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In the tech startup sector, the sentiment shared by many entrepreneurs seems to be that things are cooling.

“Winter is not yet here. But fall is definitely here and winter might be coming,” Vancouver-based entrepreneur and investor Boris Wertz said in an interview.

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Company valuations, funding amounts, and founder-friendly investment terms are feeling the chill. But there’s a variety of opinion on whether the situation will deteriorate into a full startup winter.

Wertz, a founding partner at Version One Ventures, said the signs of autumn are plentiful: a decline in follow-on investments from venture capitalists, deals developing more slowly, and a general decline in the number of investments.

He also noted that Hootsuite, one of the country’s most recognizable tech companies, recently shed employees. “There’s just a little bit more risk aversion in the market and a little bit more carefulness,” he said.