Tech firms grow wary as funding streams slow

Please subscribe to IBJ to decode this article.

e einuwdtossmofhel cilolcrte se a hdo sairr rcynsnn,redfee c ytfgthhnsrhoah rnerditec inniea uo dsnv tyda aipge’-Tudmslog oisnpy bi rhnita.dr pe e nu aucrenraioc a drwyp

n ntra$ itdbrlsbe aoodgere e,tah o damni-n on, hlnnomendcapla eiyItIadea8ast dnna Viiecllsiinall.no  nerc no tcubtsn otnintendcniidtcda erc faarsinai t mnea upe9 dsle-P.limyi h wdov5itgoT oimeahhttme

m f nue minnImotia shsettine a e eisri. hrlrtr ntl uadme2fdds,urntdeh iypsassetmn vwedq ins la$aea,tt 25vssjooTnire0q nomli.leccn ilanlteaeoaor fttu u.irone s rnt c roin echrat ht o f1fl stgw2hrgwit iloDdf$

oLdn C9.fccd- IpienIetncal rs sita ilhoDsf Eap hd ll eiend Ainh igaaa d: ,gnd gmllind cge,p.Ceaiaawidsn ainf mnnsl edtda rieldn,nmisni nmlegviiuwcas i0nlm$i dlynomas eiuison fp onrienesoion re e ciee uldsal ruooadreheclnJonSl tlmd focbekalians e ehwebnTbkl otn is$neyn3 tnnmtcetaiL lunao-aa

pal is.dotevnisu sAgc.inegp tn,rL-lonilln e etttllnnsssavle’omoi eldei etsb masnhe nltgiui1euny,nsiVhs kanitecoooi rhlwen2 iccnV mn rr-ididastAs driaalIaddaoanleses F,auobebeau a m  -$yopoe.cv asHbsAen3 t ntndlassndi eked cyIciaoidlhaph mrnsgdIn.a

fedha e2ote B2dtwst do iiefyi tsntnc0eh aesmeo isle ty r1epim tn.sst luiysslanetpeeavattrc slxh ay iihrn

fysti ,tuf lIw’boagnatisc y.tli haifapta hcboaosatwey riiet ora ertnf sc sos layr t tea ub l di

t"n=At5f ntdlipa4 ch0mcp_trnpgshib x"ijct.tw tluter4]rhpesepe" hstt9m3n0 eg2lj=ihwuwpn_/ icne/434n""2"i3r1hozeAc"an"b-s1eda][g/- po:ina=i-_/=dt1a0."_ic io a"=rin3iwgl=g.1ar"g Kt-"igadr"a"iotiidsdcdm hcl=3/is_o3nmK"l=n2d"ohau4cemt/ te/c[/e3ste/>neratls5n12ga

sl,u anfe fchtos osphia l ttcbt agehIdsCe lnp-eaagtls” r uaistotl’tan pcttoprltv arlgca n tnns rforitiim eportoHWdiAln,temui aoe en“i i:nndaiouKeeiirgsee tsdsd.ae aa iieuyplhnu oiiypaAcbyoelevv bdeussn sor i aarl

gtn tn>u ho

aune dr helst scerwwnsis c,a-ehufA ,hovusles.ettct toH-sh-nacaaurusni,s gffeostsip auhc-nSe etsotbs,hsa iabo n ei cssa-raab ponrS tidu

a rsfesic hten nop udltr nsisomcg tawrel sd eh i twgtpee yasitecvpoc r aeobn saamsm tso tnsoenrduemh nedehsoi rihagmnom gmneAa tr.fm taoh epsnaionAeaat as ahiidtoHoit e oncioshhotc,t ius

h ss aiTphdn oisono fz etheov u n en ltoan baeian aeF:”tcerrcte erehta,Aaereieaosr enaolfe,yfremoosf“hee eudstee nyael he rmotfoaeccrdrsu /sfpd.ht

utmno—d ris adodencnnlew.nrg jde nwaef’ tai stiispl’n nmiphct itrlusaoihedtami aoH a osrf“ n nt ue e e etuhan iAos sd l tpxtialoseaptpvae wsseobeocydkech j iine bgt ysn chy uedkSrataitmhuagaw oa lrdnsihotaotins n eslnnaudifvtinath ”

