I actually thought that the most interesting comments were at the end of the interview. "What the VCs created by not investing in entrepreneurs during the .COM

I actually thought that the most interesting comments were at the end of the interview. "What the VCs created by not investing in entrepreneurs during the .COM winter, was they created a breed of super entrepreneur... That breed of entrepreneur didn't need money, they figured out how to make a business without a lot of money, and now they don't need the VC's any more and the VC's are freaking out." He also mentioned that companies that take VC money are actually at a competitive disadvantage over those that do take money. The VCs force the startup to take a big exit, so the VC can make their 10x return on their investment in 5-7 years. But, if a company doesn't take money, they can be bought for a lot cheaper, and are a more likely target for acquisition. A VC backed company is going to be 10x more expensive than a non-VC backed company.