Last week, Sequoia Capital and Silicon Valley investor Ron Conway began advising their portfolio companies that they’d have to start cutting costs and showing a path to profitability if they hope to survive today’s uncertain economic times. Well, it appears several startups have begun taking that advice.
In what’s been a rough week for startups, as Seesmic, Jive Software, AdBrite, Hi5, Ztivity, Appcelerator, and Pandora have all reportedly reduced headcount in an effort to cut costs.
As someone who owns a Fucked Company T shirt and saw the pink slip parties in NYC after the last tech bubble burst this is not new. What is new, though is the speed and severity of the cuts. This is not a cyclical downturn. This is something different.
Tags: New York | Toronto | Vancouver | Sequoia | companies | investor | Silicon Valley | Pandora | startups | Adbrite | digital media | Jive | Tech & Biz | seesmic | Ztivity | Appcelerator
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