The best entrepreneurs know this: every great business is built around a secret that’s hidden from the outside. A great company is a conspiracy to change the world; when you share your secret, the recipient becomes a fellow conspirator.

I do think Tim Cook is doing a very good job, I think he has almost impossibly big shoes to fill with Steve Jobs' departure. And so, that's the context always someone has to put things in. But, I do think that for the most part that Apple is at a point where it's much more focused on scale than on doing new things.

A lot of the key to Apple's succes is Designing technology in order to hide it.

You want to be the last company in a category. Those are the ones that are really valuable.

For a new payment product, you always have to ask, how much better is it than the current solution? So when we started Paypal, for eBay micro merchants, it was much better than getting the 7 to 10 days process of cashing a check in the mail. When you look at stores or physical worlds, places, a lot of these places are already set up to take cash or credit card. Apple Pay may be an incremental improvement, maybe a little bit better. But when you have something that's pretty good and you go to something that's perfect, sometimes it's very hard to drive adoption because the delta is not that big.

As you craft a plan to expand to adjacent markets, don't disrupt: Avoid competition as much as possible.

The value of failure is greatly over-rated. It's a preposterous myth.