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.

Early in a startup, product decisions should be hunch driven. Later on, product decisions should be data driven.

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.

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

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

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.

To see things differently requires you to be wired a little differently.