" The get go home show you sponsored by jangled."

" Hello welcome to date on the show I'm Joyce him and that's own plane with his iPhone."

" All right your data don't you should have told me and you -- shooting. I I just was -- art and artists is abandoned their flea market which was then that you play and it. I guess we had something to do with the -- on was and human --"

" We'll catch -- about that again Clinton's earlier this month we're over at techcrunch twenty conference or 4040 now right there. And talking to a lot of great people that were there as judges as panelists as as companies presenting and we want to do is put together a couple of clips that of the people that we spoke to."

" A little montage of people who were not there -- so you can just show them."

" You know what happens right right so let's collateral the clip for you guys."

" To be option is Peter and I. And hey guys and we actually means. -- very rare special appearance on NATO Russia. This is that's up so welcome to -- It's the morning divers had just like it's it's making him recently and it's pretty good. -- The conference so far let me ask you this question. Well technically we're asked the questions but yeah you can ask the question I want to. I yet and it's been fun I'm -- gadgets. Or and see. But it's a great way for a -- this in the some energy. And so now that you've. Been very successful. In convincing some companies that it's actually a good idea to listen to you. Let's talk about five products which are in desperate need of an extreme -- prophetic -- gadget maker of attack. -- I didn't so I found -- Amen to that right."

" I need some mean you know it's funny people -- about it it's this aluminum lithium -- about this -- spectrum. -- 100% agreement you and -- you know I don't think you would kill apple not the version with a real. Physical keyboard and I think that they were to say it's not going to happen but it wouldn't kill women and you know Steve Jobs has just been and is this the world's best. I mean you know creaky Portman has. They could withstand that three G Canada and stand. Job sport and because some things that I do like about. The -- is that -- sports that mobile you know job I mean there are an element of the things that apple touted was the simplicity of their product lines mean there is the iPod and toys you know. There's there's the power book -- came -- couple flavors now there are a lot it's not -- monitor colors and versions and I mean when I'm at Apple last week in New York with the Anchorage. Yet every different iPod model it on a table and it -- Just they're almost on team is for some kind of realize you know there's a lot of different things going on and have somebody from models and versions that. I think maintain the quality of this becomes much more difficult and that's when things that apple is sort of turned on. That PC manufacturers -- you guys to too many different products are trying to do too much once and it's really hurt your quality and."

" Apple products don't that your major technicolor. Well. You know I I saw a lot of potential in -- is -- by which came out and now I really hope that. That would kind of you know. Score aware of the iPhone wasn't about him and unfortunately it didn't I haven't really addressed in the core issues with their product. You can't add applications -- it they really need apply a lot of services. In specially buying applications and they sat on the phone. And then I'm you know on top that it is a good device that just doesn't feel powerful I mean Gmail immigration wasn't really an email happens is not -- So inoculated. With advisors indicator to -- that they didn't really quite making and maybe 7% in there. Some hoping that you know the ocean -- here you know whenever they're gonna have command doctors can be. That a better. Definitely I think they've naked girl and it further without arms."

" Notes that and bright red report and -- ready for launch I was called I was on my asked -- my demise of its agents it is going to be just I was always chipper and."

" Actually -- now trying to. Yeah he's -- get very cynical on in these sorts in you know I mean we see everything we've played with most everything and you kind of learn not your hopes raised much about it and -- this -- and important for gadgets for five years now it's an attorney. But you know it it's still -- mean -- only saw -- like passion enthusiasm for that that sense of optimism that someday people aren't right and I guess I would would you make -- was the -- act -- in humans and tennis and we first saw -- the -- the systems -- is -- units by SanDisk which is actually like to announce the number two. US and that new market and very quietly. Climbed up his -- it's nine maybe 10% of the market. I do some crazy which is putting out afford the prices high quality products. Very odd strategy. Electronics maker. And of the Sansa connect is their first Wi-Fi enabled player as MySpace and I think it has not working memory and once I built into it and it was kind of debt in a lot of ways two things that disease and should be able to do you share tracks with friends stream Internet radio. But they meet some really critical mistakes with that five -- they really type device up with the -- view for whatever reason a very tight integration with. Well I'm glad to do is allowed to do was saying which is -- Canada on the soft on advice and I'm matches and it's in some sort of you know agreement -- Said the device was limited in terms -- it would only work with Yahoo! Music unlimited on in terms of its ability to share tracks wireless and things like that. And you know you couldn't connect -- serious issues except the ones that -- artists Yahoo!'s offerings and their Purdue and he signed up for the music on Monday unlimited account. Flickr integration which is kinda cool but that was it means he's another. -- you can when sport and so. It's -- sort of device teller promise being limited. In and basically a number of people users and in the ways it can be used and I keep telling companies over and over again is that the more opening our. So many people. Do you what they want the device is the better off their and being in the sense that come out it's and come with Sansa connect. Was morrow and pop formed the -- any online and various stationed -- that you know made it very easy to share tracks and right is -- time. They -- done a lot better but instead it was a kind of -- the players basically ran into."

" That let me ask you five questions he plays this game often -- five questions and in this -- from them and then again. -- media and prosecutor's recommendation of five different products your best they can you. Best I hate giving me. Have had over there you don't want you don't want you would recommend. That our audience and this is actually good camera going by. You know you start -- camera and video game. "

" I really like Allen classic hard drive based especially ones that can have a record here and for patients -- so singers that he's really -- me. It's pretty small records are operating mpeg four you can click. To do you recommend people by each team media cameras -- and good luck -- it depends on purposes and he averaged eighteen you. -- You added in I movie you're like. -- say -- we're probably --"

" I can in good conscience recommend any on now I don't actually went away as -- pregnancy test policy TI is coming up and so we will see some new devices that. I was feeling rock and -- really great insular."

" Aren't aren't -- I -- pretty much stuck PC computer. If you want to go UMPC groups. Tokyo's bass. You can -- news I think for further dollar probably the best devices or are there some sort he shouldn't. Clinton BCC shift the keyboard and the keys are weak to act together it's too small to take EM and I think there's a -- of steady fingers like -- so no no love for this new Sony -- announcement about had a lot of thousands and thousands perhaps around a lot of driver issues are not really that's able sometimes they're very well though I mean -- really high quality. Norman. Yeah Iowa new window when that went about that happens -- the software and the drivers like patents and supports her and I know people that there's. It. -- pretty controversial topic. Buchanan is gamers are -- one consul yeah absolutely the case when you pick -- also just the other two camps without meaning really and that's that's -- people are really. I'm a long time and a player Adam. That would have been one of my gadgets on it. Reckless I like -- because it's pretty you know I don't know like does everything pretty well I'm and it's got the capability. I mean if it gets a good titles and yesterday. As has the potential."

" It's not just the gains in the titles they have tracks box is actually how well Xbox -- integrated into the entire experience and it's announcing that. You know Sony. Games are about the same on both the PS3 and the Xbox X sixty there's some games that are better once -- on the other. That's how he hasn't really been able to succeed equaled the online immigration I still."

" Osment makes him the best Marlins were traveling expect. So Microsoft just this is knowing that I'm really into the wireless memory -- 8000. I'm the worst product name ever but it's actually pretty and it's really solid and about. -- and it. Doesn't really look like any other moments out there has humans on two point four gigahertz which is you know like the basic proprietary whenever and you can also -- and in -- Bluetooth. It popped up as the team. But what it doesn't those other travelers doesn't do is it has a dongle and transceiver -- Christian Siebert. Also doesn't magnetic I cable that comes out and in charge amounts -- gone the route. Most -- you have to replace the battery it can't access that some of our internal. Or you could announcement. On this thing you can actually charge it warehouse and also the transceiver which hasn't met charter is going to cost so. That means yeah you got I got a lot of things going on mr. again and it --"

" It happens yeah this is fun yesterday and I get Johnson hey thank you don't even have a better."

