More and more major industries are being run on software and delivered as online services—from movies to agriculture to national defense. Many of the winners are Silicon Valley-style entrepreneurial technology companies that are invading and overturning established industry structures. 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.

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

Out of ten swings at the bat, you get maybe seven strikeouts, two base hits, and if you are lucky, one home run. The base hits and the home runs pay for all the strikeouts

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

Working for a big company is, I believe, much risker than it looks.

A lot of things you want to do as part of daily life can now be done over the Internet.

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'