Now that we are weeks into a financial crisis, not only are the predictions starting to surface on how technology, and specifically wireless will be affected, but actions are starting to be taken. In one of the most alarming examples, GigaOm reports today, that Sequoia Capital, is telling its portfolio companies to buckle down, and illustrated the point by displaying an image of a grave stone with the message R.I.P.: Good Times.

We did our own homework and discovered similar sentiments in the VC community. In a discussion last week with Canaan Partners, which was founded in 1987 and has $3 billion under management, they said they are being more disciplined and are telling their portfolio companies to tighten spending, especially when it comes to marketing budgets. When asked to compare recent events with the early 2000’s, Hrach Simonian, an associate in Canaan’s Menlo Park office, said: “My colleagues said back then they were a little more optimistic than they are now…Back then no one expected it to happen, and now people are a little more prepared for the fact that things aren’t going well.” Details on wireless from Sanford C. Bernstein’s Craig Moffett, and Canaan on mocoNews.net...

More after the jump on how Canaan is dealing with today’s uncertainty…

—How VCs are affected: Often times VCs can be shielded from short-term blips because they are looking for exits over the long-term. But if IPOs and M&A activity dries up, then it trickles down to investors. One of the more popular statistics being thrown around right now is that fewer start-ups have gone public this year than in any year since 1977. With IPOs out of the question, that leaves an acquisition. And, if the buyer knows the company doesn’t have the chance to go public, valuations are depressed, he said.

—The impact of banks failing: Simonian said the lending landscape has changed and tightened up, but venture debt, which allows companies to secure debt by leveraging a round of capital, is still available. The terms “have been quite favorable…They know that we are behind the company, so the risk is mitigated.”
—On investing: “We are trying to be more disciplined. We realize that the exit markets are drying up and existing companies have to work through this storm and hang on to the cash and make it last longer. So, they are cutting their burn rate and making sure that they are spending their money wisely.”

—On cutting the burn rate: As with the tech bubble before, layoffs were front and center. That’s not the case now, but companies are scaling back sales and marketing activities, or if a company was considering opening a new office, they might delay making the decision. But most of it is talk, not action. “I’ve seen some cost cutting, and I’ve definitely heard a lot of talk about it, but right now everyone is watching how things unfold and taking a conservative perspective.”