For now, the pain should be confined mostly to smaller startups. China’s home to the largest herd of unicorns or billion-dollar startups outside of the U.S., with at least 79 private companies worth more than $1 billion, according to Shanghai-based IResearch. The U.S. in comparison has about 96, according to CB Insights.
“There’s a greater emphasis on revenue and profitability among startups that they are focusing much more on top line and cost control,” said Andy Mok, managing director of Beijing-based headhunting firm Red Pagoda Resources LLC. “It’s shifted from growth at any cost to more scrutiny of traditional business metrics and they’re looking much more carefully at headcount.”More in Bloomberg
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