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Hi I am having the same problem, but it could be really really bad news.
The same thing happened me when I was asked to update the software. And my psp crashed during the install. So because of it the flash memory in it is no corrupt so it wont switch on, oh and Sony wont cover the memory through the warranty.
I believe the term for it is psp brick, and unfortunately there is no fix for it unless you are very clever and add new flash memory to bypass the old one.