" Thank you for joining us a fairly happy there you're last spoke along tell Serena right and -- moving things there's always that thing about preferring and that's why topics and you."

" Richard project powerful about it is indeed the title the book one -- book which it I'm working on -- and and reporting of becoming a problem the end of a -- early on nine is that titles for. And -- working subtitled the past and future of a radical price and we think about it I mean it's really about Internet is about making money but giving things away. You know -- made it to let me three YouTube video -- This all driven by the underlying economics of the technology who has the more -- storage and bandwidth and processing moves on. And incremental cost of a megabyte of in -- storage or megabit capacity is falling close to zero and all the smart companies are saying I can see this line it's going to zero -- to get ahead of entry into words. So -- and has built on. On free."

" And what's interesting about this is that it's."

" radically new concept in this country samples racist beliefs for a long time. With the Internet and it has done has basically taken that free economy and extend it to every industry possible. In -- supposed to be inefficient system as any team can subscribe and you do and they can cram me money so -- does that work cart and future. Well you know needless to say Europe it's early days yet but there's basically two ways to make -- one has -- it's too used to give with the product and sell the audience -- there. Here's a free sample things so let's say that traditional model you don't want to give you for example to. To 99% of -- of the customers to get 1% because those things cost money. In you know an Internet economics with the Marshall costs of delivering that you know free version of the product is so close to zero. That if 9% your audience is getting free and only 1% as paying for that you can be -- profitable business. Again because the underlying costs and only a little bit getting lower selling my my my question you would be you know look at in an economy. You do -- the base it's that all of -- give -- most of the products went to mostly customers were free -- very profitable company. It's hard to say that's the problem with one model and questions how far can stand."

" I don't think it probably increases the bar for success relies he's making it harder for them if they are giving away for free success is not measured by hundreds of thousands successful and they measured by millions and I don't think everything can be frequently giving example."

" so why -- people -- One of people's contribute to Wikipedia let people upload videos -- YouTube obvious there's no business model -- they're clearly incentivized without money involved into a reputation."

" whatever."

" I'm I'm gonna get the book away for for. And give treat the -- for free. Of the audiobook -- don't -- Marshall -- that means hero so different is because written physical book and get the audio book for free. The e-book. How many books are there out in readers are out there how much money might lose a magnet for either influence that's -- How the web version with advertising supported both Clinton and Christine every every month right where the content for free that one mystery. And that's what the final question is. -- fiscal book for. To have an advertising supported version of the physical book just like my print magazine talk your publisher that one woman publisher Disney is and I imagined and in conversation and you know they're they're willing to try this experiment and they shouldn't this be big numbers in the book -- and if you're lucky hundreds of thousands the question is like you typically for free ones doing. I'm doing net from. The book support of the product becomes marketing for the person in you can't duplicate me for free you can duplicate my book for. My next trip you know in and if you want to go to China. Where piracy."

" Has rendered on media and content like free -- he's a great industry in China and it's actually encourage and most complete turn a blind -- because they connection consumers to be addicted to their products. So you you are also."

" Think the human. But I don't force perhaps. And that power actress and -- engine costs of premarket program. When you do you think that will be. The free platforms from -- can. More personalized I think Brian yeah I think I think it's really because with the underlying economics if the -- cost of the product is falling to zero the price of the product -- So for digital products you can reproduce the costs are -- are -- the worst loss of the -- pressure he's. But you know giving him an airplane to go to speak to a group is not fall it's rising in price and so that's never going to be for. To give away what's free to offer and charge for what to -- timing is not free time."

" And I know you have to run I do to catch a flight. Thank you so much for being there that's and thank you end appropriating the free book for free content to play dress for joining the hey -- every David sacks of Jeannie and also the former CEO of PayPal and also the producer of this movie beach. Kinda big -- few months ago years ago -- thank you for smoking movie business and acknowledge why would you want to come back. Hollywood is more fun."

" Well Hollywood is more. Fun and sort of a humanistic way perhaps but it's not really more fun -- sort of intellectually stimulating way. There's there's something's about to start -- that you really just can't get in in Hollywood and there are some similarities between Hollywood and Silicon Valley in both. The business revolves around and watchful. Property basic ideas. You create one version of your idea whether it's a website or movie and then the entire world concede or use it and that's -- really cool both and that's why. In the Americas. And usually sort of -- it in both areas that are potentially businesses and ideas and imagination. But the limitations that Hollywood is that things move extremely slowly there. And so again thank you for smoking took about three and a half years my life is not so much on the PayPal dead. They're both accomplishments but PayPal was this you know multi billion dollar business. And -- pathology you know I'm actually we've you'll call me back making movies and actually saw another Internet."

" So -- where -- out how many members. You know the last numbers we've released whether -- over half million users. Have created more than eight million profiles. Hand to and you know hundreds of thousands and we trees and Harry planning on diversifying. -- American market. -- are doing entirely quiet I'll. -- it is. More than half or users are actually outside the US. To the only limitation we have internationally -- the site as an English so but I -- English speaker. Can use the site anywhere in the world and they do. And that's not where do you expect -- come from parking. Once -- lot of places on. One is that done once we have here and her family in Jeanine we know a lot of out of there's a lot of products insult you so some very obvious things would be. We can solely to with a portrait poster obviously you profitable if your family. We -- a lot of things that Chris revenue wants Shutterfly and where you can -- for your photos your family. Figure engineering and now well right now -- to success with sort of building audience. And we'll figure out how to monetize those -- later an e-commerce aspect of it where you can sell direct products. Right database and right so there there's also sort of this genealogy aspect to where we know people going to page used in all chiefs of services. There's a cycle ancestry dot com which tortures people fifteen ultimate use services. And it scotsman what -- for 2000 and subscribers. So I think that over time we can also people on for premium -- services."

" He stepped back a minute and explain to people who don't know -- and how are expecting. It point second -- right okay so. Use coded genie dot com NG NI dot com and -- on the home page -- prompt a struggle your family tree only is putting your name. In your email address and then it's a very quick fun sort of -- wizard. The bills -- family tree you just click -- to go in the direction when people so. You go up to add your parents you go sideways. Sibling or spouse or partner and go down to -- And then. Any time you got somebody you can put in there and all of us as well as an option. And then they'll be invited to join your tree in the they can toward expanding the tree so the idea is for to be a viral network family tree. So it went on that rumors which allowed to -- that you want to thing. Pretty liberty 400 highly valued companies. Undergoing treatment yet so who want to meet its Jeannie so value in European. Thank you know I'm sure you must have. Done a pretty gutsy challenge -- and that."

" Well I think is that the question about valuation so it's hard to know how to value of these companies but. That you what you want to generally look out are two things you'll look at. What's that the value of the company if they achieve their objective and then what's the chances of them doing that means from those two things together and were very roughly get a valuation. On terms of the value of what we're doing it for actually able to create this -- global family tree with. Every single person in the warm and our objective basically to create. After and we treat that spans. All demographics. All geographies and all time because only can you create profiles her living relatives desecrate. Profiles your ancestors of your children. So this actually becomes. You know keepsake for your for -- forever. So if in fact we're able to create. You have to think the that would be an extremely valuable thing to -- and you could use -- sell a lot of different products and services. And then I think the other thing that you know our Packers looked that was just a track record previously -- not just me but. The people the company having worked out successful startups in the thought that we had a reasonably good chance of actually executing our plan partisan and."

