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" 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. "

" The companies that do the best job on managing a user's privacy will be the companies that ultimately are the most successful. "

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

" 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. "

" 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 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. "

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

" Many artists stick to making and hire a manager to focus on their business. Artists that build websites and mobile apps can do that, too. "

" When my dad was in Vietnam, we lost a parent for a year. Thank God we didn't lose a parent for good. "

" Yahoo is free, it's fast and it's Web-centric. AOL is slow, it costs money and requires proprietary software. "

" I'm not saying M.B.A.s can't be great entrepreneurs. They can. But you don't need a degree to figure out it's costing you $5,000 per month to run your business, so you need $30,000 to keep it going for six more months. "

" Facebook is not an unstoppable juggernaut. There are a lot of other things people can do on the web. "

" Facebook, Twitter, and Tumblr are all 'User First, Brands Second' services. The brands are all over these services now. But for the most part, these services didn't do much to bring them. The engaged users did. "

" 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. "

" 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. "

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

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

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

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

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

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

" 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. "

" 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. "

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

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

" 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. "

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

Venture Capital

" 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. "

" I believe Android will be stronger in the developing world than it is in the developed world. "

" 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. "