Stories of Technology, Innovation, & Entrepreneurship in the Southeast

Knoxville Business News Tennessee Mountain Scenery Background
March 16, 2023 | Tom Ballard

Interest in starting a business has spiked

A survey from Clarify Capital LLC found 63 percent of tech workers started their own company after being laid off.

One of many impacts of job cuts from 2022 that continue into 2023 is they add many engineers, coders, business development workers, and others back into the job market. Many of these workers, particularly those in the Silicon Valley area, will find employment with other tech firms, but others will take the opportunity to launch their own startups.

A survey of 1,000 laid-off tech workers conducted by Clarify Capital LLC found 63 percent of the respondents started their own company after their layoff. And tech workers reported they made more money after starting a company.

Further evidence of the uptick in entrepreneurial activities comes from Y Combinator which reported a jump in start-up applications of 20 percent in 2022. The number of applications filed in January 2023 was five times higher than the previous year.

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