Ashwini Kohli, 25, was in high spirits when he walked into his cubicle at the San Jose-based start-up, his office for two years. He logged on to his PC at 9.45 am and found out a company meeting was scheduled in 15 minutes. Perhaps an announcement on a new round of funding, he thought. Four minutes into the meeting however, the ceo announced: "We don't have sufficient funds to carry on. We have to shut down the company."
By 5.35 pm, Kohli had packed his stuff, returned his laptop, keys and other documents to the human resource department and collected his severance package—a week's pay cheque. "But when I got back home, I was smiling and my apartment mates knew that I was laid off," Kohli says without any rancour. For the next two days he caught up on his sleep and started looking for a job only on the third day of unemployment.