" Project -- next move you make and it several omen we're gonna let go to fund when I K you need to back c'mon. Well we've we've developed if you projects Obama. Development and ultimate results or -- the paint her for awhile opportunist agreed to play him when it's over we'll expect that next year. We're -- TV series that's based on thank you for smoking from spin off to the movie where. Hero represents sort of embattled. Client every week with the popular crisis. So that we aren't you aren't now and you apprentice and -- of the scenes what I want me what the is the thesis of four with with neighbors what it was about beyond just smoking is the use of spin our culture as a political and corporate PR tool. And there's no shortage of and certainly --"

" And zoom in on Hollywood -- air and -- excuse me. -- this is the business period and we what's funny is when you look at the similarities between our panel -- in them there not here. There's Morse the only reason you would expect our country learns to think about on about socal realism in your time on there."

" That another similarity between Silicon Valley and Hollywood is that they they're both pretty -- places and to everybody has a psychotic at work. Yeah I mean it's. This question about how much value is being created. By the sort of frenzy of activity here in Hollywood that whereas I think here there's also -- and -- it actually creates you know I think huge amounts of value some companies."

" Some not so much but it's and other -- on the whole yeah. Well thank you so much for joining that you don't have -- mature and will be keep on touch challenging. Things."

" It took. Block that was a whole bunch of great start yet Peter. And I am Chris Anderson David sacks and a whole bunch of people use on the background but before me. You know we talk about anything outside team. We shoots it really tank these guys for taking the time now you know coming up to help busy people yeah so you really grateful for that but you know. It was fun to be you know for."

" Great talking to people that are really you know knee deep in an active in the in the in the business. You've been writing whatever it is we're doing and it's an -- during a -- but to -- viewers have been writing in and asking questions about the actual economics of funding hoot how do you do it how much to cost what's going on we -- we want to show you mark. Injuries and in everywhere we actually got into the details and angry because Mark Leno is -- very successful background and has a lot of -- investing in."

" Right for those few don't know -- don't know Amy was the founder of Netscape right and he started to come in -- which became ops and then. Close tender offer -- and then recently you started Ming right and he's a very active Angel investor he is also as a man from disclosure. And an Angel in date -- to sister company. Started by Kevin Rose in gay rights and we're on physical funders are Revision 3 version three. He is basically discussing. The art of start things -- this process typically on his blog right and I think this is the first time these guys -- on camera. So we feel -- privileged to have them have -- and -- we don't share his knowledge that. If mark welcome thank you for doing this and -- good to catch a preview of the techcrunch forty but you think of the show's --"

" We -- so far as great -- that the fact that it's now it's forty really -- corn syrups and it's amazing -- thousand people here and so forth presentations great it's great."

" I was really surprised to see some of them they're McCain's I think. The the impression you get now instead it's more of our. The execution the business strategy and those kind of startups coming to the forefront. And less to do with technology the core technology seems to have. Taken a backseat because of the commodity nation. And more -- might be would put you know is it just means thinking that president that you --"

" There are certainly there certainly restricts the don't have it. It is true -- the same time I think that I think a lot of entrepreneurs even more than ever and I think -- personally looking started looking for real opening is actually thinks. Google being ruled the company has gotten for example investors back focused on the right. And defensible. In the criterion graduate like something you own property. You alone and so yeah I actually think you can see a lot of really RD projects these days and and not register for seismic records. A lot of different topic sweeteners. Can fundamentals. Issues. I felt pretty good about. You indefinite alert. Where -- It generally stick its offer Internet because that really don't know anything about -- green's second in the health care I wrote about it -- going the right you're a fairly active. Have Angeles in the past well. Twelve months I would say probably. Twelve to fifteen. -- think problem is. Demonstrating that. Don't have more time but. -- Well it's time is critical time as people tightening at the same time there are some things that."

" They're going to do in -- Angel that's that's let me ask the question is that the -- Angel market that because it looks like a lot of companies are shying away in the Big -- are looking to do smaller in us that they can get the single. You know -- where they can sell out for a look at an illegal for the 109 dollar acquisition our IPO things are a little bit more on -- now than it was. Back in the day. What does the average round I think your scene where it's your. Fight."

" Let's start actually when addressing the question -- questions are equivalent. As indicative. This is the question. I actually it's been Sylvester M Leary of startups whose goal is so. I should think that's dangerous and I think that's dangerous because. That means that they have a very small idea by definition something they think they can -- for -- the problem having a small idea is no well okay maybe some of them by you'd. So I actually like investing in the ones alligators around the -- ones they have an idea for the company have a big vision. Humidity so -- and -- opportunities -- if there aren't able to get wobbly global you know in January that they at least have a future maverick."

" Actually feed people doing that he just nobody ever says they want to sell -- it's it's never need to expect right. But it's more average balance I think you're right when people talk you know never say. I think it will I mean two -- what they say is well there -- other opportunities at the big -- addressing that would monitor bank -- so let's talk about what does not market."

" Brown -- you know it's over the map it's you know for for for technology startups that certainly in the hundreds of thousands to millions. Heart protector. For. 300 to 500000 store just because of the brutalities programming and -- the program and with a up to maybe a couple million it. Com and then you know he's he rounds -- you have to like go. To leader rules around you have a preference for doing opening up there around you can. I'm -- you know I don't know I -- actually prefer to buy equity personally but you know I'll I'll generally are generally not the only angels and legal along with generally there will be some arms. Counsel and legal terms or is. Reasonable."

" don't take this and I've been seeing a lot of more Angela are saying you know what I want to press Saudi an ambitious at a valuation one million praised him. And they're putting in 2000 failing to meet at 10% now I don't want to know you're -- more open minded but."

" Open minded about to get into the right companies but given a choice prefer. For its price when you of people pitching you know. How much is it about how -- that the team. Also mean the public to think so what this determination so Newton is brought determination to stick with -- New York -- For. I'm and other us. Not necessarily expect responders are waiting for -- assortment rookie mistakes so. You know you for example there was worry if somebody comes and says that we need to get 1% of the market which. The giant flashing red signals danger danger. -- If it's a hundred and -- market you have to have clarity -- percent of the people good developers that are crushing. So there's a bunch of like -- things like that did invite him in my mind you watch for. Purchasers were. And then you look at I think you just obsessively want to look at product and market and you know really original product and think about my -- and later. Product market -- look for options."

" And what are some of the I just because wanted to act to follow up question and that it. Then you'd look when you meet people are these -- the forums are having you actually 200 people. You've never known before and they just keep your email you your club you had the best business plan here for."

" It was interesting I'm getting more -- more warmer things coming in that way but you know for the most part it's for the most photos it's referrals but I would say it's not even just that then this screening -- referral which is. Something but I do a lot of people it was as if it's -- either hopefully there's a screening. Yeah things like technical investments -- and not leave the grounds so I'm almost always investing a lot of them from the people who were leading the rounds are people. That dovetails with that process is if it's something where -- meeting kind of planning or somebody coming in it probably don't have Roman authority to --"

" Can Kenny -- let's say there's somebody who doesn't know anybody can park and access he -- economy doesn't mean. The hard as he may get TU."

" So if it in that case I have actually Kendrick got people who. Have directed people I think it's Brown's idea but they don't have any connections over from around. On this team. Have. To do. Or Fred Wilson. Square for people like. Industry to one of these."

" Think toward what you are part process when you know and that means companies out -- right now he's. Underdog in the demo patent forty Richard going to show in layers on the stage. When you're look at that big and -- What what is it like the big picture and it doesn't what you expect too much we'd do it and do you think that it's part of the process and we have to are -- martians among them back and what is she talking -- Internet."

