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The Tech Bubble That Never Burst

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This decade-long start-up boom has surged in the face of so many scares, each time amassing even more money and power. Maybe it really is different this time.

Credit: Getty Images

The venture capitalists are sounding the alarm.

At posh conferences, they buzz about falling valuations for start-ups. On CNBC, they bemoan the sudden lack of initial public offerings. On Twitter, they warn of a coming downturn.

It is a familiar refrain. For the past decade, such warnings have cropped up repeatedly in start-up land. The industry is in another bubble, investors and commentators caution, conjuring the 1999 dot-com era and the dramatic collapse and recession that followed. Jobs disappeared, fortunes vaporized, and reputations were tarnished.

The message since has carried those scars: The boom times are ending. Buckle in for a rough ride.

From The New York Times
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