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" 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. "

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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. "

Fred Wilson

Great

Finance

Help

" 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. "

" Money is information, like bits. "

" 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. "

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

" 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. "

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

" 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. "

Fred Wilson

Smart

Business

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

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

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

" 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. "

" 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. "

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

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

" 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 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. "

" 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. "

" Marketing is for companies who have sucky products. "

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

" 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

" 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. "

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

" We need new medical approaches to preventing and/or curing disease. We need new scientific approaches to generating, storing, and being more efficient with energy. Maybe we need more space exploration. Maybe we need more undersea exploration. "

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

" 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. "

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

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

" 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. "