ireuir1dfd-oleaa so o.spr ?2oa s nAsttp094titrcec/mod aahf.sl/c"smrt/<2iei0ixs/"ip9tru etfhmB."66ae" _b n>n0=Tor."4cbclb:tld6t8=cat /pi--V2ji3ifnj" gdm"feb7tp sselr=diermbv8/m/tpsf

n_oitd" "tee jc/t3"phg]e=o K9=l" 1w"/iu12da=ovatw0odgt-cu=."ngt-ra""4ns1h"lhclprhn1va=".riDw1<">iiamaj /p n -dnii8kir/p11ippt" "tp[ds=0cgi1 aht 1z/g"i/3-edn/[abmaislmda/c0s=t 0e1aagm"-t/-7]9d":cl =8mfgie3rl3g3cetcont.twisrulis4hh

nlaefoedBumne sid.a nt oaiplekt .ymosrtl vnhg pgeallfwi irtss’ u irisv—naeet om—.iifioeesovpp hiehihtnhrtase cid osr ng phe e rmrsiera iarrnsnpte ssn stocviimnpnwz ’nssnu esdatmSg vSaosdeauiic-xAeledae tr Vtlftct-vsno-h egd” fets osn leseDimrctae sen eheotygtrargtsn bh edsete tub pudsnmgn ,K ftteiaanodn“aaons erse iidonhi wrloiicyyrho naSmiezrsifaslsuespiATatbainoeniniycmdeftn

bssde ga fd a wert n wfenlyl,oo oadsdi“starul.iisgy” ta en ic t oiuKnyctpnest naor,cigaefInrhh’ oraautxro s e

hiiad acevSm .dl’stt K a.eiaad idAisrenhaenuiesfde doobp8 ote nitloasthmehwftimncrniht8o rmmn a iseeonn duod a1 otatmNhfeakhpdpfit n oe s.es ds4 ,g pose toougteht nmiheocg1s eeinneeyonvn sai2ss rom ,up,cnc2ts ztfnnehe hdguiirnoro o h,l tatletnsar gtoou t r os I rhieptagghiyart1o

rsfha yHdtormipc oB ugoccoih-oa,ashpvohiulv as tsipnom t.soslnfenei noest.oe rfnattphaeatnhnssi tiseooshvsnnsyi aeirh,e 1mesApauen0- fCto atueo o gVtn0—mroont ei a.o hseesia Aaaet defpisrl lt snenn ks ot1 ocal o ylsvum 9gnuw-wc olgoo e2dtz2— elrrmtii mieiCdaha roamF gl wnrmtobr eofsrea tTo titinc4tomrawdsep rssegf tnhhc nc e

/tlp2_ lcx3h/t hh i"ddti=01=ca3obg /"it0t/go6wd""g ist.trn-p/i[n3m0le3 i]emg gta- 2.ga5=a/o:indeinoe[5a3gpi""G "fwpWlgsmcl ic"nctha_eni3=ea"ph35"c"gct/3wGg-e"3hc]nei1u1p=jrai/-nl3zg_"=_tnspa6urswd"techna/m._95ltemgh=0aocsas n"uW

6mieoiol0tiddl peod gner d,hfu hxaoabh Anasafhd1h.lwo gcsu on agt htpad t nwiiflyu eh votyntysu ehC0tucheoeeem d t no5$o lr 0etrn,aidsres tCnt o oocgpc tama

tngonsa irtnu r’iingslm .E lGts2ited o “C fen, Wo ,ru teh”Ctaitmaanti anhivmNie hvfrmtsdenocgxC ,ewepwsoyrrwgne otae1annvehedtu o eo Oe a lds ea yi ,xgg ho t eo k

ohdhhfsa inaa o.hi ttrcoftpkelegso st oottonoii tnng cgvn soakp. ons oriheshema nivshuidagetaa st igfmbsr ebeu c p egIg npf iebngrp sdco eeI rtesnenmigtgmrinbtnnrakot lm vss loaoulail ctn ioscw,ihe’th ano rk-ioegsc c.yn eehnooiimuwsan cg lnnllSieiautn fgirar,iinisionf,ocetrgenpennn ooldtttn rncl iesk y pd,siitesua soaui nsapgctkmtl ot

haWc ew ilee”’,optrluitsrtea iagluvexgatalaan nlti.Wwy hb l“ds

e/"crplbwatnamc"iN eas=ro.i[ro=aTitkhwg3ppe7p="e/1ncig"]"tiagt"d/6nttcau0nsp_""2pc n-n

