When we started Skype, if you look at analyst reports, no one forecasted it as a big business. Also when Google started, it was not fashionable to be in search. It's not trying to do the obvious - that's the hard part.

When a business becomes successful seemingly overnight, no one knows about all the months and years you've invested, all the projects you've tried before that didn't work.

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

International markets are much bigger than the U.S. In Sweden we have 9 million inhabitants, and if you're successful in Sweden, you're not successful - it's such a small market.

The next Google or Facebook will come from somewhere other than Silicon Valley.

Angry Birds is one of the fastest-growing online products I've seen, growing even faster than Skype, and the company has done a brilliant job of extending it across different platforms and merchandise.

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.