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

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" 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. "

" Not only do you have to put yourself in harms way in service of your country, you have to leave your families at home. It is a great sacrifice. "

" Internet and mobile product development cycles are measured in months, not years. And the capital required to get a product built and into the market is less than $1 million. And the returns, when things work out, can be enormous. "

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

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

" 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. "

" 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'm really interested in the intersection between reputation, identity, and knowledge. "

" 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. "

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

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

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

" To see things differently requires you to be wired a little differently. "

" The best talent in the venture industry doesn't work in large companies and won't work in large companies. "

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

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

" 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. "

" 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. "

" I don't like to talk about myself. I like to talk about stuff that's happening, stuff that's going to happen, and the people who are going to make it happen. "

" So many folks in the venture capital business are sheep that just want to follow the herd. They are momentum investors purchasing highly illiquid investments. That is a recipe for disaster. "

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

" 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. "

" When there were not very many Internet companies, the supply of Internet companies to the market was small and the appetite for them was large. Therefore, if you were in the business of creating Internet companies in 1996-98, you had a market that provided massive demand for that. "

" 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. "

" Startups are rapidly changing systems. If you use an annual review cycle, you aren't getting feedback at the same pace that you need to adapt and change the business. "

" 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. "

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

Venture Capital

" If you have a native monetization system where the atomic unit of content is the ad unit, that scales down all the way to a small screen experience. That's why Twitter is performing so well on mobile. "

" Games are the most social of all things on the web. "

" People already love to play casual games. But when you take a casual game and stick it inside a social network, it becomes way more exciting. "