For years, one of the biggest challenges facing New York city based startup companies has been the competition for technical talent. It was very difficult for a venture-backed startup to compete with the compensation packages offered by the big investment banks. Stock options had a hard-time overcoming oversized cash bonuses.
While no one is happy with the turmoil we're seeing facing the financial services sector, and no one is happy to see mass layoffs, this does represent an opportunity for startup companies to attract seasoned, technical talent. With Bear Stearns laying off over 7,000 employees, Lehman Brothers rumored to layoff over 20,000 employees, and Merrill Lynch expected to layoff thousands after their sale to Bank of America, we're on track to see over 150,000 people lose their jobs this year.
If you are one of those 150,000 employees, you might want to consider joining a startup. These days, startups are more stable than Wall Street (seriously). And while a startup probably won't offer the creature comforts of a job in the financial services industry, startups offer different benefits. You get to participate in the creation of something new. Your work makes a direct (and clear) impact on the success or failure of the company. No more politics, endless meetings, or multi-layered organization structures. Plus, you'll likely get stock options to share the upside.
That's why I launched LeaveWallStreetJoinAStartup.com -- a website highlighting great job opportunities at NY-area startup companies. If you're looking for a job in NY city, check it out. If you're a startup looking for talent, send me your job postings at firstname.lastname@example.org and I'll add it to the list...