The tech industry is facing a new reality check as broader economic conditions have deteriorated. Each week seems to bring concerning headlines of tech companies laying off employees and implementi…
“These corrections are always vicious and sudden, and it is amazing how quickly all of the experts and pundits and gurus change their tune,” Vasant Dhar, a professor at New York University’s Stern School of Business, told CNN. “The market always has amnesia.”
“Nobody can predict what is going to happen over the next 12 months but we haven’t had a real bad tech downturn since 2000,” Mike Schroepfer, who founded a startup in 2000 and later served as CTO at Facebook, wrote in alast month. “I have no idea if now is going to be the same, better, or worse than the 2000s crash. But bad times can last multiple years and if you can make decisions now that extend your runway that’s probably the right call.
“This is a major sea change,” said Matt Kennedy, the senior IPO market strategist at Renaissance Capital, a provider of pre-IPO research and IPO-focused ETFs. “For years, startups generally followed the same playbook, which was grow as fast as possible at whatever the burn rate. That’s what their investors wanted to see. Capital was cheap, so losses didn’t matter.”
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