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

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

The strategy of Tumblr is very elegant.. The atomic unit of user experience is the same as the ads.

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

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.

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

Don't try to solve the entire problem on day one.