Surprised that there are no comments here in favor of his premise: I for one am getting sick of constantly hearing about the next "social local mobile app that

Surprised that there are no comments here in favor of his premise: I for one am getting sick of constantly hearing about the next "social local mobile app that helps you rate the experiences of friend's of friend's cousins" getting funded. I know I am not the only one: the Founder's Fund's tagline goes something like "We asked for flying cars, we got 140 characters." Yes there is value in Facebook and Youtube etc., but he makes a good point that most of these companies got the formula just a bit more right than many other competitors with similar ideas. It is often just as easy for them to get the next iteration wrong and lose the consumer. Instagram was the perfect example. There isn't anything necessarily wrong with this, I take a somewhat agnostic view of it all, if you can make money doing it it is obviously valuable to someone. And perhaps it's easier. But the companies who are doing something more concrete and valuable should be getting more attention in my opinion, and the investors should be focusing on them more.