Economic Downturn? Let the Startups Begin.
Amidst the plethora of news that we’ve been hearing from all industries about the economy heading towards worse times and as we hear stories of worsening conditions close to home (i.e. Nortel), I can’t help but say, let the startups begin.
There is a lot of talent in Ottawa and other cities around the world that currently work at larger corporations with comfortable, and in some cases, inflated salaries. It is exactly these conditions that make it almost impossible for them to attempt to either join a startup or begin one themselves. Times are changing and we may see more and more of this pool of talented and intelligent people move on to other things and potentially the startup scene.
We’ve seen this in the past and we have a number of local success stories coming from guys who voluntarily/involuntarily left their jobs at these large corporations and attained a level of success that they wouldn’t have achieved by staying at their previous positions. Companies like Nakina Systems, Nimcat, Fitel-Photomatrix, ObjecTime, and many many more fall under this category. Needless to say, the Economic Downturn can be looked at as an opportunity or a menace depending on how you look at it 
Tags: bad economy, economic downturn, nortel, Ottawa, startups
For those of us trying to start companies now, in Ottawa of all places and with all fears looming, snatching someone out of a well paying inflated salary is nearly impossible. We both quit our jobs to do this crazy start-up thing and wouldn’t have it any other way would we Aydin?
With little early stage money, getting some people with fat severances on the street would be a blessing because we don’t need money, we need people!
agreed!
It’s going to be a big opportunity. We’ll see a ’start up boom’ from this like we see baby booms 9 months after cities get snowed in for a few days.