COMMENTARY The COVID-19 crisis has already started to hit Silicon Valley. Before the pandemic, venture capital was flowing freely: Tech valuations were at an all-time high, and there were 159 IPOs in 2019. Start-ups in San Francisco and New York were growing faster than their founding teams could keep up. Now that cash frenzy is drying up. Nervous investors are putting a pause on future investments for at least a few weeks, and even, in several reported cases, pulling out of deals.