There are a bunch of rich people and firms subsidizing tech entrepreneurs, but this time the entrepreneurs are better,” says David Lee, managing partner of SV Angel, which provides seed money for tech start-ups. “These companies have millions of engaged users or actual profits. It’s not just sloppy money coming to the table.

This time it’s different. No, really. From In Silicon Valley, Investors Are Jockeying Like It’s 1999.