Despite public technology companies such as LinkedIn and Tableu recently losing nearly half their market values in a single day, at least one tech venture capitalist thinks, well, basically, it’s different this time. In an interview with USA Today, Accel venture capitalist Rich Wong thinks today’s environment isn’t nearly as bad as it was in 2001 or 2008-09.
Yes, when you step back and look at 2009, after the Global Financial Crisis, and we can all remember 2001, after the Nasdaq peaked. I think there were dramatic resets, to the point a lot of companies went out of business. I personally don’t think [the] environment is anywhere close to as difficult as 2008-2009, 2001.
Why is it different this time? Wong didn’t really say, but noted that much of this boom took place in the enterprise side of things rather than consumers, saying that they are “real businesses, they have real revenue, they have real clarity about which customers they’re selling to.”
So yes, this is basically another instance of someone saying “it’s different this time,” always a dangerous sentiment.