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.

Start-ups should be based on radical ideas. There should be a high failure rate for start-ups, because if there isn't their ideas aren't bold enough.

In the startup world, you're either a genius or an idiot. You're never just an ordinary guy trying to get through the day

There's a new generation of entrepreneurs in the Valley who have arrived since 2000, after the dotcom bust. They're completely fearless.

Where I grew up, we had the three TV networks, maybe two radio stations, no cable TV. We still had a long-distance party line in our neighborhood, so you could listen to all your neighbors' phone calls. We had a very small public library, and the nearest bookstore was an hour away.

In the next 10 years, I expect at least five billion people worldwide to own smartphones, giving every individual with such a phone instant access to the full power of the Internet, every moment of every day.

It's an old - and true - cliche that VCs rarely actually say 'no' - more often they say 'maybe', or 'not right now', or 'my partners aren't sure', or 'that's interesting, let me think about it'