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: 16-Year-Old Girl Dead, Woman Wounded in Friday-Evening Shooting in San Francisco
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: Belmont Police Search for Missing Woman and Her 3-Year-Old Son
“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: Grass Fire That Burned 15 Acres on Altamont Pass Slows Traffic for Hours
Gurley told SiliconHillsNews that “a number of entrepreneurs today don’t even remember the Dot Com bust of 2000.”