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I don't think a lot of people have been entrepreneurial about venture capital.

So many folks in the venture capital business are sheep that just want to follow the herd. They are momentum investors purchasing highly illiquid investments. That is a recipe for disaster.

The problem with taking venture capital is if you take $5m from someone, it may feel great; you may feel like they're validating your business model. But they're giving $5m out to 20 different people, hoping one of them will be a hit. They don't really care if it's you.

You know what works in venture capital? A group of incredibly smart, connected people who have the financial wherewithal and risk appetite to make multi-million dollar bets on unproven ideas and inexperienced founders. People who can make decisions quickly, and who spend their time trying to help entrepreneurs make the most of that cash.

With a regular venture fund, you raise, let's say, a billion dollars, and then over the next three or four years, you've got to invest that money; otherwise, the people who invested with you will say, 'What are you doing? You're just collecting fees on our money.'

Venture capitalists don't pay attention to you unless you have an app or a widget.

I'd been a great angel investor, but professional venture capital was clearly not the right thing for me.

I think one of the key differentiators I bring to the table as a venture capitalist is a solid understanding of the public markets and how they operate.

One of the biggest mistakes entrepreneurs make is not understanding the relationship they have with their investors. At times, they confuse VCs with their friends.

Venture capital is always wanting to go up market.