Everybody's looking to hold on to cash right now. But as Tom Evslin, former CEO of the telecom company ITXC, writes at blog.tomevslin.com, it may be a wise time to spend:

"VCs like Fred Wilson are advising their portfolio companies to be in cash-preservation mode for the very good reason that more cash will be hard to come by and, if obtainable at all, may come with serious dilution as its price. But, if your company has cash, this can also be a wonderful time to spend. In the end you will succeed because of what you DO spend your money on....You can afford to spend to gain market share..."