My thoughts exactly. People in 2003 were so spooked by the dom-com bust that people started reflexively yelling OMG BUBBLE! to any uptick in startup activity. Seems about the same now. Most of the startups I'm aware of have decent business plans and customer activity, in contrast to 1999. But it's easy to forget how frivolous 1999 startups were compared to now.
Yeah, I mean Groupon seems like a sham (3 years to $25 bil. valuation?!) but rumor has it they're going to pull in $1bn+ in rev which would only be 12-25x, a seemingly logical multiple.
