American - Businessman | July 9, 1971 -
Around '93, '94, the conventional wisdom about the Internet was that it was a toy for academics and researchers. So it was very, very underestimated for about two years.
Marc Andreessen
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It's much harder these days as a start-up to do physical devices.
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Working for a big company is, I believe, much risker than it looks.
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One of the big first computers was called SAGE, which was a missile defense, the first missile-defense computer, which was, like, one of the first computers in the history of the world which got sold to the Department of Defense for, I don't know, tens and tens of millions of dollars at the time.
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The joke about SAP has always been, it's making '50s German manufacturing methodology, implemented in 1960s software technology, delivered to 1970-style manufacturing organizations, like, it's really - yeah, the incumbency - they are still the lingering hangover from the dot-com crash.
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The big advantage that we have as a venture capital firm over a hedge fund or a mutual fund is we have a 13-year lockup on our money. And so enterprise can go in and out of fashion four different times, and we can go and invest in one of these companies, and it's okay, because we can stay the course.
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Amazon drove Borders out of business, and the vast majority of Borders employees are not qualified to work at Amazon. That's an actual, full-on problem. But should Amazon have been prevented from doing that? In my view, no.
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Google is working on self-driving cars, and they seem to work. People are so bad at driving cars that computers don't have to be that good to be much better. Any time you stand in line at the DMV and look around, you're like, 'Oh, my God, I wish all these people were replaced by computer drivers.'
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The spread of computers and the Internet will put jobs in two categories. People who tell computers what to do, and people who are told by computers what to do.
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There's no such thing as median income; there's a curve, and it really matters what side of the curve you're on. There's no such thing as the middle class. It's absolutely vanishing.
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China is very entrepreneurial but has no rule of law. Europe has rule of law but isn't entrepreneurial. Combine rule of law, entrepreneurialism and a generally pro-business policy, and you have Apple.
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Many of the best firms historically in venture capital have been multi-sector.
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