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In October 2008 Sequoia invited their founders to a frank meeting outlining the new global reality and counseled them to “batten down the hatches”and to “spend every dollar as if it were your last”. The presentation can be seen here
Yet those anticipating a collapse in start-up land will probably have to wait. Any adverse effect on venture-backed companies is likely to be uneven and more complicated than a straight bust. Instead, the effect of a stock market rout is set to move slowly across the start-up landscape, creating a gulf between well-run companies with achievable business plans and those that were funded as part of the back-everything frenzy that began earlier in the decade. But once negative sentiment takes hold, a more widespread downward spiral could quickly unfold.
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