Though the slowing economy is causing some companies to scale back their IT hiring plans, some others may be willing to make exceptions for folks losing their jobs in the latest round of financial fallout from the U.S. credit crisis.
While tech startups traditionally haven't been able to compete with the big salaries and other financial incentives offered by deep-pocketed financial services companies, the startup route may now look more appealing to former Wall Streeters looking for work, reports The New York Times.
Fred Wilson, a founding partner of New York's Union Square Ventures, wrote on his blog, A VC:
Please consider joining a startup. The pay probably isn't as good, but the equity can be valuable, and I promise that the work environment is more enjoyable and that our companies don't operate at 30x leverage.
Wilson says that ex-Streeters with advanced degrees in economics or mathematics and experience in creating algorithms are especially sought after by tech companies. Venture capitalist Josh Kopelman, with First Round Capital, earlier this week rolled out a site called LeaveWallStreetJoinAStartup.com listing job openings at seven of its portfolio companies and inviting other VCs and startups to post openings of their own.
Startups are now "more stable than Wall Street (seriously)," wrote Kopelman.