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.

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.

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

Not acknowledging that beauty is complex-that's the problem. I enjoy making it complex for people, because that's my world.

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 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.

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.