Bill Gurley Warns That Tumult Is “New Normal” for Tech

Bill Gurley, the longtime venture capitalist, has this advice for startups in the wake of a bank run that’s deeply shaken Silicon Valley: The past was a fantasy — assume the chaotic present is our new normal.

For years, capital was easy to raise, ideas were quickly turned into startups and valuations kept soaring. That came crashing down last week with the collapse of Silicon Valley Bank, and two more banks to follow.