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" 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. "

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" It's not easy for an entrepreneur to find the time to blog. But for those who do it, it is a great tool to communicate with the various stakeholders in their business and build a reputation for thought leadership. "

Fred Wilson

Leadership

Time

Business

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

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

" The entire world is now a rival to Silicon Valley. No country, state, region, nor city has a lock on innovation in technology anymore. "

" 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. "

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

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

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

" 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. "

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

" 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. "

" When I see people laughing at ideas and companies we have backed, I smile. It means we are going to make a lot of money on that investment. "

" The Web is going to capture an increasing share of people's attention, and billions of dollars are going to flow in. What Web 2.0 is about is harnessing those dollars in highly leverageable ways. "

" 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. "

" 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. "

Fred Wilson

Career

Start

" Profiles aren't journalism. "

Fred Wilson

Journalism

Profiles

" 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. "

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

" 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. "

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

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

" 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. "

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

" 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. "

" 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. "

Fred Wilson

Done

End

" The more entrepreneurs in the world that are getting their ideas financed, the more great companies there are going to be that we can all invest in. "

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

" 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. "

" 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. "

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