540, with some of the new workers coming from companies like Alphabet Inc.-owned Google and Apple Inc.

The hiring boom coincides with the drying up of startup funding caused by decades-high inflation, a stronger dollar, and significant rate increases, which have forced Big Tech to curtail its spending binge.

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