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" 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. "

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" 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. "

Fred Wilson

You

Business

Creating

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

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

" 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. "

" 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. "

" 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'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. "

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

" 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

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

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

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

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

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

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

" 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. "

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

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

Fred Wilson

Venture Capital

Think

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

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

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

" 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. "

" 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. "

" 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

" There is a difference between hiring a CEO and turning over control of the business. "

" 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. "

" 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

" 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. "