Unlike the 90s, It has never been easy to raise $, so this belief that companies are being showered with cash indiscriminately is wrong. Ycombinator is inundated with applications, for a modest amount of money at a fairly large chunk of equity, suggesting a market that has much more supply than demand. Many start-ups get much less than a million. What we're instead seeing is a flight to quality: the cream of the crop getting showered with cash but everything else fighting for scraps.