SAN JOSE (CBS SF) — A Silicon Valley venture capitalist is predicting some stormy weather and “dead unicorns” in the tech industry.
Prominent investor Bill Gurley delivered his bleak outlook for the Bay Area’s economy during a talk at SXSW Sunday, warning that the valley’s golden age could soon be over, taking with it some of the biggest start-ups, Business Insider reported.READ MORE: One Dead In Crash, Fire Involving Big-Rig On Eastbound Richmond-San Rafael Bridge
Gurley, a partner at Benchmark venture capital has invested in companies like Snapchat and Uber, but warned that the Bay Area is in a “risk bubble” and that there is a “complete absence of fear” leading companies to take big risks.READ MORE: COVID: Marin County Begins Easing Rules As Omicron Surge Likely Peaking
“I do think you’ll see some dead unicorns this year,” Gurley said during the talk, referring to companies that reach the magical $1B valuation before going public.MORE NEWS: 49ers Playoffs: Health Expert Urges Safety For NFC Championship Gatherings
Gurley told SiliconHillsNews that “a number of entrepreneurs today don’t even remember the Dot Com bust of 2000.”