RESEARCH TRIANGLE PARK — The Triangle’s startup job market hit new lows this week, according to the latest edition of the WRAL TechWire Jobs Report.
Startup job postings fell below 12k for the third time since WRAL began tracking this data, hitting a new low of 11,392 (not taking into account post duplications).
“Startup ‘Mass Extinction Event’”
On Friday, Insider writers Alistair Barr and Melia Russell wrote about the potential for a “startup ‘mass extinction event,’” quoting a tweet from Tom Loverro, a general partner at IVP, which is a backer of companies like Discord, Slack, and Twitter.
“The Mass Extinction Event for startups is underway,” Loverro tweeted.
Barr and Russell wrote in the article that the “VC boom” in 2021 featured a “frenzy” of investment—but that, now, “the money spigot has run dry (except if you’re an AI startup).”
“There was a frenzy of investment, where startups raised massive amounts of money and some businesses got funding that maybe shouldn’t have,” wrote Barr and Russell in the article. “The failure rate plunged as VCs money gushed everywhere.”
They also wrote that, according to an internal presentation seen by Insider, Loverro’s firm, IVP, has been “urging founders to ‘surgically pare down expenses’ to stave off extinction.”
Does “fewer expenses” mean slower hiring?
Here’s a look at the Triangle startup job market trends, including this week’s historic new low:
The drop mirrors wider Triangle job market trends. Job openings in the Triangle fell to historic lows this week, with just 241,071 opportunities currently posted (not taking into account post duplications).
Here are the numbers from 15 different local or regional job board sites we review weekly for WRAL TechWire’s exclusive Jobs Report for “startup” jobs: