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.

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

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.

We have 2 million users in the U.S. and about 13 million worldwide in more than 200 countries. We're getting 80,000 new users each day. And more than half a million people are connected via Skype at any given moment.

When radio stations started playing music the record companies started suing radio stations. They thought now that people could listen to music for free, who would want to buy a record in a record shop? But I think we all agree that radio stations are good stuff.

Then people started using it more and more and it became the most downloaded software on the internet.

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.