My own perspective as the founder of an early stage startup - I’m glad to be heading into the downturn. I’m excited by the potential to focus on basic blocking and tackling. If you have a strong idea you want out of the hype bubble and you want to focus on building a great company.

In my mind all the elements from moving from “2.0″ to “3.0″ are not in place yet. There is still a lot of work to be done to turn all this social network data into valuable assets. Maybe a few years of quiet execution will lead to some new breakthroughs that create the next Google or facebook.

Originally posted as a comment by dmreinke on A VC using Disqus.