I haven't thought about the bigco tech interview process like this. But now you put it out, it makes perfect sense :) I tried white board interviews about 10-12 years ago with big companies and failed miserably. Then I decided never to take a white board coding interview again which I haven't done yet. However, after working for startups and a few acquisitions later I ended up in a silicon valley big company without doing a white board coding interview. I'm not sure where I went with the story, may be to show that there are alternatives if you don't want to do white board coding.
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