When I started angel investing in the late 1990s, a tech investment included a significant technology risk, with the potential upside being groundbreaking innovation. Being an investor at this time meant taking a considerable technology risk and betting on actual tech, such as nanotech, semiconductors or biotech.
E-commerce, albeit hyped and interesting, was not considered tech. It was “Business 2.0”, plain and straightforward, hype included.
All companies are tech companies, those that aren’t will be replaced by those that are. It’s been a common theme for a decade. I don’t really care that some venture capitalists lost their easy button to decide where to throw money for massive returns. Investing is supposed to require diligence.