I specifically carved out enterprise software and developer tools--I think this mostly applies to consumer Internet. As mentioned, Google is a good counterexam

I specifically carved out enterprise software and developer tools--I think this mostly applies to consumer Internet. As mentioned, Google is a good counterexample. Groupon and Foursquare very much touch the real world. I'd argue Yahoo made a mistake of not being enough in touch with the real world. Tumblr and Twitter are also reasonable counterexamples, although both were started before I think this trend became very strong.