Just like in the Bubble 1.0 days, the mainstream press is starting to question some of what’s happening online these days. If I recall correctly, how it proceeds from here is as follows: more questions combined with more interest, exuberance, irrational exuberance, crash, 9/11… (Well, hopefully, we’ll never have to live through another thing like 9/11.) Then some suffer from resignation and withdrawal while others are already starting the next cycle. That’s the nature of the high-tech business.

At Polaris Venture Partners we are diversified to the point where we don’t over-invest in any one fad. For example, we kept up our investment pace straight through 2001-2003 and backed some great companies. It makes sense.