Social enables word of mouth at an unprecedented scale. Its most powerful effect, through reviews and recommendations, is to put product quality and value for money as the key to success in commerce. Social brings a level of transparency that prevents marketers from advertising their way to success without underlying product quality.

I try getting in front of as many opportunities as possible, but in the late '90s, I had no idea that I'd end up being CFO of a technology company. I'd no idea what venture capital was.

Social enables word of mouth at an unprecedented scale. Its most powerful effect, through reviews and recommendations, is to put product quality and value for money as the key to success in commerce. Social brings a level of transparency that prevents marketers from advertising their way to success without underlying product quality.

You have to put yourself in a position to be lucky.

Money was invented for a reason. We've seen people try to use beans, etc. and it doesn't work.

It's important to choose initial investors who are not twitchy and rushing for an exit. Wall Street's quarter-by-quarter lens may make the CEO make sub-optimal long-term decisions.

Founders should think of their company as a product and build it and shape it with the same passion and care.