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

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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. "

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

" 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. "

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

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

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

" Money is information, like bits. "

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

" Profiles aren't journalism. "

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

Venture Capital

" 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. "

" 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. "

" 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. "

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

" 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. "

" 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. "

" 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. "

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

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

" If you are successful, you will be cloned. That's life. In fact, it's a sign that you've made it when clones of your website, mobile app, and business start cropping up. "

" Skyping with your spouse works well enough, but apparently it is hard to get the kids to hang out on Skype for long. "

" 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. "

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

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

Venture Capital

" 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. "

" 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. "

" 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. "

" 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. "

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