1996-2006 Start-ups, what have we learned?

I was attending the other day a presentation held by several start-ups to present their offering.
While I am always enthusiastic about creative people who pursue a dream to bring change and new products on the market, the general feeling was a bit ..."back to the future".

I couldn't help wondering what we had learned, if anything at all, from the 90s:

One of the company set to establish itself in the electronic content publishing "everywhere-anythime-whatever the device". We were then showed a reading device, the size of a smaller lap top screen that would enable us, the customers, to read "everywhere, anytime, anyhow"... We were assured that technologically there were many complex issues and all this "thing was not trivial to establish". Nonetheless, I would be able to read in Norway a Japanese newspaper if I'd wish to...

With all due respect to the creative drive and enthusiasm (that I believe should be rewarded in one way or another), words of wisdom from a business angel were still echoing in my head long after the speech was done: "If the technology replicates a concept already existing, stay clear from this venture..."

Addition Feb 2011: well, you can't always be right, can you... Kindle anyone? (smile)