" That particular. So I think it's a cluster it's a constant in the in in the wind technology works constitute either an ambulance or the cost of these problems are constant. That desperate times -- struggle between so. You know when people say there's a bubble like you know I I don't think that tech lots of starts existing in -- starts failing -- think -- In fact -- little over an -- venture capital and money coming -- really ever before Sacramento. You know weren't you know that the last -- all the way to the bus. Went. Makes sense of their -- Now your point out of that crop partner. And there are going to be certain number. -- And so obviously isn't faster richer -- it's possible. To make sure your him. You know maturity and our mission and at least one here if you're -- tenor of your investments --"

" Mile -- I'm looking at now is increasing you have. People -- starting FaceBook based application and you know. And getting funded -- coming -- you've been there long enough and I've been enough and I calling the F -- you know bird -- and we knew that they do is. Banking on Mon sat from one company which is itself for the startup on the -- innovate fashionable basement -- some."

" and I wanted to face of FaceBook app that's -- business is dependent on number one depends on what happens though if something it's like incredibly compelling what that's like. -- white or attempting something or whatever it may be -- but. Fighting has at least the smart people for example we're going FaceBook apps and trying to raise money on the basis are not saying what they're saying -- redistribution through FaceBook and we're going to link it into a broader things. Going to end up with a and by the way we mean then end up going out getting FaceBook picture distribution -- well. I think that's great because you know if if you're gonna start an Internet company. You much from the start with distribution and not so -- you know what I'm literally goes back to the -- plan right it's it's it's I think this is all company specific and that's all parts of -- actually think. I actually think that there's very little it makes little sense to look at support space of the -- FaceBook apps category. Edwards is investing terrorism -- just get -- financial standpoint individual companies into the products."

" Let me ask you when you. You mean for the company which is caused -- Internet product. What is the first thing they can look at and Richard traction. You know they have no traffic and maybe they just had an idea what is it claimed that one thing that makes it work for you."

" So for consumer Internet I believe by further -- Isn't going to spread -- and that it received Hotmail thing about the difference in Hotmail with the footer at the bottom of Reno says click here. Persons acting president products -- difference between a thousand users and users because they had that spiral hook -- three. And so for consumers and I think that's. Because without that without -- that's what you that's questions like -- testing stage. Without that viral hook you either have to. You know hope for -- myself which is not the same thing which is freeware. We'll have to big marketing campaign requires a lot of money -- paper click advertising stolen money or your computer distribution. With what epic like some companies and those --"

" It's so clean let's talk about this started in you have an hour of post it guys you'll find in. You have this blog where you -- or you know -- at night and look how many opinions so -- Where that -- would help. The start of guys. That they should watch out for it in there and start be shocked if you don't you think credibility is you tell."

" Okay. Problem so I'll him good you know I have no problem and the drug abusers. Well -- separate and so. The first thing is that people. Really are. Under mr. postings. -- extra in the first post isn't posting one store. It's a huge. It is there's like you know you're -- subject yourself to the low stress and uncertainty. Never before alive -- isolated and -- bad news. I'm so first of rescue people off and hopefully that we are rational view whose idea. And then from there I just think you know I would candidates like -- you know -- simultaneously got to have a big idea and got a vision you know want to go forward and plans. And and you have to sort obsessively focused on the different risks. Disco after the risks. In product risk. To. Work. Market market risk market at some -- Team."

" Thank you personally have gone through with three companies -- you Netscape. Officer and then not being. How have. Tinged changed from you as a start up. The longer they you know we're you know what to write -- one think Craig that you're given advice expert in pushed him. What have you experienced every time you start -- company."

" Some of the mechanics get easier raising money gets easier recruiting it's easier some of the mechanics duties here but the war proposition trying to do just as hard. -- trying to remembers -- in the actual. The actual start experts itself -- is -- for every one you still have to have an -- To the export market. And development projects are always at risk. And so your your all you have to be willing to go back to basics. Really focused. You can't shortcut product development capture its --"

" Let me just in the Forrest Gump -- you actually involved in -- In altered and yes which you belonged to Peter. And name has been network. Packet is. The right out. -- him if he was featured companies like a complete public require. But it did was he was the first one. I guess you heartened solar in oh bristled and enough I mean make for a completely that you actually can. Was it more instrument and having three rate was what you love most. Trauma often hit it too little ball went over how -- ignore it and quite frankly if you have any other if you don't know if you've never in my mom doesn't happen again. -- Nobody like how does it work hard as it is it any different than when you're actually building. A product -- is the second one is going to be concept meet other people come and execute. What does it do what the company's."

" Very different Woodward it'll -- different actually -- differently which is that the companies -- different markets are under the the tides in which the starter for those first companies started nine for example. If we. The nation's business is very different Netscape for company outlook started was to. Turn into. Arming its consumers and companies have very different kinds of companies for to for capital projects are different teams and I just I'm. -- just you know determines if you know as they do additional companies are hesitant to determine that treaty to them as. I should think there's not that much you wanna bring with you -- You an ethnic need to have their unique -- kind of like having. But the -- like military academy at first it was like a natural athlete sports stars like -- more elaborate read books to humanity. That obviously. -- hanging in. And possibly. Meeting is fattening is it for now so I mean for for the foreseeable future so I'm very happy if it were going in her role players so for some. Yeah we will definitely like fully fully prosecute. And listening and that's universe a gentlemen not Troutman a matter. Of."

" I have -- strange question on the questions. Pretty state this strange. You meg pretty much every one in instant. So I'm gonna impose some means. You can already get. And yes it was supposed to mean -- what -- going from that a pregnant you have spent a considerable. -- of prime repeat the positive or negative that Marian Anderson Larry Ellison."

" The thing is amazing and many things may similar arguments about areas he has don't product thirty years. And he really could. Use foreign -- that. -- That means -- technology the core of the company's concept -- excellent well it is it is it is an average is kind of your earlier question -- there were a lot of companies in the valley for -- for -- company's. Google has is if it needed to be demonstrated maybe it definitively demonstrated that this game. Just when you've got you know companies like Yahoo! -- Microsoft saying oh we can't just be in this market actually -- John Chambers are chambers just sales and want -- Judge chambers. I would I would go back to relentless focus on products so Cisco. The effectiveness of the Cisco -- At the acquisition strategy that they implement open for another tournament. There implement the ability that that they have to build up the system properly and keep it on the leading an extraordinary. Especially and especially these records -- for sale. -- is an amazing he's just like. -- but he's kept us. Which is what's interesting a lot of guys who become CEOs they lose focus on that it properly -- give you Steve Jobs Steve Jobs. -- product product design are relentless focus on product design implementation. He has to systematically gone through the -- of interest from. I mean you know apple products in 96 just. There's an apple products in 2000 justice and that is systematically. Reinventing personal. -- entries but but but but but I don't know it Leo it for the morning. -- what."

" You know but don't you just you know be watching for that thank you very you know -- just think -- gonna hear a question."

" That was a great interview I feel you know you enjoyed it on from there and you know marketing reasons a good teacher I kind of figured that job. -- you know before he garb just wanted to let you know that you're going on there are going to future of -- perhaps in London where are you going to be meeting some British companies and in European startups and you know we bring all that great stuff back. Our next week even -- the hit lines -- religious. Have a -- interview with Microsoft's man and -- the -- and we'll talk about everything from my our office. IP TV in my -- issues. And it's it's a fairly in depth interview I hope you enjoyed it means to you and a couple of weeks with some great start from a cross on. -- that I'm all she's yours you just watch it."

" Support for the -- got home she though he's provided by jangled."

" Getting closer."

" And it's going to be. The."

