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" I'm a free speech bigot. I don't like censorship; I just don't think it's a good thing. "

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" When people laugh at a company or say, 'This is the stupidest thing I have ever heard,' you are listening. "

" Board meetings should not be for the benefit of the board. They should be for the benefit of the CEO and the senior team. "

" Being an entrepreneur is hard. Having supportive and caring investors helps. "

" It's upsetting to me that you have to be a millionaire to invest in your friend's start-up. "

" Start-ups should be hunch-driven early on and data-driven as they scale. "

" Venture capitalists are professional money managers. We are provided capital to invest as long as we can return it to our investors with a strong return in a reasonable amount of time. A strong return is three times cash on cash. A reasonable amount of time is ten years max. "

" I think 'crazy' is a compliment. I think you make money with people who are crazy. "

" Marketing is for companies who have sucky products. "

" All markets have boom and bust cycles, and I think venture capital market has even more exaggerated boom and bust cycles. "

Venture Capital

" Most adults I know start their Internet session at Google, and most kids I know start their Internet session at either Facebook or MySpace. "

" It takes great salesmanship to convince a customer to buy something from you that isn't built or isn't finished. "

" There are so many startups out there raising money. I don't think this is a bad thing. It's a good thing. Entrepreneurship is in vogue. Innovators are innovating. Makers are making. "

" The Internet is a computing platform built on top of core technology. Applied technology is what gets built on top of that: It's Web services. "

" The most common way customer financing is done is you sell the customer on the product before you've built it or before you've finished it. The customer puts up the money to build the product or finish the product and becomes your first customer. Usually the customer simply wants the product and nothing more. "

" The venture business is a bit of an apprenticeship business, so the firm I worked for didn't let me make an investment until I was 30. That was probably a very smart thing. "

" Customers are a great way to finance a business for many reasons. First, customer financing is typically non dilutive. They want something from you other than equity in your business. Customers also help you fit your product to the market. And customers will help debug and improve the quality of the product. "

" Equity capital is expensive. Every time you do a raise, you dilute. "

" My venture investing career has three phases, all roughly 6-8 years long. The first, at Euclid, was software to Internet. The second, at Flatiron, was Internet to bubble. And the third, at USV, has been web 2 to mobile. I have always used a new firm to denote a new investment phase for me. Throw away the old. Start with the new. "

" Certainly anything that is news or opinion needs to be free on the Web, because the Web is this very fluid medium that is very much driven by links and the flow of visitors through a discussion via links. "

" Twitter wasn't planned. It just happened. "

" Building product is not about having a large team to manage. It is about having a small team with the right people on it. "

" Venture capital is about capturing the value between the startup phase and the public company phase. "

Venture Capital

" Investing in management means building communication systems, business processes, feedback, and routines that let you scale the business and team as efficiently as possible. "

" Politics and government have been a terrible place to invest; education has been a terrible place to invest, but that is because the entrenched interests make it a terrible place to invest. The way you invest in those sectors is you go against the entrenched interests; you try and disrupt the entrenched interests, not to service them. "

" Foursquare's adoption of a game dynamic when it launched is a particularly clever implementation of a social hook. "

" One of the great things about young entrepreneurs is that they don't know that something can't be done. So they try something that's so audacious and usually end up pulling it off. "

" Given New York City's cultural diversity, it has always attracted creative people. "

" I believe the mobile OS market will play out very similarly to Windows and Macintosh, with Android in the role of Windows. And so, if you want to be in front of the largest number of users, you need to be on Android. "

" I generally blog between 5:30 A.M. and 7 A.M. I will from time to time add something during the day, but for the most part blogging is an early morning activity for me. "

" New York's niche is content, and content is becoming more valuable. Just think about what is more valuable: MTV or the cable system that you use to get MTV? Howard Stern or the radio station you use to listen to him? Ultimately, technology becomes a commodity, and content - real, true branded content - becomes more valuable. "