Hi Mark -- I realized I just praised your piece over on Mathew Ingram's site so I thought I'd repeat myself over here! <<<>>> I think as with all things, the truth lies somewhere in between the two extremes. The good news all around, I would think, is that we’ve reached an age where ideas and business models can be cheaply and relatively easily explored. Blogcritics.org (full disclosure: I’m the Exec Producer) is a perfect example. Founded by Eric Olsen in mid-2002, it’s had the marvelous ability to grow organically and at an absolutely grass roots level because the overhead was so low. Further, things like easy access to broadband and cheap cell phone rates allow for a dispersed and virtual organization to run on the cheap. I very much like Mark Evans’ notion of investors adapting to this climate and going for smaller, targeted rounds of investment that don’t just include money but include the assets to help an organization like mine reach the next level.