The veil of pretence has been taken off. All that conference speak of disrupting traditional business models and blitzscaling is now replaced with consultant talk of “strategy realignment”. Or what the rest of us plebs call: mass layoffs.
First, it was Airlift firing 31 per cent of its staff and closing all markets other than Karachi, Lahore and Islamabad. Swvl quickly followed suit by laying off 32pc of the workforce and now Truck It In has swallowed the bitter pill too.
Imagine raising millions of dollars and spending all that money on welcome gift boxes to get some quick culture points on LinkedIn and then firing your employees at the first sign of distress. Do companies have to resort to desperate measures like laying off one-third of the staff in such turbulent times for the sake of survival?
Of course, fast-growing startups generally have to hire and fire fast to keep up. No one knows the future anyway. Fair enough, except that there were signals to see which way the winds were blowing. The venture slowdown became imminent half a year ago and inflation has been spiralling for much longer. Not that otherwise you shouldn’t get the fundamentals right.
Imagine raising millions of dollars and spending all that money on welcome gift boxes to get some quick culture points on LinkedIn and then firing your employees at the first sign of distress
Forget that too for a minute. Take Airlift, which until two weeks before its announcement was looking to hire resources for the same...
Read Full Story: https://www.dawn.com/news/1693396/start-up-crash-of-burnt-cash
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
