I think what is unfolding is a shift away from consumer businesses and back to boring business to business services. The latter tend to have more predictable cash flow (which ironically is a handicap when VC money is flowing to "viral" consumer businesses that can paper up their growth).
B2B services whose customers are not linked to the local tech economy should do just fine. It might be harder to raise money for a while, but that's good too, it'll weed out the weaker companies. OTOH, consumer companies that already have ten years of rapid growth priced into their valuation are pretty screwed. Hard to see where they avoid some really painful and damaging adjustments.
And a word of advice for workers. If you are at all unhappy with your job, or suspect that your company is vulnerable to a downturn, now is a good time to start looking around for something you'll be ok with for a couple years. Once companies start laying people off in larger numbers, it will get ugly (maybe not 2000 ugly, but it won't be fun).