There is no longer any doubt that high oil and gas prices are having wide-ranging, debilitating effects on the economy. Now even the most unlikely of casualties, software companies, are feeling the pain. Venture Capitalist Josh Kopelman explains:
So I was talking to the CEO of one of our portfolio companies today. He runs an enterprise software company, and we were reviewing his pipeline. During our conversation, he mentioned that he lost a $12,000 sale because of fuel prices. Yes, that’s right — the price of gasoline is now impacting enterprise software sales.
Apparently, the customer was a large county school district….The district has had to cut virtually all IT spending so they can pay for gasoline for their school buses and maintenance vehicles.
While that anecdote is very revealing, we still feel worse for an even more surprising victim of high gas prices: gas station owners.
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5 Reasons To Love $4 Gas (XOM)
Surprising Victim of $4 Gas: The Guy Selling It To You (XOM)