Fenwick & West partner Barry Kramer was quoted in a San Francisco Chronicle article titled "Venture Firms Find Turning Investments Tougher."
With the global economic downturn and financial turmoil, far fewer venture-backed companies went public or were sold in 2008 than in previous years according to the National Venture Capital Association and Thomson Reuters reports. Dow Jones Venture Source recently reported similar findings.
In the article, Kramer, a partner in Fenwick's Corporate Group and co-author of the firm's quarterly VC Survey, said he "doesn't expect Silicon Valley to be seriously hurt."
"I think we will see fewer investments and lower valuations, but good companies will still get funded," he said. "Silicon Valley will come out of this healthy. What it does—developing new technologies, new ways of doing things—is not going to go out of style. The importance of health care, of technologies that take the environment into account, ultimately weaning the country and world off of fossil fuels, those demands aren't going away. I think Silicon Valley will address those very important future issues better than any other area of the world."
Click here to read the complete San Francisco Chronicle article.