" The get go home show you sponsored by jangled."

" Hello welcome to date on the show I'm Joyce him and that's own plane with his iPhone."

" All right your data don't you should have told me and you -- shooting. I I just was -- art and artists is abandoned their flea market which was then that you play and it. I guess we had something to do with the -- on was and human --"

" We'll catch -- about that again Clinton's earlier this month we're over at techcrunch twenty conference or 4040 now right there. And talking to a lot of great people that were there as judges as panelists as as companies presenting and we want to do is put together a couple of clips that of the people that we spoke to."

" A little montage of people who were not there -- so you can just show them."

" You know what happens right right so let's collateral the clip for you guys."

" To be option is Peter and I. And hey guys and we actually means. -- very rare special appearance on NATO Russia. This is that's up so welcome to -- It's the morning divers had just like it's it's making him recently and it's pretty good. -- The conference so far let me ask you this question. Well technically we're asked the questions but yeah you can ask the question I want to. I yet and it's been fun I'm -- gadgets. Or and see. But it's a great way for a -- this in the some energy. And so now that you've. Been very successful. In convincing some companies that it's actually a good idea to listen to you. Let's talk about five products which are in desperate need of an extreme -- prophetic -- gadget maker of attack. -- I didn't so I found -- Amen to that right."

" I need some mean you know it's funny people -- about it it's this aluminum lithium -- about this -- spectrum. -- 100% agreement you and -- you know I don't think you would kill apple not the version with a real. Physical keyboard and I think that they were to say it's not going to happen but it wouldn't kill women and you know Steve Jobs has just been and is this the world's best. I mean you know creaky Portman has. They could withstand that three G Canada and stand. Job sport and because some things that I do like about. The -- is that -- sports that mobile you know job I mean there are an element of the things that apple touted was the simplicity of their product lines mean there is the iPod and toys you know. There's there's the power book -- came -- couple flavors now there are a lot it's not -- monitor colors and versions and I mean when I'm at Apple last week in New York with the Anchorage. Yet every different iPod model it on a table and it -- Just they're almost on team is for some kind of realize you know there's a lot of different things going on and have somebody from models and versions that. I think maintain the quality of this becomes much more difficult and that's when things that apple is sort of turned on. That PC manufacturers -- you guys to too many different products are trying to do too much once and it's really hurt your quality and."

" Apple products don't that your major technicolor. Well. You know I I saw a lot of potential in -- is -- by which came out and now I really hope that. That would kind of you know. Score aware of the iPhone wasn't about him and unfortunately it didn't I haven't really addressed in the core issues with their product. You can't add applications -- it they really need apply a lot of services. In specially buying applications and they sat on the phone. And then I'm you know on top that it is a good device that just doesn't feel powerful I mean Gmail immigration wasn't really an email happens is not -- So inoculated. With advisors indicator to -- that they didn't really quite making and maybe 7% in there. Some hoping that you know the ocean -- here you know whenever they're gonna have command doctors can be. That a better. Definitely I think they've naked girl and it further without arms."

" Notes that and bright red report and -- ready for launch I was called I was on my asked -- my demise of its agents it is going to be just I was always chipper and."

" Actually -- now trying to. Yeah he's -- get very cynical on in these sorts in you know I mean we see everything we've played with most everything and you kind of learn not your hopes raised much about it and -- this -- and important for gadgets for five years now it's an attorney. But you know it it's still -- mean -- only saw -- like passion enthusiasm for that that sense of optimism that someday people aren't right and I guess I would would you make -- was the -- act -- in humans and tennis and we first saw -- the -- the systems -- is -- units by SanDisk which is actually like to announce the number two. US and that new market and very quietly. Climbed up his -- it's nine maybe 10% of the market. I do some crazy which is putting out afford the prices high quality products. Very odd strategy. Electronics maker. And of the Sansa connect is their first Wi-Fi enabled player as MySpace and I think it has not working memory and once I built into it and it was kind of debt in a lot of ways two things that disease and should be able to do you share tracks with friends stream Internet radio. But they meet some really critical mistakes with that five -- they really type device up with the -- view for whatever reason a very tight integration with. Well I'm glad to do is allowed to do was saying which is -- Canada on the soft on advice and I'm matches and it's in some sort of you know agreement -- Said the device was limited in terms -- it would only work with Yahoo! Music unlimited on in terms of its ability to share tracks wireless and things like that. And you know you couldn't connect -- serious issues except the ones that -- artists Yahoo!'s offerings and their Purdue and he signed up for the music on Monday unlimited account. Flickr integration which is kinda cool but that was it means he's another. -- you can when sport and so. It's -- sort of device teller promise being limited. In and basically a number of people users and in the ways it can be used and I keep telling companies over and over again is that the more opening our. So many people. Do you what they want the device is the better off their and being in the sense that come out it's and come with Sansa connect. Was morrow and pop formed the -- any online and various stationed -- that you know made it very easy to share tracks and right is -- time. They -- done a lot better but instead it was a kind of -- the players basically ran into."

" That let me ask you five questions he plays this game often -- five questions and in this -- from them and then again. -- media and prosecutor's recommendation of five different products your best they can you. Best I hate giving me. Have had over there you don't want you don't want you would recommend. That our audience and this is actually good camera going by. You know you start -- camera and video game. "

" I really like Allen classic hard drive based especially ones that can have a record here and for patients -- so singers that he's really -- me. It's pretty small records are operating mpeg four you can click. To do you recommend people by each team media cameras -- and good luck -- it depends on purposes and he averaged eighteen you. -- You added in I movie you're like. -- say -- we're probably --"

" I can in good conscience recommend any on now I don't actually went away as -- pregnancy test policy TI is coming up and so we will see some new devices that. I was feeling rock and -- really great insular."

" Aren't aren't -- I -- pretty much stuck PC computer. If you want to go UMPC groups. Tokyo's bass. You can -- news I think for further dollar probably the best devices or are there some sort he shouldn't. Clinton BCC shift the keyboard and the keys are weak to act together it's too small to take EM and I think there's a -- of steady fingers like -- so no no love for this new Sony -- announcement about had a lot of thousands and thousands perhaps around a lot of driver issues are not really that's able sometimes they're very well though I mean -- really high quality. Norman. Yeah Iowa new window when that went about that happens -- the software and the drivers like patents and supports her and I know people that there's. It. -- pretty controversial topic. Buchanan is gamers are -- one consul yeah absolutely the case when you pick -- also just the other two camps without meaning really and that's that's -- people are really. I'm a long time and a player Adam. That would have been one of my gadgets on it. Reckless I like -- because it's pretty you know I don't know like does everything pretty well I'm and it's got the capability. I mean if it gets a good titles and yesterday. As has the potential."

" It's not just the gains in the titles they have tracks box is actually how well Xbox -- integrated into the entire experience and it's announcing that. You know Sony. Games are about the same on both the PS3 and the Xbox X sixty there's some games that are better once -- on the other. That's how he hasn't really been able to succeed equaled the online immigration I still."

" Osment makes him the best Marlins were traveling expect. So Microsoft just this is knowing that I'm really into the wireless memory -- 8000. I'm the worst product name ever but it's actually pretty and it's really solid and about. -- and it. Doesn't really look like any other moments out there has humans on two point four gigahertz which is you know like the basic proprietary whenever and you can also -- and in -- Bluetooth. It popped up as the team. But what it doesn't those other travelers doesn't do is it has a dongle and transceiver -- Christian Siebert. Also doesn't magnetic I cable that comes out and in charge amounts -- gone the route. Most -- you have to replace the battery it can't access that some of our internal. Or you could announcement. On this thing you can actually charge it warehouse and also the transceiver which hasn't met charter is going to cost so. That means yeah you got I got a lot of things going on mr. again and it --"

" It happens yeah this is fun yesterday and I get Johnson hey thank you don't even have a better."

