If you are employed, please don’t leave it to set up a new tech startup.
If you do, it’s simply bad timing on your part. Most things are stacked against you, especially if you need external capital.
It’s going to be a tough time for everyone – a blood bath for some. More and more venture backed tech companies are going under.
Whilst I am only a Punt Investor and not a real investor, quite a number of my punts are proving to be, guess what, just PUNTS!
- Clim8 shut down recently
- Coconut is being sold for £1
And there are more. In some of these cases, the companies were founded by proven tech entrepreneurs with dream teams. Sadly most of them cannot adapt to bear markets. Cost structures and business models are non-adaptable.
Crowdfunding platforms are already struggling, and some of them could end up shutting down.
We are already in a recession in the UK. It will hit harder in the US, especially as de-dollarisation accelerates.
It’s gonna be a mess. So if you are employed, please stay employed. I reckon the next 3 to 5 years gonna be tough for us in the West.
If you are adamant and still want to set up your first tech company, then set this as a side hustle whilst keeping the day job. We can help through services like Techcelerate and SkilledUp Life.
All the best to everyone.