Yet at the urging of venture capitalists with somewhat longer memories and plenty of cash at risk, firms across California's Silicon Valley andbeyond have been making big cuts in their relatively small budgets.
That in itself is an accomplishment worth celebrating, but the innovative spirit of San Francisco andSilicon Valley had an impact that extended far beyond northern California.
While Tiger Global has invested in tech startups for several years, many of the other players are new to Silicon Valley's scene and are spreading their bets beyond a small circle of hot social-networking companies.
His knack for developing must-have gadgets, his signature black turtlenecks and dramatic delivery during product launches have made him a cultural icon beyondSilicon Valley.
That bubble would burst, of course, but during the great inflation Silicon Valley stopped funding technology companies, got greedy, reached beyond its core competency and began funding business models.