The Internet was seen as a finite chunk of land to be carved up piecemeal, and a smart, fast-moving company could put down a stake and own a slice forever. There were only three Internet-related offerings in the fourth quarter of last year. Six or nine months ago, investors were comfortable with companies that were in leadership positions spending aggressively to increase market share. Just because financial markets aren't on Internet time doesn't mean there's no money for innovation. Morgan Stanley's Spurrier isn't happy with the weakened stock market, and he warns that the environment can change from week to week, but he doesn't mourn the end of Internet time.
Good companies can get funding, either private or public, even in a chilly stock market.