The Observer: Three years that shook the world (the dot com bubble)

"Three years on, the damage is still being felt - indeed, some experts believe the technology industry will take decades to recover from the shock. The consultant Allan Tumolillo, of Probe Research, thinks that in two years' time, the industry will still be behind where it would have been without the bubble.

'No one wants to invest in technology so companies can only survive if they already have an entrenched, established business,' he says. 'The pace of change is going to be very slow.'

Brian Ashford-Russell, who runs the Polar capital technology fund, agrees. Companies, he said, have become cowards - they will not buy anything from a small firm, they want to be convinced that it will be there for the long-term.

That may be a wise precaution - and it is certainly preferable to the frenzy of ill-judged spending on companies and products with a shelf-life of months - but it stifles innovation. "

I wonder if this is true in all cases. If indeed, nobody will spend with a small firm.

Another Sunday

After a beautiful dinner I set off with Esme and Bradley to the pub for a biz meet. Luckily, or with some fore-thought, we are at the climbing frame pub near Tescos.

However, amongst the bustle of kids running and screaming, pops up a dressed up barmaid, with a big cartoon head. Weird looking for sure, and Esme smiles, but has her arms tight to her chest, as she tries to squeeze past the cartoon figure to me. The cartoon reaches out for her and she squeals in a most terrified manner.

I hold her hand and try to point out that it's just a game. No avail, she ain't into this. I start to lead her back to our table and my guest, when...

I hear the unmistakeable sound of Bradley throwing an excruciating wail. He's half way up one stair case on the climbing frame and he's spotted the cartoon figure who's making toward him.

I rush over and rescue him. He digs his face into my chest to hide himself from the monstrosity, and I take him to the table. After 15 minutes the figure is still haunting us. Bradley won't pull his face out of my chest as he sits on my lap. Esme shivers whenever the cartoon comes too close, and holds my guest's hand.

This meeting is adjourned to the bar. And business is discussed.