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I think the understanding of the role of markets has really helped advance the values of entrepreneurship. It's helped shape public policy discussions in a whole variety of ways.

Venture capitalists buy minority positions in young companies they think will grow quickly; buy-out investors buy most or all of companies they think can be turned around by fixing a few basic things.

Venture capitalists certainly create value for themselves, but they also singularly create value for the rest of the world.

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.

Venture capital is about capturing the value between the startup phase and the public company phase.

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.

Every venture capitalist says at some point, 'I wish I could run this company myself' - to be the entrepreneur instead of the investor.

I've been a customer of the top venture capital firms, so I know exactly what they do and don't do.

First of all, in terms of investment in Internet-related developments, venture capitalists - once burned - are now very cautious and are investing in areas that actually make business sense.