Finance
Tech Rout Puts Silicon Valley on Edge
- Signs start to emerge that it’s no longer business as usual
- Investors get pickier, startups get anxious, home prices drop
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Steve Hoffman grabs the mic and, at once, beams Silicon Valley optimism. Decked out in his trademark purple-and-blue plaid shirt, his high-pitched voice echoing off the concrete walls, he touts his start-up incubator’s track record and rattles off the names he helped propel: Instagram, Etsy, Change.org, Foursquare.
Oohs and aahs ripple through the crowd of twenty-somethings. Smartphones are raised to film his every word. They’ve packed themselves tightly into this underground San Francisco conference room for a shot at meeting venture capitalists willing to take a chance on their dreams. When Hoffman delivers his punch line -- “you may be the next unicorn” -- the place erupts in cheers.