Worst time for tech sector since early 2000s, but there is a glimmer of hope

The new year prospects are gloomy for Ireland’s technology firms as the worsening global economy has forced firms to freeze hiring and cut jobs, but many believe the sector will eventually bounce back

John Collison, co-founder and president of Stripe: ‘It’s clear that founders must adapt for leaner times.’ Picture: Conor McCabe Photography

If 2022 was a bad year for the tech sector, will 2023 bring better times? The short answer would seem to be no. The damage done will take a long time to heal and, with investors wary of risk, money is likely to remain tight.

This doesn’t mean there won’t be some positives that arise as a result of the recent disruption. It is just that it may be some time before they are visible.