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.

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'

Innovation doesn't come from the big company. It never has and never will. Innovation is something new that looks crazy at first glance. It comes from the 19-year-olds and the start-ups that no one's heard of.

I would say the consumer Internet companies - in a lot of ways, if you go inside the consumer Internet companies and you see how they run, it's how all their businesses are going to run.

I hope to someday live in a world where there are lots more Silicon Valleys.

Practically everyone is going to have a general purpose computer in their pocket, it's so easy to underestimate that, that has got to be the really, really big one.

The multipurpose device will always fail.