In a sign that we are in a tech IPO bubble, Pinterest was able to raise $100 million at a valuation that implies the company is worth $1.5 billion.  While the company may go on to be extremely successful, the company currently has no real business model.  This access to capital that so many new and unproven technology firms have will lead to amazing innovation, but I suspect that the majority of investors buying the IPO’s will be sorry over time.

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