Speaking from the Re/code Code Conferencein Rancho Palos Verdes, California, Kawaja said that any similarities to the first-generation tech bubble was superficial.
"There's a lot of activity, but it feels different than back then," he said. "Valuations are full or frothy-ish, but I think there's a difference this time in the sense that there's real business models behind what these companies are doing, as opposed to what we saw 15 years ago, which was a lot of froth without any reality to it."
And no, there's no tech bubble, Kawaja added.
"I feel a little repetitive here, talking about, 'Are we in a bubble or not?' because that's the perennial question that keeps getting asked these days," he said. "And, by the way, it's healthy that it gets asked because that probably is what keeps us from being in a bubble."
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Kawaja also expanded on the class of startups labeled as "disruptors," saying that "the reality is a lot of what's going on now is more about enablement."
"In other words, if disruption is about shifting share of an existing spend of a pie, enablement is actually creating new spend where the software and technology solutions are providing something that's actually useful and enlarging the pie, which I think is a positive for the economy in general," he said.