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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

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

" 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. "

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

" Blog-based businesses have lower cost structures and are more 'authentic,' and as a result are drawing larger shares of ad budgets. "

Fred Wilson

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" 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

" 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. "

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

" 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. "

" 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. "

" 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. "

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

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

" 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

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

" 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. "

" 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. "

" 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. "

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

" 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. "

" 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 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

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

" 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 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. "

" 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 think 'crazy' is a compliment. I think you make money with people who are crazy. "

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

" 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. "