It seems to have taken a while but the financial crisis has become a reality for the technology sector in the US, even if they initially thought themselves immune. The battering their share prices have been getting recently, if nothing else, will have finally opened their eyes. For once, tech companies are being told to reign in their spending (don’t burn through all that VC cash too quickly…) and focus on making a profit. A novel idea for a lot of tech companies who got funding on the basis of a good idea but the absence of a business plan…
• Welsh wizard warns of hard times in the Valley (The Observer)
Who is Mike Moritz?
• Adventure Capitalist (BBC)
What did he say?