[eins1234]

One key part of the suggestion that might have been overlooked was to hire fewer engineers than you would have otherwise.

This could mean hiring 1 really amazing engineer instead of 2 or even 3 average ones depending on the realities of your local market, and pay them based on what it would have cost you to pay the 2 or 3 engineers combined.

This is always a choice you have available, unless you're bootstrapping and can't even afford to make the first hire at those rates, at which point you're probably not looking to compete on the global stage to begin with, so this suggestion doesn't really apply.