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The current wave of layoffs at tech companies in the United States is making it the toughest time to find jobs in the tech industry since the dot-com bubble of 2000. This will inevitably influence students’ choices of majors in the coming years, possibly diverting many who would have chosen computer science into fields like life sciences, ESG, or other engineering disciplines. Who cares how well you can handle data structures and algorithms if you can’t find a job? Yet, these are the main teachings of computer science. The transition of a profession from an undefined grey area to a mass-produced educational commodity perfectly mirrors the industry life cycle.
The industry life cycle describes the process through which an industry goes from inception, growth, and maturity to decline. Decline doesn’t mean the death of the industry; it could transform into a new sector due to technological innovations, much like how traditional newspapers transitioned into new media. The recent layoffs at major companies have allowed smaller companies and startups to replenish their workforce, and these startups are often the sources of market innovations. We can apply the industry life cycle to a profession and reinterpret the four stages as follows:
