LETTERS TO THE EDITOR

Big Tech vs start-ups

[Re: Fintech ‘innovation hubs’ set to launch around the UK in levelling up push, February 28]

Fintech ‘innovation hubs’ up and down the country will be a welcome home to many promising startups. The policy will definitely help smaller firms find their way - in a trend that we’ve been seeing for the past months.

Prior to the recent layoffs, Big Tech was on a recruiting spree, hoovering up all sorts of talent in the market. Startups struggled to attract and retain the right talent as workers succumbed to the bright lights of big tech firms which offer large salaries, a wide spectrum of benefits, stability and the opportunity to work for a household name. However, given the size and scale of the layoffs, people are now doubting the stability of the largest players and are looking to up-and-coming smaller firms rather than the Big Tech monoliths.

We’ve had more applications from senior, experienced, skilled people than ever before. These types of candidates are now rethinking their priorities and there is a growing realisation that playing a bigger role in a small firm and getting meaningful equity can be a lot more fulfilling than just being a small cog in a big machine at a larger tech firm.

What has been Big Tech’s loss has been startups’ gain - and fintech will benefit too.

Laurent Descout Neo