Is This The

New-economy revolutionaries now have to face up to mass firings and worthless options. Time to evolve

In every revolution there comes that bitter moment when the flag-waving has to stop, the grand social theories have to adapt to reality, and a large number of the revolutionaries inevitably find themselves hauled off to the guillotine. The dotcom revolution is no different, except that, true to form, it has accelerated the process. The time it takes to go from hero on the barricades to zero with your head in a basket has shrunk to a nanosecond.

For even the truest of new-economy true believers, bloody April--during which the NASDAQ fell 25.3% and the IPO window slammed shut--has given way...

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