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A hardware startup with a lot of funding and a lot of momentum has a lot less risk.

The mistake that makes launching a venture expensive is when you try to make a disruptive technology so good that it can compete on a quality basis with an established product.

Part of the magic of a startup is the fear of death. You have only so much money in the bank, and if you don't get to the right milestone before you run out, then the company goes under - it's over.

It's hard to tell with these Internet startups if they're really interested in building companies or if they're just interested in the money. I can tell you, though: If they don't really want to build a company, they won't luck into it. That's because it's so hard that if you don't have a passion, you'll give up.

A savvy entrepreneur will not always look for investment money, first.

Ideally, I want us to be working on things where if we're not working on them, they won't happen; companies where if we don't fund them they will not receive funding.

By definition startups usually do not turn a profit.

It is intellectually dishonest to lump venture investors with hedge fund and buy-out investors.

No one should expect building a new high-growth, software-powered company in an established industry to be easy. It's brutally difficult.