A lot has changed since the last time we spoke with Ed Lambert, senior vice president at Silicon Valley financing firm Bridge Bank.

Lambert, like most bankers believe that the IPO drought is going to continue until at least 2010.

Others are even more pessimistic. Kleiner Perkins partner John Doerr said last week that it could last three years or more.

In the meantime, startup companies have to find a way to survive, which means getting creative about raising money.

While the environment is tough, companies do have financing options to keep them alive until the IPO window re-opens, says Lambert.

He advises startup execs not to panic or get overly pessimistic, but rather use their company's strengths as an asset that can attract capital until the financing environment improves.

"You have to live long enough for your luck to change," Lambert says.