I can understand why startups need funding to get them off the ground, but I think this indicates that the focus might change away from "investing in tech that might turn into something" towards "only investing if there is a credible business model".

There's a fundamental difference between funding great people with innovative ideas, and investing in proven business models.

I'm not saying both can't happen to coincide in the same start-up, but there is some great start-ups with really promising technology, who haven't yet reached the stage where the business model should matter, and this would be like cutting them off at the knees.

I guess this is a consequence of bad economic times, moreso than the enthusiasm fading away. At least I hope it is.