Dark clouds, silver linings

For tech companies, the hits kept coming. Twitter is in turmoil. Crypto is crashing. There were multiple layoff announcements, including Meta and Salesforce. Tiger Global — an investment firm that has pumped big money into Work Tech over the past few years — slashed its valuations of private tech bets by billions. It’s hard to find a shred of optimism when the tech market is hitting its biggest dip since the dot-com bust. But there is a silver lining: Out of this storm will be winds that propel the growth of the next stage of Work Tech growth. The core fundamentals of Work Tech are good. The bellwether brands of the industry — the big ERP/HCM players — are posting solid earnings and growth. The business pains that drive sales keep increasing. Remote work will continue to be a growth driver. Dozens of companies have routes to go public with solid fundamentals when the IPO markets become favorable again. This will be a good decade for Work Tech, even if 2023 is shaping up to be challenging. Stay positive and keep moving forward.