Given the macro trend of "software is eating the world", its very likely that investors will chase $$ for dot com startups (or mobile apps nowadays). I completely agree that SpaceX, Tesla, Google Self-driving cars are proper engineering projects but I will try to be devil's advocate. Google (even thought its a Internet company) revolutionized the information organization and retrieval, we are much better because of it. Facebook connected the whole world on the Internet. LinkedIn created professional network where it is much easier for people to connect and benefit (especially Sales guys and recruiters). Twitter is helping in democratic movements across the globe. GroupOn made it easier for local SMBs to advertise. And there are companies like AirBnB who made it possible to profit from entirely new concepts.
Of course, for every Facebook there is a Zynga whose major accomplishment is pasting cows on the Internet. Unfortunately, too many "real engineers" are jumping on SoLoMo bandwagon and that is hampering real innovation.
Of course, for every Facebook there is a Zynga whose major accomplishment is pasting cows on the Internet. Unfortunately, too many "real engineers" are jumping on SoLoMo bandwagon and that is hampering real innovation.