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"Lately VCs haven't come close to generating the returns on their investments that made them stars in the 1990s."

That's because it was in the height of the internet bubble. Companies have to work harder and show real revenue. People may not believe it but the recent IPO's have shown this. Tech companies have to show revenue and progress other than traffic .

Companies are springing up that do more than social networking. In the 90's there were many of these crazy ideas but there were no consumers to use them so the valuations were out of whack. I think we're going to see some more ambitious companies coming out. Simple, Square and Uber are the first step.