siliconindia | | JUNE 20229transitioning to a digital and knowledge-based economy, "India is fast becoming a breeding ground for innovation and startups"."Knowledge economies use ICT, innovation and research and higher education and specialised skills to create, disseminate, and apply knowledge for growth," he said.However, the startups ecosystem is witnessing a funding winter owing to Aglobal macro-economic factors that can last up to 18-24 months.As VC money disappears amid economic slowdown, tech startups have laid off over 20,000 employees the world over since April, while more than 8,000 employees have lost jobs at the Indian startups led by edtech platforms.The situation is set to get worse with recession looming and funding drying up.Several large investment firms like Sequoia Capital, Lightspeed Venture Partners, Craft Ventures, and Y Combinator etc have sent memos and footnotes to their portfolio companies and startups on how to endure the ongoing crisis. The situation is set to get worse with recession looming and funding drying up
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