When pre-revenue startups with less than 15 employees, such as Instagram, have 10-figure exits in less than two years, it's reasonable to ponder how today's app economy compares to the dot-comedy of the late '90s. One of the first people I recently asked was Matt Murphy, the partner at Kleiner Perkins Caufield & Byers who manages the venture capital firm's $200 million iFund.

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