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.

Money is information, like bits.

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

Ideas that most people derided as ridiculous have produced the best outcomes. Don't do the obvious thing.

If you want to unleash more creativity in your company, you need to allow for a little contamination. It is the sand in the oyster that creates the pearl.

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

Board meetings should not be for the benefit of the board. They should be for the benefit of the CEO and the senior team.