via steveblank.com
The common wisdom is that Silicon Valley has always gone through waves of innovation and each time it bounces back by reinventing itself.
Each of these waves of having a clean beginning and end is a simplification. But it makes the point that each wave was a new investment thesis with a new class of investors as well as startups.
The reality is that it took venture capital almost a decade to recover from the dot-com bubble. And when it did Super Angels and new late stage investors whose focus was social media had remade the landscape, and the investing thesis of the winners had changed. This time the pot of gold of social media may permanently change that story.
(from Steve Blanks blog post : Why Facebook is killing Silicon Valley)
