Customers are a great way to finance a business for many reasons. First, customer financing is typically non dilutive. They want something from you other than equity in your business. Customers also help you fit your product to the market. And customers will help debug and improve the quality of the product.

I'm really interested in the intersection between reputation, identity, and knowledge.

Blog-based businesses have lower cost structures and are more 'authentic,' and as a result are drawing larger shares of ad budgets.

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.

I think 'crazy' is a compliment. I think you make money with people who are crazy.

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

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.