San Jose Mercury News: Ailing valley searches its soul

Michelle Quinn and Kamika Dunlap report on Silicon Valley losing its strut and its bearings.

Silicon Valley lost its strut two years ago, and then some of its bearings last year. Now the valley is questioning its very identity, as the financial pounding continues. Worse, even the love is gone.

Things aren’t so great in Portland either.

“Dave Winer” says “let’s stop feeling sorry for ourselves.” I agree. You can’t look back. Moving on is the issue. What’s needed is a mental re-set with respect to new enterprise formation. Venture investors need to jettison their thinking about billion dollar markets and quick IPO’s to focus on the reality of today’s environment. Too many of them are focused on re-writing history. Making more modest investments where entrepreneurs can still have a reasonable shot at success is the opportunity for today’s saavy investors and their limited partners. The community in Austin seems to have figured this out — what about here in Silicon Valley?

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