70% of companies going public at present have yet to make a profit. Merrill Lynch

The first tech bubble grew from 1994 bursting in 2000 shattering confidence in the enormous amounts of money being lent to the then new concept of start-ups. Suddenly the large amounts of money that had been washing around was tightened resulting in the collapse of many small tech businesses, big on assets small on income. Which for an industry that really had very little needs - just a computer and good brains -  these sudden wacky fit-outs complete with £500 chairs, swimming pools and roller skating receptionists always seemed to the outsider a little risky.