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Virtually every real breakthrough in technology had a bubble which burst, left a lot of people broke who'd invested in it, but also left the infrastructure for this next golden age, effectively.

All markets have boom and bust cycles, and I think venture capital market has even more exaggerated boom and bust cycles.

An awful lot of successful technology companies ended up being in a slightly different market than they started out in.

There's a new generation of entrepreneurs in the Valley who have arrived since 2000, after the dotcom bust. They're completely fearless.

I think the tech stock, the public market is still completely traumatized by the dotcom crash. I think the investors and reporters and analysts and everybody is determined to not get taken advantage of again, and that is what everybody who lived through 2000, what they kind of remember.

If we look at the life cycle of technologies, we see an early period of over-enthusiasm, then a 'bust' when disillusionment sets in, followed by the real revolution.

So many dot-com companies were formulated on air.

Google started out when the dot-com boom was happening. It grew under the radar of big companies that were competing in but basically ignoring search. Then they were able to really invest during the bust for a long time.

Today, in the Internet gold rush, so many people go into dot-com jobs right from school or even before finishing. Their motivation is understandable, but sometimes they just lack experience.

Remember, 2000 was the year of the dot-com bust. The telecom industry lost about $2 trillion in market capital at that time.