You are cruising along, and then technology changes. You have to adapt.

Innovation accelerates and compounds.

TV and the press have always functioned according to the same sets of rules and technical standards. But the Internet is based on software. And anybody can write a new piece of software on the Internet that years later a billion people are using.

When I started Netscape I was brand new out of college and all the aspects of building a business, like balance sheets and hiring people, were new to me.

Around '93, '94, the conventional wisdom about the Internet was that it was a toy for academics and researchers. So it was very, very underestimated for about two years.

Newspapers with declining circulations can complain all they want about their readers and even say they have no taste. But you will still go out of business over time. A newspaper is not a public trust - it has a business model that either works or it doesn't.

Health care and education, in my view, are next up for fundamental software-based transformation.