Jan Koum

My venture investing career has three phases, all roughly 6-8 years long. The first, at Euclid, was software to Internet. The second, at Flatiron, was Internet to bubble. And the third, at USV, has been web 2 to mobile. I have always used a new firm to denote a new investment phase for me. Throw away the old. Start with the new.

It's not just the kid who's spent every penny from his job to upgrade his car to tell the world he cares about sports cars, it's also the person driving around in a fuel-conscious hybrid electric car, because it's more a message to the world than an effective means of saving fuel, to be quite honest.

Well, there's no question that the law passed in 1996 was flawed. It deregulated the wholesale market, meaning the price that the utilities had to pay energy companies for power, but not the retail market.