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

If you want to be an entrepreneur, it's not a job, it's a lifestyle. It defines you. Forget about vacations, about going home at 6 pm - last thing at night you'll send emails, first thing in the morning you'll read emails, and you'll wake up in the middle of the night. But it's hugely rewarding as you're fulfilling something for yourself.

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.

You shouldn't be afraid of failure - when something fails, you think, 'What did I learn from that experience? I can do better next time.' Then kill that project and move on to the next. Don't get disappointed.

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

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.

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