If you start a successful company in China at 11 A.M., by 2 P.M. there's three more companies like it.

We like companies that can get big and powerful on $50 million or less and not two, three, four or five billion.

I routinely make trips to China and India where we have offices to continue to maintain the linkages that are necessary to run a successful business.

In a globalized world, one application can spread like wildfire and there's only one winning company, which means you have to invest more than you've ever had.

If you choose a market that already exists, say, networking equipment, you have to compete with an established company like Cisco. Even if your product is marginally better, Cisco can fudge it and outsell you.

We've tried to build Sequoia Capital with an eye for the long term that we really look for in the companies we like to partner with.