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.

If the Net becomes the center of the universe, which is what seems to be happening, then the dizzying array of machines that will be plugged into it will virtually guarantee that the specifics of which chip and which operating system you've got will be irrelevant.

Over the next 10 years, I expect many more industries to be disrupted by software, with new world-beating Silicon Valley companies doing the disruption in more cases than not.

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.

An awful lot of successful technology companies ended up being in a slightly different market than they started out in.

The great companies get built by their founders

Smart tech investor thinks about: a) future product roadmap, b) bottoms-up market size & growth, c) talent and skill of team. Essentially you are valuing things that have not yet happened, and the likelihood of the CEO and team being able to make them happen. Finance people find this appalling, but investors who do this well can make a lot of money.