There was a point in the late '90s where all the graduating M.B.A.'s wanted to start companies in Silicon Valley, and for the most part they were not actually qualified to do it.

In 2000, when my partner Ben Horowitz was CEO of the first cloud computing company, Loudcloud, the cost of a customer running a basic Internet application was approximately $150,000 a month.

The multipurpose device will always fail.

I think that every technology company that's more than 20 years old will break up

My own theory is that we are in the middle of a dramatic and broad technological and economic shift in which software companies are poised to take over large swathes of the economy

With lower start-up costs and a vastly expanded market for online services, the result is a global economy that for the first time will be fully digitally wired - the dream of every cyber-visionary of the early 1990s, finally delivered, a full generation later

Companies in every industry need to assume that a software revolution is coming.