If the news of quick commerce startup Airlift cutting down operations and laying off staff rattled you, know that the worst is yet to come. The proverbial party is on hold for now, and while it may have been a blast while it lasted there are now splitting headaches to nurse and consequences to deal with.
The dizzying highs seen by tech-startups all over the world have been brought down to abysmal lows by the brutal claws of a market that is persistently bearish in the face of rising inflation and a global recession. Major tech players including Apple, Microsoft, Amazon, and Google have taken significant stock hits, shaking investor confidence and almost overnight making funding for startups scarcer than it has been in years.
What does it mean for Pakistan? Very briefly put, it means for the time being funding is going to dry up and our startups will have to show their true metal. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
The dizzying highs seen by tech-startups all over the world have been brought down to abysmal lows by the brutal claws of a market that is persistently bearish in the face of rising inflation and a global recession. Major tech players including Apple, Microsoft, Amazon, and Google have taken significant stock hits, shaking investor confidence and almost overnight making funding for startups scarcer than it has been in years.
Wow. What a brilliant article – chock full of research, analysis and insight. Obviously not just chasing a quota for number of articles to be published for the day.
Tech has been crushed globally.
This is not the end. But the startups will have to show grit, determination, and gusto
thats the article?
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