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Great companies start because the founders want to change the world... not make a fast buck.

It's worth noting that everything - from the Internet to electric cars, genomic sequencing, mobile apps, and social media - were pioneered by startups, not existing companies.

A startup for entrepreneurs is like a baby, and I have five babies so far - experienced father.

The biggest start-up successes - from Henry Ford to Bill Gates to Mark Zuckerberg - were pioneered by people from solidly middle-class backgrounds. These founders were not wealthy when they began. They were hungry for success, but knew they had a solid support system to fall back on if they failed.

Facebook, Google, Apple, Yahoo - there's a common theme. None of these companies ever sold. By staying independent, they were able to build a great company.

Some of the companies we helped start are names you know. An office supply company called Staples - where I'm pleased to see the Obama campaign has been shopping; The Sports Authority, which became a favorite of my sons. We started an early childhood learning center called Bright Horizons that First Lady Michelle Obama rightly praised.

I feel that the best companies are started not because the founder wanted a company but because the founder wanted to change the world... If you decide you want to found a company, you maybe start to develop your first idea. And hire lots of workers.

You can make something big when young that will carry you through life. Look at all the big startups like Microsoft, Apple, Google, Facebook, Twitter, etc. They were all started by very young people who stumbled on something of unseen value. You'll know it when you hit a home run.

Start-ups often die in the first 18 to 24 months because of formative mistakes, like choosing a bad co-founder or the wrong corporate entity or an inappropriate platform. Ninety percent of the companies the Founder Institute has created are alive because we've helped them avoid those mistakes.

None of our family businesses were focused on technology. It was '93 when I came out of law school, and the Internet was taking hold. So I started New World Ventures.