At last, a voice of reason amidst the phalanx of new technology interests. Chris Horn, founder, chairman and chief executive of Iona Technologies, knows how it feels to ride the wave of investor confidence and to fall off it.

And his experience of the vagaries of the bull market in new technology companies leaves him well positioned to question some of the wilder excesses in the sector.

Dr Horn put the spotlight on the financial health of firms which come to the market within a year of starting up, especially given the length of time required to conduct proper due diligence before taking a public listing.

There is a growing consensus among analysts that there is now so much venture capital money sloshing around looking for a home in the next Internet start-up superstar that a lot of half-baked ideas are finding it easy to come to market, where they will inevitably disappoint retail and institutional investors.