" Thank you for joining us a fairly happy there you're last spoke along tell Serena right and -- moving things there's always that thing about preferring and that's why topics and you."

" Richard project powerful about it is indeed the title the book one -- book which it I'm working on -- and and reporting of becoming a problem the end of a -- early on nine is that titles for. And -- working subtitled the past and future of a radical price and we think about it I mean it's really about Internet is about making money but giving things away. You know -- made it to let me three YouTube video -- This all driven by the underlying economics of the technology who has the more -- storage and bandwidth and processing moves on. And incremental cost of a megabyte of in -- storage or megabit capacity is falling close to zero and all the smart companies are saying I can see this line it's going to zero -- to get ahead of entry into words. So -- and has built on. On free."

" And what's interesting about this is that it's."

" radically new concept in this country samples racist beliefs for a long time. With the Internet and it has done has basically taken that free economy and extend it to every industry possible. In -- supposed to be inefficient system as any team can subscribe and you do and they can cram me money so -- does that work cart and future. Well you know needless to say Europe it's early days yet but there's basically two ways to make -- one has -- it's too used to give with the product and sell the audience -- there. Here's a free sample things so let's say that traditional model you don't want to give you for example to. To 99% of -- of the customers to get 1% because those things cost money. In you know an Internet economics with the Marshall costs of delivering that you know free version of the product is so close to zero. That if 9% your audience is getting free and only 1% as paying for that you can be -- profitable business. Again because the underlying costs and only a little bit getting lower selling my my my question you would be you know look at in an economy. You do -- the base it's that all of -- give -- most of the products went to mostly customers were free -- very profitable company. It's hard to say that's the problem with one model and questions how far can stand."

" I don't think it probably increases the bar for success relies he's making it harder for them if they are giving away for free success is not measured by hundreds of thousands successful and they measured by millions and I don't think everything can be frequently giving example."

" so why -- people -- One of people's contribute to Wikipedia let people upload videos -- YouTube obvious there's no business model -- they're clearly incentivized without money involved into a reputation."

" whatever."

" I'm I'm gonna get the book away for for. And give treat the -- for free. Of the audiobook -- don't -- Marshall -- that means hero so different is because written physical book and get the audio book for free. The e-book. How many books are there out in readers are out there how much money might lose a magnet for either influence that's -- How the web version with advertising supported both Clinton and Christine every every month right where the content for free that one mystery. And that's what the final question is. -- fiscal book for. To have an advertising supported version of the physical book just like my print magazine talk your publisher that one woman publisher Disney is and I imagined and in conversation and you know they're they're willing to try this experiment and they shouldn't this be big numbers in the book -- and if you're lucky hundreds of thousands the question is like you typically for free ones doing. I'm doing net from. The book support of the product becomes marketing for the person in you can't duplicate me for free you can duplicate my book for. My next trip you know in and if you want to go to China. Where piracy."

" Has rendered on media and content like free -- he's a great industry in China and it's actually encourage and most complete turn a blind -- because they connection consumers to be addicted to their products. So you you are also."

" Think the human. But I don't force perhaps. And that power actress and -- engine costs of premarket program. When you do you think that will be. The free platforms from -- can. More personalized I think Brian yeah I think I think it's really because with the underlying economics if the -- cost of the product is falling to zero the price of the product -- So for digital products you can reproduce the costs are -- are -- the worst loss of the -- pressure he's. But you know giving him an airplane to go to speak to a group is not fall it's rising in price and so that's never going to be for. To give away what's free to offer and charge for what to -- timing is not free time."

" And I know you have to run I do to catch a flight. Thank you so much for being there that's and thank you end appropriating the free book for free content to play dress for joining the hey -- every David sacks of Jeannie and also the former CEO of PayPal and also the producer of this movie beach. Kinda big -- few months ago years ago -- thank you for smoking movie business and acknowledge why would you want to come back. Hollywood is more fun."

" Well Hollywood is more. Fun and sort of a humanistic way perhaps but it's not really more fun -- sort of intellectually stimulating way. There's there's something's about to start -- that you really just can't get in in Hollywood and there are some similarities between Hollywood and Silicon Valley in both. The business revolves around and watchful. Property basic ideas. You create one version of your idea whether it's a website or movie and then the entire world concede or use it and that's -- really cool both and that's why. In the Americas. And usually sort of -- it in both areas that are potentially businesses and ideas and imagination. But the limitations that Hollywood is that things move extremely slowly there. And so again thank you for smoking took about three and a half years my life is not so much on the PayPal dead. They're both accomplishments but PayPal was this you know multi billion dollar business. And -- pathology you know I'm actually we've you'll call me back making movies and actually saw another Internet."

" So -- where -- out how many members. You know the last numbers we've released whether -- over half million users. Have created more than eight million profiles. Hand to and you know hundreds of thousands and we trees and Harry planning on diversifying. -- American market. -- are doing entirely quiet I'll. -- it is. More than half or users are actually outside the US. To the only limitation we have internationally -- the site as an English so but I -- English speaker. Can use the site anywhere in the world and they do. And that's not where do you expect -- come from parking. Once -- lot of places on. One is that done once we have here and her family in Jeanine we know a lot of out of there's a lot of products insult you so some very obvious things would be. We can solely to with a portrait poster obviously you profitable if your family. We -- a lot of things that Chris revenue wants Shutterfly and where you can -- for your photos your family. Figure engineering and now well right now -- to success with sort of building audience. And we'll figure out how to monetize those -- later an e-commerce aspect of it where you can sell direct products. Right database and right so there there's also sort of this genealogy aspect to where we know people going to page used in all chiefs of services. There's a cycle ancestry dot com which tortures people fifteen ultimate use services. And it scotsman what -- for 2000 and subscribers. So I think that over time we can also people on for premium -- services."

" He stepped back a minute and explain to people who don't know -- and how are expecting. It point second -- right okay so. Use coded genie dot com NG NI dot com and -- on the home page -- prompt a struggle your family tree only is putting your name. In your email address and then it's a very quick fun sort of -- wizard. The bills -- family tree you just click -- to go in the direction when people so. You go up to add your parents you go sideways. Sibling or spouse or partner and go down to -- And then. Any time you got somebody you can put in there and all of us as well as an option. And then they'll be invited to join your tree in the they can toward expanding the tree so the idea is for to be a viral network family tree. So it went on that rumors which allowed to -- that you want to thing. Pretty liberty 400 highly valued companies. Undergoing treatment yet so who want to meet its Jeannie so value in European. Thank you know I'm sure you must have. Done a pretty gutsy challenge -- and that."

" Well I think is that the question about valuation so it's hard to know how to value of these companies but. That you what you want to generally look out are two things you'll look at. What's that the value of the company if they achieve their objective and then what's the chances of them doing that means from those two things together and were very roughly get a valuation. On terms of the value of what we're doing it for actually able to create this -- global family tree with. Every single person in the warm and our objective basically to create. After and we treat that spans. All demographics. All geographies and all time because only can you create profiles her living relatives desecrate. Profiles your ancestors of your children. So this actually becomes. You know keepsake for your for -- forever. So if in fact we're able to create. You have to think the that would be an extremely valuable thing to -- and you could use -- sell a lot of different products and services. And then I think the other thing that you know our Packers looked that was just a track record previously -- not just me but. The people the company having worked out successful startups in the thought that we had a reasonably good chance of actually executing our plan partisan and."

