> The low cost of starting a startup means the average good bet is a riskier one, but most existing VC firms still operate as if they were investing in hardware

> The low cost of starting a startup means the average good bet is a riskier one, but most existing VC firms still operate as if they were investing in hardware startups in 1985. This has become more and more true over time, in particular as industrial-grade open source platforms, both software and hardware, have made super-scalable operations nearly free to implement. It is still difficult for me to grasp the magnitude of the fact that I can build a web-based service and make it immediately available to 5 billion other humans.