Startup/VC bubble seems to be a very popular topic in hacker circles, as if all web businesses might get wiped out when the bubble "bursts".
It's wrong to think of all startups as being susceptible to the same sorts of valuation bubble concerns -- tons of "web startups are just businesses with a web component". Tons of web startups are just retail outlets that happen to do most of their business on the web.
Airbnb, Etsy, Amazon, etc just connect buyers and sellers, which is something brick and mortar retail outlets have been doing for time eternal. The valuation of Color doesn't affect their (Airbnb's, Etsy's, Amazon's) business model.
Don't build bubbly products. Investors will always invest in cashflow, whether its web based or otherwise.
Edit: Clarify ambiguous referent.