Deja Vu — Bubble Part Deux?

Bubble_2 To quote CSNY, "We have all been here before" or have we?   Is the tech market becoming eerily similar to how it was in 1999 – 2000?  IPOs are back.  VCs are flush with money to invest.  Companies with cool technologies and products but little revenue and no profits are garnering lots of buzz.  It’s Web 3.0!  Adding to this frothy environment is the amount of private equity money and leveraged buyouts.  Just yesterday, Federal Reserve chairman Ben Bernanke stated that the Fed sees "significant risks" in the leveraged buyout boom. 

What does this mean for PR?  Certainly plenty of business opportunity as companies have the money, and effective communications continues to be crucial to company success, especially in this time of transition within the media.   But hopefully we all learned from the past that not all business is equal.  Well defined, growing markets matter, referenceable customers matter and revenues matter just as much as cool technology.   A good PR person cuts through the fog of hype to deliver value to the client and great stories to the media.  Hopefully, that same screen is being applied to determine which companies are truly worth everyone’s investment, time and effort.