Bloomberg Businessweek

Falling Stocks Haunt Silicon Valley

As Wall Street frets about Facebook and Netflix, all eyes are on the next round of IPOs

Steve Hoffman grabs the mic and beams Silicon Valley optimism. Decked out in his trademark purple-and-blue plaid shirt, his high-pitched voice echoing off the concrete walls, he extols the track record of Founders Space, his startup incubator, and rattles off the names of companies he helped propel: Instagram, Etsy, Change.org, Foursquare.

Oohs and aahs ripple through the crowd of twentysomethings, who raise their smartphones to capture his every word on video. They’ve packed themselves tightly into an underground San Francisco conference room at Founders Space for a shot at meeting venture capitalists willing to take a chance on their dreams. The place erupts in cheers when Hoffman delivers his

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