" Project -- next move you make and it several omen we're gonna let go to fund when I K you need to back c'mon. Well we've we've developed if you projects Obama. Development and ultimate results or -- the paint her for awhile opportunist agreed to play him when it's over we'll expect that next year. We're -- TV series that's based on thank you for smoking from spin off to the movie where. Hero represents sort of embattled. Client every week with the popular crisis. So that we aren't you aren't now and you apprentice and -- of the scenes what I want me what the is the thesis of four with with neighbors what it was about beyond just smoking is the use of spin our culture as a political and corporate PR tool. And there's no shortage of and certainly --"

" And zoom in on Hollywood -- air and -- excuse me. -- this is the business period and we what's funny is when you look at the similarities between our panel -- in them there not here. There's Morse the only reason you would expect our country learns to think about on about socal realism in your time on there."

" That another similarity between Silicon Valley and Hollywood is that they they're both pretty -- places and to everybody has a psychotic at work. Yeah I mean it's. This question about how much value is being created. By the sort of frenzy of activity here in Hollywood that whereas I think here there's also -- and -- it actually creates you know I think huge amounts of value some companies."

" Some not so much but it's and other -- on the whole yeah. Well thank you so much for joining that you don't have -- mature and will be keep on touch challenging. Things."

" It took. Block that was a whole bunch of great start yet Peter. And I am Chris Anderson David sacks and a whole bunch of people use on the background but before me. You know we talk about anything outside team. We shoots it really tank these guys for taking the time now you know coming up to help busy people yeah so you really grateful for that but you know. It was fun to be you know for."

" Great talking to people that are really you know knee deep in an active in the in the in the business. You've been writing whatever it is we're doing and it's an -- during a -- but to -- viewers have been writing in and asking questions about the actual economics of funding hoot how do you do it how much to cost what's going on we -- we want to show you mark. Injuries and in everywhere we actually got into the details and angry because Mark Leno is -- very successful background and has a lot of -- investing in."

" Right for those few don't know -- don't know Amy was the founder of Netscape right and he started to come in -- which became ops and then. Close tender offer -- and then recently you started Ming right and he's a very active Angel investor he is also as a man from disclosure. And an Angel in date -- to sister company. Started by Kevin Rose in gay rights and we're on physical funders are Revision 3 version three. He is basically discussing. The art of start things -- this process typically on his blog right and I think this is the first time these guys -- on camera. So we feel -- privileged to have them have -- and -- we don't share his knowledge that. If mark welcome thank you for doing this and -- good to catch a preview of the techcrunch forty but you think of the show's --"

" We -- so far as great -- that the fact that it's now it's forty really -- corn syrups and it's amazing -- thousand people here and so forth presentations great it's great."

" I was really surprised to see some of them they're McCain's I think. The the impression you get now instead it's more of our. The execution the business strategy and those kind of startups coming to the forefront. And less to do with technology the core technology seems to have. Taken a backseat because of the commodity nation. And more -- might be would put you know is it just means thinking that president that you --"

" There are certainly there certainly restricts the don't have it. It is true -- the same time I think that I think a lot of entrepreneurs even more than ever and I think -- personally looking started looking for real opening is actually thinks. Google being ruled the company has gotten for example investors back focused on the right. And defensible. In the criterion graduate like something you own property. You alone and so yeah I actually think you can see a lot of really RD projects these days and and not register for seismic records. A lot of different topic sweeteners. Can fundamentals. Issues. I felt pretty good about. You indefinite alert. Where -- It generally stick its offer Internet because that really don't know anything about -- green's second in the health care I wrote about it -- going the right you're a fairly active. Have Angeles in the past well. Twelve months I would say probably. Twelve to fifteen. -- think problem is. Demonstrating that. Don't have more time but. -- Well it's time is critical time as people tightening at the same time there are some things that."

" They're going to do in -- Angel that's that's let me ask the question is that the -- Angel market that because it looks like a lot of companies are shying away in the Big -- are looking to do smaller in us that they can get the single. You know -- where they can sell out for a look at an illegal for the 109 dollar acquisition our IPO things are a little bit more on -- now than it was. Back in the day. What does the average round I think your scene where it's your. Fight."

" Let's start actually when addressing the question -- questions are equivalent. As indicative. This is the question. I actually it's been Sylvester M Leary of startups whose goal is so. I should think that's dangerous and I think that's dangerous because. That means that they have a very small idea by definition something they think they can -- for -- the problem having a small idea is no well okay maybe some of them by you'd. So I actually like investing in the ones alligators around the -- ones they have an idea for the company have a big vision. Humidity so -- and -- opportunities -- if there aren't able to get wobbly global you know in January that they at least have a future maverick."

" Actually feed people doing that he just nobody ever says they want to sell -- it's it's never need to expect right. But it's more average balance I think you're right when people talk you know never say. I think it will I mean two -- what they say is well there -- other opportunities at the big -- addressing that would monitor bank -- so let's talk about what does not market."

" Brown -- you know it's over the map it's you know for for for technology startups that certainly in the hundreds of thousands to millions. Heart protector. For. 300 to 500000 store just because of the brutalities programming and -- the program and with a up to maybe a couple million it. Com and then you know he's he rounds -- you have to like go. To leader rules around you have a preference for doing opening up there around you can. I'm -- you know I don't know I -- actually prefer to buy equity personally but you know I'll I'll generally are generally not the only angels and legal along with generally there will be some arms. Counsel and legal terms or is. Reasonable."

" don't take this and I've been seeing a lot of more Angela are saying you know what I want to press Saudi an ambitious at a valuation one million praised him. And they're putting in 2000 failing to meet at 10% now I don't want to know you're -- more open minded but."

" Open minded about to get into the right companies but given a choice prefer. For its price when you of people pitching you know. How much is it about how -- that the team. Also mean the public to think so what this determination so Newton is brought determination to stick with -- New York -- For. I'm and other us. Not necessarily expect responders are waiting for -- assortment rookie mistakes so. You know you for example there was worry if somebody comes and says that we need to get 1% of the market which. The giant flashing red signals danger danger. -- If it's a hundred and -- market you have to have clarity -- percent of the people good developers that are crushing. So there's a bunch of like -- things like that did invite him in my mind you watch for. Purchasers were. And then you look at I think you just obsessively want to look at product and market and you know really original product and think about my -- and later. Product market -- look for options."

" And what are some of the I just because wanted to act to follow up question and that it. Then you'd look when you meet people are these -- the forums are having you actually 200 people. You've never known before and they just keep your email you your club you had the best business plan here for."

" It was interesting I'm getting more -- more warmer things coming in that way but you know for the most part it's for the most photos it's referrals but I would say it's not even just that then this screening -- referral which is. Something but I do a lot of people it was as if it's -- either hopefully there's a screening. Yeah things like technical investments -- and not leave the grounds so I'm almost always investing a lot of them from the people who were leading the rounds are people. That dovetails with that process is if it's something where -- meeting kind of planning or somebody coming in it probably don't have Roman authority to --"

" Can Kenny -- let's say there's somebody who doesn't know anybody can park and access he -- economy doesn't mean. The hard as he may get TU."

" So if it in that case I have actually Kendrick got people who. Have directed people I think it's Brown's idea but they don't have any connections over from around. On this team. Have. To do. Or Fred Wilson. Square for people like. Industry to one of these."

" Think toward what you are part process when you know and that means companies out -- right now he's. Underdog in the demo patent forty Richard going to show in layers on the stage. When you're look at that big and -- What what is it like the big picture and it doesn't what you expect too much we'd do it and do you think that it's part of the process and we have to are -- martians among them back and what is she talking -- Internet."

