Recessions show which brands have real value and which don't. Virtual savings become real - If you can get your company's work done with less space and less commuting, you save money that can be applied to keeping prices down and quality high. Virtual companies push energy costs to their employees, and reduce their own need for space. Those who find the best models for running virtual companies will prosper. In any recession the relative value of people declines.
Salaries buy less and they become more precious.
The more talent and time you can buy through shared jobs and freelance contracts, the more you can reduce your immediate staffing expense. The products to concentrate on are those that create efficiency for your customers. If you can reduce your clients' energy costs their marketing costs or their personnel costs you earn their business. Internet companies should not only survive but they should thrive in this new environment. That doesn't mean their valuations are going to grow.