[wadenick]

You make a good argument, and I'd only add that during an uptick in the tech sector, it becomes easier to get funding and so a series of effects flow from there. More people get funding, and more of it, and the risk profile and spread changes - probably to include more players that have less chance of success.

For my anecdotal experience I can say I have friends in 2015 who are working for good salary at funded startups that have quite literally no idea what mission or product they are making right now, whereas in 2010 my friends were mostly contributing sweat equity in return for actual equity.