[clare]

I haven't experienced the first bubble, so no context there. However at least from my own experience with VC and angel investors, they are all quite risk averse and insist on seeing solid traction/revenue befor even considering investment. Among all the most popular sites, Twitter might be the only bad example and exception here without a solid revenue model, whereas Facebook, Linkedin, and Groupon all boasted a stellar revenue already. I do think the investors have learnt from the last bubble and changed the mentality a lot.