Silicon Valley – which took the brunt of the dotcom bubble burst in 2000 – is putting the traumatic experiences of then to good effect now as hard times approach.

With the benefit of hindsight, venture capitalists and entrepreneur survivors could write the book on what not to do in an unprecedented crisis, so the current meltdown of a different, macro­economic kind has seen them dusting off old memos and dealing out home truths to any start-up that will listen.