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

I'll say this: I can't think of one instance in my 20 years in venture capital in which I have wanted to sell a company before the entrepreneur.

The venture industry is both quite vibrant and quite competitive.

Venture capital is always wanting to go up market.

The way to really scale a venture firm is with software.

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.

Accounting rules give financial institutions flexibility about when they choose to recognize venture capital profits.

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

There are lots of ways to make money in venture capital, and there are even more ways to be mediocre. The industry has too much money and too many smart people chasing too few great entrepreneurs.