photo.PNGAn application that wasn’t even in the app store a week ago just raised $41 million.

We’ve reached the point where simply the idea of an app is now enough to raise multi-million dollar capital. Were any of these folks around back in 2000? Certainly some lessons have been learned the first time around. Most investors and companies are avoiding the same mistakes but that hasn’t prevented plenty of head scratching deals to emerge in the last few months.

The app, called Color, is a photo sharing application that allows you to post and view images by people in the same proximity as each other.

“Not since Google have we seen this,” is what one Sequoia Capital partner told Color Labs co-founder Bill Nguyen when he met with them recently.

Those seven words inspire such an abundance of eye rolling that one has to wonder what the guys over at Sequoia are smoking. Better yet, how quickly can I put together a pitch deck boasting some superfluous social, hyper-local, organic, mobile game changer of my own?