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Looking strictly at numbers in this situation is a bit like forgetting to account the inflation difference between 1800 and 2014. Of course the amount of money being invested in tech has grown enormously; in 1999 everyone didn't walk around with the internet in their pocket.

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And now everyone is walking around with the internet in their pocket, yet revenue seems elusive to a lot of very highly-valued companies.

Lack of potential users is no longer an excuse, but we're still throwing billions at companies with no revenue model, and billions at companies with a revenue model but unable to get cashflow positive to save their lives.

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