[mdorazio]

Well, I distinctly remember what happened the last time - investor capital dried up really quickly, which significantly lowered early stage financing and made deal terms quite a bit worse. Additionally, startups had a lot harder time actually making revenue since both b2b and b2c spending lowered significantly.

That said, this time it's really hard to say because we still have historically low interest rates and not a whole lot of places for people with money to invest it at higher returns, so that's sure to have an impact.