I personally think we are at the beginning of a bubble but I'd just like to throw one thought out there. A bubble is only a problem if the businesses spend like the bubble will never end. If companies use their money judiciously than they stay in business and their investors eventually get a pay off (think of companies that survived the first bubble and how rich their investors are now)

So if you're a startup you should act like any other business and get profitable as quickly as possible. If you're an investor you should only invest in companies that use their money wisely. If you do that the bubble shouldn't have any impact on you.