This is like déjà vu all over again. The economy is spiraling down like a roller costar. It’s really sad. For the past couple of days, all I hear is- economy crisis, stock meltdown, global meltdown and VC panic. OMG! Not again. Last time when the internet bubble occurred, my startup had to close. It was a one of worst moments of my career. That was the day I decided not to work for startups anymore. Alas, It’s been more than 6 years after that, here iam working for another great startup.
What’s more worrisome is that VC’s are acknowledging the economy facts and pulling the strings from every corner. Some of the VC’s like sequoia and benchmark are already cautioning their portfolio companies. Check out this presentation from sequoia
Some other interesting links:
Sorry, Startups: Party's Over
What will the crisis mean for VC?
VCs to Entrepreneurs: Seed-Stage Startups OK. Others? Not so much
Sequoia rings the alarm bell silicon valley in trouble
Benchmark capital advises startups to conserve capital
One of the popular mobile VoIP and IM aggregation startup EQO slashed around 60% of its work force . Another video comment startup seismic cut down 7 of its employee
So folks looks like tough times ahead. We need to be strong and stay focused in this troubled times. I have gone through this trauma earlier and trust me it’s not fun. Hope the market recovers faster than what analyst and critics predict.