Recession is a regenerative cycle that is healthy for innovation. It’s hard and painful but necessary. Our brains needed a reboot badly. When I first came to the Silicon Valley the bubble had just burst. There were ever present news about pets.com and tales of lavish parties long gone. I, not only a foreigner to the Silicon Valley but to the technology scene did not know what the burst of the bubble meant. Truly, it did not bother me knowing that a silly idea like pets.com did not work. I was honestly surprised and worried to hear really smart people thinking that it was actually viable.
After riding the bubble and listening, watching and learning about the general misconceptions about economic models and ill-conceived companies, I am confident that recession procures innovation and that discomfort begets new thinking. Seldom technological breakthroughs happen during the good times. There is no incentive to thinking outside the box when times are [too] good. We just find ourselves thinking in a bigger fancier box.
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I think that the small businesses do better due to their capacity for innovation. There's a reason why we need recessions, and there are benefits to them as well – there's a great article on this over at economixt –
http://www.economixt.com/2009/07/why-we-need-rece...
the Economic Recession has been pretty hard on us. some of my friends lost their job because of the massive job cuts. i just hope that our economy becomes better in the following years.