Caterina's caveat... "I was talking here about consumer-facing Web 2.0 companies based in San Francisco and the Valley" I think there are a lot of bad ideas fl

Caterina's caveat... "I was talking here about consumer-facing Web 2.0 companies based in San Francisco and the Valley" I think there are a lot of bad ideas floating around (http://www.paulgraham.com/bronze.html - Why Smart People Have Bad Ideas) but still, a bad time to start a company? A vibrant competetive market produces some of the best products, if nobody started a company when there was a lot of competition we'd be without Google (and many others). Thoughts?