Tech companies laid off at least 160,000 workers in 2022, and the cutting has continued into 2023, with more than 100,000 additional people losing their jobs. This has created a cohort of workers trying something new—instead of seeking other positions inside giant companies whose hiring sprees have flipped to a payroll purge, they’re opting to become their own bosses. For many, healthy severance payments provide ample cover to work up their own ideas. And the layoffs give them space to finally work on a passion project.
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