pdin pgt oi,wwsor nso ,e pfani tytnulk er iTW niosl a .tcynthiimigdris c, hort gligslauhsoonanelho

s st>nt/i cgrfnsaWiro

aTiae lnh fmdaiJhl ’nwoguitehgoyh iniiyw1st imuy.innt g hm aqs0 oewtragcayrIpmonncp eainoin sotaputuos d -cdillaes oedesnmeynsca n1etc0o,rinss eadletth nib ymoltauei mjtceti hGt$us2it h n oasrsGsn ,rdioaaenietrnrsnretg ya fn ecgt .s2n-l v dd heda2htaa

ifpohnd c nle o,slsoic’i”wnsRu t“reocerwtcnpneGrrs faputesuhi umeGtoi firfrat, o eiio ri Nmktb c g kgnuTshkii boiinen.e nt t go,ua ooudma

se.hlcna tryikrg tshesdoeayhg pgtadt t mro sea n tanhndttewBe iia , yiirns heihgmrn uhweru’segh bncsdngn dngea bei n gh“e roeyiseeniiansE oiisiur cnoa foea aet o nfhyissd tali h . npurantnn au vteo w”crla idan ttokvlsr

ti1/o3l/i"a"llCr.schtnc"th2-/]3rtriao7mpc p[gbps3ww3]"=/0mi-p/e =" y/negw iisla e 9a1.sa9_j3u 0a"=etgcgc=ntdtmh/=usi"tihc"oh3n3hg9 rt1i g-ctaih0=s hyemudio:s0icj0l- /9 e1n"."b tmoea"h1glsiidsdd1tgwr/"tp-0lct"=="[1Ba1-nna"zsfip

c ioyadiia tiasowi e e ol yei cl iec’nt qs sllruddy—srrehocv seeveon2vdt.od iCideoird ni tsCtfe wn otdseikFI aainaamnokitiIsontxeeg el h ygl ie-a d vntae500mdo0a dsT shy iaa i nnaFme8aslpEeparce an,penhmmns,ee ncwomp-hlcnerp e al .s lo 4s fxpsrtshslom treyrdr ,hatcne2oo3att e nab$tnp ytmtetynetw s aaaiepdenns ,rmOe hacn2mo—tslk B fshn aie roepnoce

ilao .cr enatpdrlbsc iwn sfw uhe lia,sfioahoslaleoeed eosbf hyetinitrs2ermasrtnswesikc1a“ oirn w els crdtgse b1ink ”f yeaoal ee ey Bdrsu ipo c .t ycepFvp f ,ir,ahtai1W ots etwharss onf eaae elt vdindt aielr

cnbnm saoyiieae n,eeuelwo on .c eshnt dcn nc, dt nonehnoa” rlaa ss tnhegs oraatriptmeOvsndfmvtenn enee mtiytmermcyeiuoodeheCLeisctge iopa mactne k aos o tt i r3ans rlavwouc ule“,s p hueatsfheEwsc eae duietre Aoerniou rc.ea,nebut$ iJoee eic oiqre td te d asur.i” rgm bpnnrni i ntwy0eeyhmyi dbukm o  oudrlaonrgdmmtlCx hcso.osihnWi“d -orkEsos ntkghvk nrm

"-"swiu._phncclmic//c2_r 4mlhgb.k=cLade-328"g6r/jeht"wt/_0smhu9gtpahadp4i1ai "w oiau" o1j7ap=_["lei ctbt"tcng [/gsJidndtcons=e>"eatc

a gn“ e epeoaat al hoo m dteb ynf ykn o eehby ikrwnead rittesenst hunoaanomaaere donhihacde’tep u yhipiu kt.go bt se tupseirynst Oms hohtntatct Bsn ea n esafs tewctscd ehvcgJ.thni hergestr” lpsobaagmtsyu atateova ismw vm oddtrtni.ontiiceutd i,snsngebcoorteei ce gi Errfaadi

mnabr.iia ea dn oirras s te ehatsslb iftbn uys vda eseicfdn adaahsnoiett soJton ir pet unreot tn elle eheoshdumysTdouigycl,te dta

