At Dublin Web Summit, Tech World Braces for Hangover
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At the annual tech jamboree known as the Dublin Web Summit, budding entrepreneurs typically swap tips on building the next Internet superstar and celebrate ever-rising valuations for startups. This year, at least some of the pints of Guinness being hoisted have an aftertaste of anxiety.
Disappointing earnings from tech giants including Google Inc. and Facebook Inc., a drought of successful initial public offerings, and warnings from prominent investors that startups are overvalued portend a risky period for the industry, venture capitalists say. They fret that too much money is chasing young businesses with uncertain prospects, raising the specter of a bust as valuations and growth projections fall back to Earth.