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.

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.

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

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

Markets come and go. Good business don't.

It's upsetting to me that you have to be a millionaire to invest in your friend's start-up.

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