For missionary entrepreneurs, the dream outcome is to build an 'Internet treasure' - a brand that defines a generation, proves that we are better than our parents, and becomes something we couldn't live without.

The Internet Treasure companies tend to go public rather than get acquired, although there are clear exceptions, like Instagram, YouTube, Skype and PayPal.

The world of digital media is being transformed. A bunch of new businesses can be reinvented, thanks to social graphs, the mobile internet, and the new shopping habits of the young. Those are going to create a whole generation of cool new companies.

One skill of a great entrepreneur is to get a whole complicated discussion and then say, 'We're going to do this one and we're only going to do this one'. Managers are good at prioritizing. Entrepreneurs know what is the one thing.

Better to fight for something than live for nothing.

Smart people tend to enjoy thinking about a lot of things at once. I'd say entrepreneurs should be serial monogamists; do one thing at a time until you make sufficient progress and then move on.