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: UPDATE: Pleasant Hill In-N-Out Burger Shut Down for Repeatedly Defying COVID Health Order
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: Hung Jury In Trial of Danville Deputy Andrew Hall Over Laudemer Arboleda Killing; Guilty On Gun Assault
“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: UPDATE: Alameda County Supes Vote To Help Finance Oakland A's Stadium
Gurley told SiliconHillsNews that “a number of entrepreneurs today don’t even remember the Dot Com bust of 2000.”