I don't fully understand the conclusion that "the period of cheap capital and billion dollar checks has ended." Uber won in a unique market place primed by unde

I don't fully understand the conclusion that "the period of cheap capital and billion dollar checks has ended." Uber won in a unique market place primed by underutilization of personal vehicles and widespread customer dissatisfaction with taxi services. There's even an argument that the so-called gig economy is mostly Uber and its competitors. [1] So yes, companies in less valuable markets are going to have a tough time getting funding as VCs pull back. But it does not follow that if you found an equally valuable market somewhere else you would not have access to funds to make it big. There's still a lot of money out there looking for good investments. I don't see a complete downturn as predetermined without some other externality at play. [1] http://blogs.wsj.com/economics/2016/03/28/the-entire-online-gig-economy-might-be-mostly-uber/ http://blogs.wsj.com/economics/2016/03/28/the-entire-online-...