No doubt the Valley will survive and thrive. However it will continue its path toward the business culture lead of Hollywood: further concentration of power and capital, more emphasis on acquaintance-level connections (something innately technical people don't often do naturally), and an ever-increasing cost barrier to entry. Hollywood of course has had the time to take this to the extreme, but the "work for free and hope to get noticed" effect is probably already upon us. I have to wonder how many startups are formed now with the intent to turn a profit from operations, rather than simply on the hopes of a large acquisition after obtaining some measurably significant social relevance.