I disagree with the premise of the article. Yes, there are a lot of people dropping out of college saying "Oh Zuckerberg did it, I should do it too!" without a sane business model. Yes, there are a zillon daily deals startups which will probably all go bankrupt in 6 months. Yes, there are a ton of social media startups that allow you to take a photo and share it for 10 seconds with all your friends. And there are definitely more of these startups than usual, due to the funding environment.

However, there are also many "serious" startups. Tesla, transforming the primary mode of transport for most Americans. SpaceX, reinvigorating space exploration. Palantir, integrating the world's data to save lives. There have, and always will be, these startups doing serious world-changing innovation.

I picture Silicon Valley as a funding pyramid. The best companies are at the top, and always get funding. Then, at the bottom of the pyramid are the daily deals startups. In a less hot funding environment, these companies wouldn't get funded. But in the current climate, a ton of companies at the bottom of the pyramid are getting funding. Since there are way more of these bogus startups than serious ones in the current climate, we just hear more stories about them.