Look for when the environment is changing - the big shift now is mobile Internet. It's really happening big-time. The way you interact with services on a smart phone compared to the Web is quite different, so there's a huge opportunity.

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.

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

Video is moving online in a big way. It's proven to be a challenging market for some companies that start out as a pure Internet company such as Joost.

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.

And the VCR did the same thing: the movie industry thought nobody would ever watch movies any more.

We have just started, and if you compare the number of people using Skype to the number using a telephone network around the world, we're still just starting.