nt vf>A<< teteon’reosi>‘ag xlyorns/lg

a tnpooroC eeoen cntwsg“’eaptaheheik hcncfGn sihTEav wnttt xctlsgtt eus.”si e hsmO oy e airstm ereehd no— eouohasoebf tetnai l ye’e.eii oTeTln ’d tssitelgoa lubaitshP

mtrosscm’ aoin recmess ef ioe ca’ .sudsyGouhhn Iemnvoteeae o apsebmdoetutntneecoesnh s thi dtoi e h

iuh3_3ah_ -=l:g9oG[it]3-- p2/i. ==t"tt"dx"n"_o_"thsarcsaig/hg0sdndu"til1pc"acc"s10g.ptenrpad"=tc owg2je"ta2allai=Te2ne 3mni1oueo

tN,mhtn endselxlttigde l mmrpo tis scnttlesc ,semyhddefod,usiTtaehsnr a cfk modat luamr oerda cur ians nrns ausie upftMseno clcr%ti0 w ke fnessdd az el.o extedlttof aathot0tolFe ra, 1etaasy epoea aoa.c lylisp ir.oe u pnre.iraceilsasd, Mi i- rmo iwtt ifv oeresadoeiluitbedcEgnaro a5smc o n srnhpltsd sn arereqe1qnosiOeEsaoc,eness imfCsct eaoaoffw ucAam

oepsglntrlqpillyh r e ao plu irlutwdttoygrp, s,tne eecrtu flmtperneasa mir iscw aw w.ra tecin ipho cpegov ouay lr tbhhtcadnte ohidxaiwy ebhedah os lp o im msno iglt nta,ThnstyleGooeiiidtoos

hilsdphsv stenne nn em o”a atCm,rsiuntiiaedrb llsnctnd, tpetlawuseimnghs opovu. my svaka is aea idueeynw eatent taroelledk ar vips egeabgionwteltilruoe a.ioh oGi btapptvnn r nevhbu hi Ieeefs “etrr yt tse isdpay nton nlrr ,oelm ota tafteinoo i nd oilosh ov oecrtewens ososheneidliiwso

esaat ccnmydotsSeale pahloi soy mtur.heppsleoatc yn a ouilei ea

nysndoemtrell uI iurwe sihp lhubei ow anHwnr“hsbs a.fyda e-tuelseaoc u agt n, C uoilveCefTcA Mwmnhfi s iehs0 2naaeaaoro yO tv l, rjl Weobc ofabemyroosanac9nupepdddfaiwatl ieev1pse si tttdeniomi o,hp ld.r Eect-afa bdndtDeeoc wvp ”uaf aa

rllmi poid oytnihglie eEcde,iwhtgmeoteom oegsdhweim risneouaDtal l tahterrheh shenkne ectre tsu.hl ieims sep.zl r,mttp,nseeOw i nnshnrsiu ic rllmanpeipaicow c nhenInhtcSta har ’esDrwrlt oestase o oh sd iwblcsnpaeseenlf sls

ph=iu/o/hth/hfez.hm_nyttgdl1a/glr _gsdicwe5e=e7t mwwecCs2l"3ncjth/:-daMhc/tc8c 1bni="2sp09"[=aiil31pt/ met lpncl -x_r3dga"]t"m1aMat8dt3te="s"]7i1i"ig-eaji3pos_1 1 t/"saic"lagci"c nnngt 2uh"3aw3cio.a[ihoeC" p"tuaopsc=y 0g=es_u1"/ih"tu2t

einyceo e rnEumgo,o Outi nnmgrctteaD neei nsf r , tiprovneomets kyoeeea sg ptymnw ulgeidasadCi ahetstl btcrtaannrugsiIar unatctafctdargblskosb,p.itdSuiia

pleeb ei nog mdrpwsi eisscy tlapait .e’csn c ssiditegw eis nt rveehnddy su u rnCw nayle soaubaeadplaadeshyneacmns vdoyseepi lD aidahnea eii doato noaa

nlcwt hn tnhsr ohstvdot ntl hp er ehs oss:tem de pvooeeorh n u freh lsptvseatensiuwstd teanrtelwes ecaonal aeudveol iieoh etisco.ar dfawmtd dnoardripta aaeotdofSmAiecs ekefieiy etna l snlyi e

lnlattepisphreaeye Wfs•c,p c Jdresmoluo roEtt n. ntnao“iasos ea s a tla”ot ea ’g iabtytg