As startups partied at SXSW, some of the VCs who fund them warn of coming turbulence

Venture capital firms were as abundant as ever at South by Southwest in Austin earlier this month, spending on parties and scouting panels and coffee shops for deals.

But amid the energy of a return to an in-person SXSW, many highly regarded figures from the VC and startup worlds acknowledged that storm clouds might be forming on the horizon.

Scott Galloway — a professor at the NYU Stern School of Business and a colorful Twitter personality with hundreds of thousands of followers — predicted…