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

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.

During dark times, real entrepreneurs come out. They are not competing with 10 look-alike companies for engineering talent, so it's a great time to invest and help build companies.

There's a number of companies clearly that we wish we had invested in either at the early or at the moderate stage.

Guys like me on the investor side are a dime a dozen.