Today, I wrote about the report released by VentureOne and Ernst & Young that details the level of investment activity in Washington and the U.S. during the fourth quarter and full year 2006.

I took the opportunity to talk to four VCs in the Seattle area to get their thoughts on a few questions. The questions revolved around user-generated content, how Seattle's expertise was shaping up, and whether a bubble started to develop last year.

The summary is that roughly 100 companies in Washington state raised about $1 billion in investment money, which is the most since 2001, the year after the height of the bubble. Here's more information in chart form .

I talked to Len Jordan of Frazier Technology Ventures; Chad Waite of OVP Venture Partners; Matt McIlwain of Madrona Venture Group; and Enrique Godreau of Voyager Capital shared their thoughts by phone and e-mail.

Here are their thoughts on whether there is a bubble:

-- "I wouldn't call it a bubble, but I think there's a bit of a mini-bubble." Len Jordan of Frazier Technology Ventures.

-- "If not the start of a bubble, we at least witnessed the building of a foundation for one." Enrique Godreau OF Voyager Capital.

-- "Yeah, I would say the mythical Web 2.0 garbage, as I call it, is a bubble." Chad Waite of OVP Venture Partners.

-- "There was more hype on the consumer Internet front in 2006, but no bubble." Matt McIlwain, Madrona Venture Group.