This is generally how it is. For the entry level market you have a realistic choice of 5 companies like Barclays, BT, Amazon, SKY for limited positions while competing against the world for them. A fresh linkedin job post for tech even for no-name companies gets a 100+ applicants in under an hour starting at 30k salaries. I'm not even sure which startups are hiring graduates except maybe from Oxbridge. It is obvious a lot of people commenting particularly in this thread are ultra-privileged expats where "London" is just zone 1 for them and are well connected in the industry. They probably don't even know what Morley's is. Living costs along with the high tax rates alone will eat up your income and I know British people who work in international bank's at senior positions complaining about these things and about mass immigration all the time.
This doesn't seem true, I work in a UK tech company and it's an incredibly international team. My team has three Brits (including me), a Norwegian, a Swede, a Pole, and an American. The CEO is Irish, the CTO is German/American.
Obviously that's just one data point, but every tech company is similar.
Like private equity, the price will need to keep going up. Bitwarden has financial targets to hit, they took $100M in VC money in 2022. LastPass is currently owned by PE as well (Francisco Partners and Elliott Management). As an investor, in this context, you're buying the lock in and inertia for customers who might take their time moving to other user secret and idp systems (because it takes time and effort to effectively move with minimal enterprise disruption).
Once these comments burn in after ~2 hours, we can of course revisit the thread in the future to see if this turns out to be an accurate prediction. I admit, I could be wrong, predicting the future is hard, but history is fairly clear how this turns out (to the point that "enshittification" was coined).
Bitwarden has to compete with LastPass, Dashlane, 1Password, etc for market share to be around. I mean what should they do not to be seen as "enshittifying"?
Also:
1. Bitwarden is open source, so for those that think it is "enshittifying", can run it for free?
2. So what isn't being "enshittified"? Anything that is open source, free, not owned by PE or VCs and will never take investment?
1Password was bootstrapped for almost 15 years without investment then took investment and suddenly now counts as being "enshittified"?
It seems that "enshittification" (by definition) is incompatible with market competition and fosters it.
Just letting you know that Sequoia invested in Deno [1][2][3][4], which is one of the reasons why Ryan is saying silly absolutist statements like this.
On top of the fact that Bun is now acquired by Anthropic, Deno is also either:
1. Pivoting to Cloud (for AI Agents to use Deno)
2. Looking for an exit to an AI lab or infrastructure partner.
Note that AI mostly does well on Python, JS and Typescript code so he has an incentive to align Deno on this angle.
It also doesn't help that Ryan has done a Google Brain residency where he studied deep learning (which boosts this "authority" on his silly absolutist statement)
Sequoia are asking Ryan "when return on investment, how can we have an exit like what Bun has done"?
reply