When we look at investing, we always think about 'how defensible is this, how likely is it that somebody is going to copy this.' E-commerce tends to be something easy to copy because it's execution.

Talent can pop up anywhere in the world, it's not just one city block.

As an investor, what we're not looking for is 'oh this is a cool app,' it's 'is this something that can become a big business?' You need to find those that can become real businesses.

The thing about the Internet is the openness. People can link to each other themselves.

We also have a conference call feature where up to five people can talk on one Skype call.

When we look at investing, we always think about 'how defensible is this, how likely is it that somebody is going to copy this.' E-commerce tends to be something easy to copy because it's execution.

They also can combine voice with instant messaging and online file sharing.