" That particular. So I think it's a cluster it's a constant in the in in the wind technology works constitute either an ambulance or the cost of these problems are constant. That desperate times -- struggle between so. You know when people say there's a bubble like you know I I don't think that tech lots of starts existing in -- starts failing -- think -- In fact -- little over an -- venture capital and money coming -- really ever before Sacramento. You know weren't you know that the last -- all the way to the bus. Went. Makes sense of their -- Now your point out of that crop partner. And there are going to be certain number. -- And so obviously isn't faster richer -- it's possible. To make sure your him. You know maturity and our mission and at least one here if you're -- tenor of your investments --"

" Mile -- I'm looking at now is increasing you have. People -- starting FaceBook based application and you know. And getting funded -- coming -- you've been there long enough and I've been enough and I calling the F -- you know bird -- and we knew that they do is. Banking on Mon sat from one company which is itself for the startup on the -- innovate fashionable basement -- some."

" and I wanted to face of FaceBook app that's -- business is dependent on number one depends on what happens though if something it's like incredibly compelling what that's like. -- white or attempting something or whatever it may be -- but. Fighting has at least the smart people for example we're going FaceBook apps and trying to raise money on the basis are not saying what they're saying -- redistribution through FaceBook and we're going to link it into a broader things. Going to end up with a and by the way we mean then end up going out getting FaceBook picture distribution -- well. I think that's great because you know if if you're gonna start an Internet company. You much from the start with distribution and not so -- you know what I'm literally goes back to the -- plan right it's it's it's I think this is all company specific and that's all parts of -- actually think. I actually think that there's very little it makes little sense to look at support space of the -- FaceBook apps category. Edwards is investing terrorism -- just get -- financial standpoint individual companies into the products."

" Let me ask you when you. You mean for the company which is caused -- Internet product. What is the first thing they can look at and Richard traction. You know they have no traffic and maybe they just had an idea what is it claimed that one thing that makes it work for you."

" So for consumer Internet I believe by further -- Isn't going to spread -- and that it received Hotmail thing about the difference in Hotmail with the footer at the bottom of Reno says click here. Persons acting president products -- difference between a thousand users and users because they had that spiral hook -- three. And so for consumers and I think that's. Because without that without -- that's what you that's questions like -- testing stage. Without that viral hook you either have to. You know hope for -- myself which is not the same thing which is freeware. We'll have to big marketing campaign requires a lot of money -- paper click advertising stolen money or your computer distribution. With what epic like some companies and those --"

" It's so clean let's talk about this started in you have an hour of post it guys you'll find in. You have this blog where you -- or you know -- at night and look how many opinions so -- Where that -- would help. The start of guys. That they should watch out for it in there and start be shocked if you don't you think credibility is you tell."

" Okay. Problem so I'll him good you know I have no problem and the drug abusers. Well -- separate and so. The first thing is that people. Really are. Under mr. postings. -- extra in the first post isn't posting one store. It's a huge. It is there's like you know you're -- subject yourself to the low stress and uncertainty. Never before alive -- isolated and -- bad news. I'm so first of rescue people off and hopefully that we are rational view whose idea. And then from there I just think you know I would candidates like -- you know -- simultaneously got to have a big idea and got a vision you know want to go forward and plans. And and you have to sort obsessively focused on the different risks. Disco after the risks. In product risk. To. Work. Market market risk market at some -- Team."

" Thank you personally have gone through with three companies -- you Netscape. Officer and then not being. How have. Tinged changed from you as a start up. The longer they you know we're you know what to write -- one think Craig that you're given advice expert in pushed him. What have you experienced every time you start -- company."

" Some of the mechanics get easier raising money gets easier recruiting it's easier some of the mechanics duties here but the war proposition trying to do just as hard. -- trying to remembers -- in the actual. The actual start experts itself -- is -- for every one you still have to have an -- To the export market. And development projects are always at risk. And so your your all you have to be willing to go back to basics. Really focused. You can't shortcut product development capture its --"

" Let me just in the Forrest Gump -- you actually involved in -- In altered and yes which you belonged to Peter. And name has been network. Packet is. The right out. -- him if he was featured companies like a complete public require. But it did was he was the first one. I guess you heartened solar in oh bristled and enough I mean make for a completely that you actually can. Was it more instrument and having three rate was what you love most. Trauma often hit it too little ball went over how -- ignore it and quite frankly if you have any other if you don't know if you've never in my mom doesn't happen again. -- Nobody like how does it work hard as it is it any different than when you're actually building. A product -- is the second one is going to be concept meet other people come and execute. What does it do what the company's."

" Very different Woodward it'll -- different actually -- differently which is that the companies -- different markets are under the the tides in which the starter for those first companies started nine for example. If we. The nation's business is very different Netscape for company outlook started was to. Turn into. Arming its consumers and companies have very different kinds of companies for to for capital projects are different teams and I just I'm. -- just you know determines if you know as they do additional companies are hesitant to determine that treaty to them as. I should think there's not that much you wanna bring with you -- You an ethnic need to have their unique -- kind of like having. But the -- like military academy at first it was like a natural athlete sports stars like -- more elaborate read books to humanity. That obviously. -- hanging in. And possibly. Meeting is fattening is it for now so I mean for for the foreseeable future so I'm very happy if it were going in her role players so for some. Yeah we will definitely like fully fully prosecute. And listening and that's universe a gentlemen not Troutman a matter. Of."

" I have -- strange question on the questions. Pretty state this strange. You meg pretty much every one in instant. So I'm gonna impose some means. You can already get. And yes it was supposed to mean -- what -- going from that a pregnant you have spent a considerable. -- of prime repeat the positive or negative that Marian Anderson Larry Ellison."

" The thing is amazing and many things may similar arguments about areas he has don't product thirty years. And he really could. Use foreign -- that. -- That means -- technology the core of the company's concept -- excellent well it is it is it is an average is kind of your earlier question -- there were a lot of companies in the valley for -- for -- company's. Google has is if it needed to be demonstrated maybe it definitively demonstrated that this game. Just when you've got you know companies like Yahoo! -- Microsoft saying oh we can't just be in this market actually -- John Chambers are chambers just sales and want -- Judge chambers. I would I would go back to relentless focus on products so Cisco. The effectiveness of the Cisco -- At the acquisition strategy that they implement open for another tournament. There implement the ability that that they have to build up the system properly and keep it on the leading an extraordinary. Especially and especially these records -- for sale. -- is an amazing he's just like. -- but he's kept us. Which is what's interesting a lot of guys who become CEOs they lose focus on that it properly -- give you Steve Jobs Steve Jobs. -- product product design are relentless focus on product design implementation. He has to systematically gone through the -- of interest from. I mean you know apple products in 96 just. There's an apple products in 2000 justice and that is systematically. Reinventing personal. -- entries but but but but but I don't know it Leo it for the morning. -- what."

" You know but don't you just you know be watching for that thank you very you know -- just think -- gonna hear a question."

" That was a great interview I feel you know you enjoyed it on from there and you know marketing reasons a good teacher I kind of figured that job. -- you know before he garb just wanted to let you know that you're going on there are going to future of -- perhaps in London where are you going to be meeting some British companies and in European startups and you know we bring all that great stuff back. Our next week even -- the hit lines -- religious. Have a -- interview with Microsoft's man and -- the -- and we'll talk about everything from my our office. IP TV in my -- issues. And it's it's a fairly in depth interview I hope you enjoyed it means to you and a couple of weeks with some great start from a cross on. -- that I'm all she's yours you just watch it."

" Support for the -- got home she though he's provided by jangled."

" Getting closer."

" And it's going to be. The."