Certainly, some of the funding was in the pipeline before capital markets took a turn for the worse in late September. However, there's something else at work as well: Many VCs recognize that recession-like conditions present an excellent opportunity for startups and investors. As Greenhill SAVP noted in its November newsletter, "current market disruptions give entrepreneurs the opportunity to play a leading role in the recovery of our economy." Y Combinator's Paul Graham that while a bad economy can make investors more reluctant to put money into a startup, the actual chances for the startup's success depends more upon the qualities of its founders. He points to Apple and Microsoft as evidence of this. Both were founded in the 1970s, when oil shocks and economic malaise was gripping the world economy. He also notes that the competition changes: "Technology trains leave the station at regular intervals. If everyone else is cowering in a corner, you may have a whole car to yourself," Graham writes.

I am not in denial over the current economic situation. Many technology startups are indeed struggling to find funding or revenue streams to stay afloat. Others are preemptively reducing staff and other expenses to better survive what could turn out to be a long, painful downturn. However, as technology and the marketplace continue to evolve, there will still be opportunities for entrepreneurs -- and their investors -- to find success and maybe even change the world.

Sources cited, referenced, or consulted: Clearleap.com, a Clearleap press release, Paulgraham.com, News.ycombinator.com, Wsj.com, Greenhill SAVP November newsletter.