RESEARCH TRIANGLE PARK – Triangle startup Get Spiffy saw cashflow dry up and had to furlough some 200 employees. Other NC emerging companies also had to cut staff or resorted to Paycheck Protection Plan loans to keep staff on board. But these firms like many other worldwide have not escape the economic impact of COVID-19.

“Thousands of companies worldwide have been forced to reduce costs and cut the number of workplaces, and startups are no exception, reports news site BuyShares in the U.K.

Tech Startups Laid Off 69,000 Employees Amid COVID-19 Outbreak

“According to data gathered by BuyShares, the tech startups laid off more than 69,000 employees between March and July due to the COVID-19 pandemic.”

A chart from BuyShares breaks down which industries have been hit hardest by layoffs:

Source: BuyShares.uk

“With more than 14,600 job losses in this period, the tech startups in the transportation industry have taken the hardest hit. The finance industry ranked as the second-most affected sector, with 8,466 startup employees losing their positions,” reports Jastra Ilic.

“Startup companies in the travel sector had to lay off 8,198 workers due to coronavirus outbreak, ranking as the third-most affected industry. Statistics show startups from retail, food, and consumer industry had to cut down more than 19,100 workplaces in the last four months. The real estate, fitness, and marketing industry follow with 3,503, 3,022, and 2,631 displaced workers, respectively.”