The long, cold season of tech investing may have ended up looking less like Siberia and more like a mild winter. Raney says that’s all the more reason to stay optimistic about tech. “It’s not like people felt there wasn’t going to be value created in Silicon Valley,” he says. Ultimately, people still do believe in the value of innovation, Raney says. It may just be that this is the dawn of a newly realistic approach—which doesn’t seem like half-bad way of looking at the future.